Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p36
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 98434–101462

10E, substitute:

               (3) Section 6 must set out the fees and costs for each investment option that is presented in section 5 in detail in accordance with subclause 7(3) in the form of the following Fees and Costs Summary:

            Fees and costs summary
[Name of collective investment product]
Type of fee or cost                                                                                                   Amount  How and when paid
Ongoing annual fees and costs
Management fees and costs
The fees and costs for managing your investment2
Performance fees
Amounts deducted from your investment in relation to the performance of the product
Transaction costs
The costs incurred by the scheme when buying or selling assets
Member activity related fees and costs (fees for services or when your money moves in or out of the scheme)1
Establishment fee
The fee to open your investment
Contribution fee2
The fee on each amount contributed to your investment
Buy-sell spread
An amount deducted from your investment representing costs incurred in transactions by the scheme
Withdrawal fee2
The fee on each amount you take out of your investment
Exit fee2
The fee to close your investment
Switching fee
The fee for changing investment options

               1. [If there are other service fees, such as advice fees or special request fees, include a cross‑reference to the "Additional explanation of fees and costs".]
               2. This fee includes an amount payable to an adviser. (See Division 4, "Adviser remuneration" under the heading "Additional explanation of fees and costs".)
            (q) in subclause 8(4) of Schedule 10E, omit "template", substitute "Fees and Costs Summary";
            (r) in subclause 8(6) of Schedule 10E, omit "template", substitute "Fees and Costs Summary";
            (s) in subclause 8(7) of Schedule 10E, omit "a worked example" (wherever occurring), substitute "an Example of Annual Fees and Costs".

Part 4—Transitional

7 Application to Product Disclosure Statements
(1) The declarations in this instrument apply to Product Disclosure Statements given on or after 30 September 2022.
(1A) The declarations in this instrument do not apply to a Product Disclosure Statement covered by section 8C of ASIC Corporations (Time-sharing Schemes) Instrument 2017/272.

Election by the responsible person
(2) A responsible person for a Product Disclosure Statement for a financial product may, in accordance with subsection (3), elect to apply the declarations in this instrument to a Product Disclosure Statement dated on or after 30 September 2020.
(3) The responsible person elects to apply the declarations in this instrument to a Product Disclosure Statement if the person makes a written record:
(a) that identifies the Product Disclosure Statements to which the election relates; and
(b) of the date or dates the election is made.
(4) If the responsible person elects to apply the declarations in this instrument to a Product Disclosure Statement for a financial product: