Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.9.19B

             (1)  For subsection 1017D(5A) of the Act, this regulation applies to details of a deduction for fees, charges or expenses in accordance with paragraph 7.9.19(g).

             (2)  If ASIC determines that, for a compelling reason based on the nature of a financial product or service, or the nature of the information, to state the information as an amount in dollars:

                     (a)  would impose an unreasonable burden on a product issuer, or a class of product issuers; or

                     (b)  would impose an unreasonable burden on a product issuer, or a class of product issuers, within a period specified in the determination; or

                     (c)  would not be in the interests of a product holder, or a class of product holders;

the information may be set out as a description of the amount as a percentage of a specified matter (including worked dollar examples, unless that is inappropriate).

             (3)  If ASIC determines that, for a compelling reason, based on the nature of a financial product or service, or the nature of the information, to state the information as an amount in dollars, or to describe the amount as a percentage:

                     (a)  would impose an unreasonable burden on a product issuer, or a class of product issuers; or

                     (b)  would impose an unreasonable burden on a product issuer, or a class of product issuers, within a period specified in the determination; or

                     (c)  would not be in the interests of a product holder, or a class of product holders;

the product issuer must provide the information in subregulation (4).

             (4)  If subregulation (3) applies, the product issuer must provide:

                     (a)  a statement informing the product holder that amounts for fees, charges or expenses are applicable; and

                     (b)  if information about access to the information is not provided in the statement mentioned in paragraph 7.9.19(i)--details of the means by which a product holder can gain access to information relating to the amount of the deduction.

             (5)  A determination under subregulation (2) or (3) must be:

                     (a)  in writing; and

                     (b)  published in the Gazette .