Document ID: chunk:federal_register_of_legislation:F2023C00646:body:0:p1
Version: federal_register_of_legislation:F2023C00646
Segment Type: other
Provision Reference: 
Character Range: 0–2974

ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124 as in force on 29 June 2023. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Determination
5 Requirements for giving written consent to deductions of ongoing fees
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124.

3 Authority
This instrument is made under section 962T of the Corporations Act 2001.

4 Definitions
In this instrument:
        account holder has the same meaning as in subsections 962R(1) and 962S(1) of the Act.
        Act means the Corporations Act 2001.
        anniversary day, for an ongoing fee arrangement, has the meaning given by subsection 962G(3) of the Act.
        fee disclosure statement has the meaning given by subsection 962H(1) of the Act.
        fee recipient has the meaning given by section 962C of the Act.
        ongoing fees has the meaning given by section 962B of the Act.
        ongoing fee arrangement has the meaning given by section 962A of the Act.

Part 2—Determination

5 Requirements for giving written consent to deductions of ongoing fees
(1) The requirements in this section are specified for the purposes of section 962T of the Act in relation to giving written consent by an account holder to permit a fee recipient in relation to an ongoing fee arrangement to deduct, or arrange for or accept the deduction of, ongoing fees from the account holder's account.
(2) A written consent may only be given by an account holder by signing, or otherwise agreeing in writing (including electronically) to the terms of, a written consent which complies with this section and must also bear a date indicating when the consent was given by the account holder.
(3) The written consent must include the following information:
           (a) the name of the account holder at the time the account holder signs (or otherwise agrees in writing to the terms of) the written consent;
           (b) the name and contact details of the person who, at the time the account holder signs (or otherwise agrees in writing to the terms of) the written consent, is to be the fee recipient;
           (c) an explanation of why the account holder's consent is being sought;
           (d) in relation to an existing ongoing fee arrangement that