Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p1
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 1/12)
Character Range: 1420884–1423551

4     Exit statement                                Financial product other than superannuation product to which Division 4C of this Part applies  before 1 July 2007

 (2) For paragraph (1)(a), an amount has been paid in respect of a financial product if:
 (a) the product holder has paid an amount in respect of the product; or
 (b) an amount has been deducted from:
 (i) a payment made by the product holder; or
 (ii) a payment made to the product holder; or
 (c) the product holder has paid an amount or an amount has been deducted or debited as a fee, expense or charge in relation to the financial product; or
 (d) an amount is held on the product holder's behalf under the financial product (excluding any amounts referred to in paragraph (1)(b) deducted from a common fund).
 (3) For paragraph 1017D(5A)(a) of the Act, subregulations (4) and (5) apply in relation to a financial product that has:
 (a) an opening or closing balance mentioned in paragraph 1017D(5)(a) of the Act; or
 (b) the termination value mentioned in paragraph 1017D(5)(b) of the Act; or
 (c) an increase in contributions mentioned in paragraph 1017D(5)(d) of the Act; or
 (d) a return on investment mentioned in paragraph 1017D(5)(e) of the Act.
 (4) If ASIC determines that, for a compelling reason, it is not possible to state the amount in dollars, the amount may be described as a percentage of a specified matter (including worked dollar examples, unless that is inappropriate).
 (5) If ASIC determines that, for a compelling reason, it is not possible to state the amount in dollars, or to describe the amount as a percentage, the periodic statement must include:
 (a) a statement informing the holder of the product that the amount is applicable; and
 (b) details of the means by which a product holder is able to gain access to information relating to the amount.
 (6) A determination under subregulation (4) or (5) must be:
 (a) in writing; and
 (b) published in the Gazette.

7.9.75A  Ways of giving information
 (1) For paragraph 1017B(3)(c) of the Act, the following are ways in which a responsible person may notify a holder:
 (a) notifying the holder in any way agreed to by the holder;
 (b) notifying the holder's agent in any way agreed to by the agent.
 (2) For paragraph 1017D(6)(c) of the Act, the following are ways of giving a periodic statement to a holder:
 (a) making the periodic statement available to the holder in any way agreed to by the holder;
 (b) making the periodic statement available to the holder's agent in any way agreed to by the agent.
 (3) For paragraph 1017DA(2)(c) of the Act, the following are ways in which information mentioned in subsection