(1) For subsection 1017DA(2) of the Act, fund information as mentioned in Subdivisions 5.6 and 5.7 must be provided, in accordance with this regulation, to the product holder in a periodic statement for each fund reporting period during which the holder holds the product.
(2) The following provisions apply in relation to fund reporting periods:
(a) each reporting period lasts for:
(i) a period not exceeding 1 year, fixed by the issuer; or
(ii) a longer period fixed by ASIC on the application of the issuer to which the period relates;
(b) the first reporting period starts when the holder acquired the product;
(c) each subsequent reporting period starts at the end of the preceding reporting period.
(3) The periodic fund statement must be given as soon as practicable after, and in any event within 6 months after the end of the reporting period to which it relates.
(4) In relation to a fund reporting period, information required to be given under Subdivisions 5.5 to 5.7 need only be given to persons who are product holders on the day on which the fund report containing the information is completed.
(5) For subsection 1017DA(2) of the Act, fund information in relation to a particular product holder that is provided in accordance with an obligation under section 1017DA of the Act to provide fund information in accordance with Subdivisions 5.5 to 5.7 need not be given in respect of the same fund reporting period.
Example: A superannuation fund may choose to report:
(a) some fund information in respect of a 6-month period; and
(b) further fund information, and a periodic report, in respect of a 9-month period; and
(c) the remaining fund information in respect of a 12-month period.