Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p3
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 5707–8694

from the value of a financial product of a product holder, that represents an apportionment, among product holders, of the actual or estimated costs incurred in transactions by the managed investment scheme; and

            (c) despite paragraphs (a) and (b), in clause 103(1) and 209(j) (unless otherwise specified)—means an amount that is:

                (i)  deducted from the value of an investment that represents an apportionment, among investors, of the actual or estimated costs incurred in transactions by the investment; and

                (ii)  incurred by a superannuation trustee, responsible entity or operator of a notified foreign passport fund.

collective investment product means a managed investment product or a foreign passport fund product.

contribution fee means an amount paid or payable against the initial, and any subsequent, contributions made into a product by or for a retail client for the product.

            Note: A contribution may be made by an employer on behalf of the product holder or retail client.

distribution costs means the costs or amounts paid or payable for the marketing, offer or sale of a product.

            Note: This includes any related adviser remuneration component other than an advice fee.

establishment fee means an amount paid or payable for the establishment of a client's interest in a product.

            Note: This does not include contribution fees paid or payable against the initial contribution into the product.

excluded transactional and operational costs has the meaning given by clause 103(2).

exit fee:
           (a) for a superannuation product—is a fee, other than a buy‑sell spread, that relates to the disposal of all or part of a member's interests in a superannuation entity; and
           (b) for a collective investment product—means an amount paid or payable on the disposal of all interests held in the product.

financial year means:

            (a) in relation to a collective investment product—a financial year of the registered scheme or notified foreign passport fund to which the product relates; and

            (b) in relation to a superannuation product—a period of 12 months ending at the end of a fund reporting period determined under regulation 7.9.32 for holders of the superannuation product.

incidental fees means costs or amounts, other than costs or fees defined in this clause, that are:

            (a) paid or payable in relation to the product; and

            (b) not material to a retail client's decision to acquire, hold or dispose of his or her interest in the product.

            Example: Cheque dishonour fees.

indirect cost has the meaning given by clause 101A.

insurance fee: a fee is an insurance fee for a superannuation product if:

            (a) the fee relates directly to either or both of the following:

                (i) insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member or