Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p27
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 27/29)
Character Range: 124081–127170

(l) of the Act (as notionally inserted or to be notionally inserted into the Act as a result of the amending instrument);
              (b) unless subsection (4) applies in relation to the scheme—30 September 2021.
           (4) This subsection applies in relation to a registered time-sharing scheme that was being operated immediately before the commencement of the amending instrument if either of the following apply:
              (a) the responsible entity decides that it would not be in the best interest of members of the scheme for the constitution of the scheme to be modified or repealed and replaced to include the hardship provisions and notifies members of that decision on or before 30 September 2021;
              (b) on or before 30 September 2021, members of the scheme vote on, but do not pass, a special resolution to modify or repeal and replace the constitution to include the hardship provisions.
           (5) The amendments made by Schedule 3 to the amending instrument apply in relation to a registered time-sharing scheme on and from the first to occur of:
              (a) the amendments made by Schedule 2 to the amending instrument applying in relation to the scheme;
              (b) 30 September 2021.

11 Disclosure of fees and costs—application to Product Disclosure Statements

            (1) The declaration in section 8C of this instrument applies to Product Disclosure Statements given on or after 30 September 2022.

        Election by the responsible entity

            (2) The responsible entity of a registered time-sharing scheme may, in accordance with subsection (3), elect to apply the declaration in section 8C of this instrument to a Product Disclosure Statement dated on or after 14 December 2020.

            (3) The responsible entity elects to apply the declaration in section 8C of this instrument to a Product Disclosure Statement if the responsible entity 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 entity elects to apply the declaration in section 8C of this instrument to a Product Disclosure Statement for a financial product:

               (a) the election is taken to also cover any subsequent Product Disclosure Statements for the financial product; and

               (b) the declaration in section 8C of this instrument applies to the Product Disclosure Statement and any subsequent Product Disclosure Statements for the financial product.

            (5) An election made under this section cannot be withdrawn.

12 Disclosure of fees and costs—application to periodic statements

            (1) The declaration in section 8C of this instrument applies to periodic statements for reporting periods commencing on or after 30 September 2021.

            Election by the responsible entity

            (2) The responsible entity of a registered time-sharing scheme may, in accordance with subsection (3), elect to