Corporations Amendment Regulations 2003 (No. 8) (282 of 2003)

Schedule 1   Amendments commencing on gazettal

[14]   Regulation 7.9.75

substitute

7.9.75 Content of periodic statements: costs of transactions

(1) For paragraph 1017D (5) (g) of the Act, the prescribed details in relation to a financial product include:

(a) the amounts paid by the holder of the financial product in respect of the financial product during the period; and

(b) if subregulation (2) does not apply and the amounts paid in respect of the financial product, and amounts paid in respect of other financial products, are paid into a common fund - any amounts deducted from the common fund by way of fees, expenses or charges; and

(c) a statement informing the product holder:

(i) that there is a dispute resolution mechanism that covers complaints by holders of the product; and

(ii) of the means by which a product holder is able to gain access to that mechanism; and

(d) a statement that further information in relation to the financial product is available on request.

(2) If a periodic statement for a financial product mentioned in subsection 1017D (1) of the Act includes, or is accompanied by, statements to the effect that:

(a) amounts for fees, expenses or charges have been deducted from a common fund to which the product relates in relation to the reporting period; and

(b) those deductions are borne indirectly by the holders of the product and may affect the return to the holders; and

(c) further information about the deductions can be obtained by contacting the issuer of the product;

the product issuer does not have to include the details in paragraph (1) (b) in the periodic statement.