Document ID: chunk:federal_register_of_legislation:F2015L01835:schedule:1:p1
Version: federal_register_of_legislation:F2015L01835
Segment Type: schedule
Provision Reference: sch 1 (pt 1/11)
Character Range: 1184–4427

Schedule 1—Amendments

ASIC Class Order [CO 14/1252]
    1 Paragraph 5
Omit, substitute:
5. In section 1011B of the Act, insert in the following definition in the appropriate alphabetical order:
"investment option, in relation to a managed investment scheme or superannuation entity, includes the managed investment scheme or superannuation entity where there is no choice of investment options within the managed investment scheme or superannuation entity.".
5A. In subsection 1013C(2) of the Act, omit "The", substitute "Unless otherwise provided in the regulations, the".
5B. In subsection 1017B(5) of the Act, after "charges" (wherever occurring), insert "other than an increase in a fee for a superannuation product that results from an increase in costs relating to that superannuation product".
5C. In subsection 1017B(6) of the Act, after "charges,", insert "other than an increase in a fee for a superannuation product that results from an increase in costs relating to that superannuation product,".
    2 Before paragraph 6
Insert:
5D.  After subparagraph 7.9.16J(a)(iv) of the Corporations Regulations 2001 (the Regulations) insert:
           "(v) pensions provided under the rules of a superannuation fund that meet the standards of subregulations 1.06(2), 1.06(6) or 1.06(7) of the SIS Regulations; and".
    3 Paragraph 6
    Omit "the Corporations Regulations 2001 (the Regulations):", substitute "the Regulations:"
    4 Before sub-subparagraph 6(a)(i)
Insert:
           (ia) omit the definition of administration fee, substitute:
           "administration fee has the meaning given by clause 209A.";
           (ib) after the definition of exit fee, insert:
           "financial year means:
                  (a) in relation to a managed investment product—a financial year of the registered scheme to which the managed investment 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.";
    5 Sub-subparagraph 6(a)(ii) (notional definition of interposed vehicle)
Omit, substitute:
           "interposed vehicle has the meaning given by clause 101B.";
    6 Before sub-subparagraph 6(a)(iii)
Insert:
           (iia) omit the definition of investment fee, substitute:
"investment fee has the meaning given by clause 209A.";
    7 Sub-subparagraph 6(a)(iv) (notional paragraph 101A(1)(a))
    Omit "a trustee of the entity or responsible entity knows, or reasonably ought to know or, where this is not the case, may reasonably estimate, will directly or indirectly reduce", substitute "a responsible person knows, or reasonably ought to know or, where this is not the case, may reasonably estimate has reduced or will reduce (as applicable) whether directly or indirectly"
    8 Sub-subparagraph 6(a)(iv) (notional paragraph 101A(1)(c))
    Omit "under section 29V of the SIS Act.", substitute "as defined in clause 209A or an insurance fee."
    9 Sub-subparagraph 6(a)(iv) (notional subclause 101A(3))
Omit, substitute:
(3) Without limiting subclause (1), the indirect costs of a product or investment option referred to in subclause (1) include: