Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p13
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 33150–36622

the following apply:

                (a) the Product Disclosure Statement for the product or an investment option states that a holder of the product may give instructions, directions or requests for financial products to be acquired;

                (b) the responsible person for the Product Disclosure Statement has published a list of financial products in relation to which the instructions, directions or requests may be given that includes a security or interest in the entity;

                (c) the arrangement under which the instructions would be acted on is a custodial arrangement as defined in subsection 1012IA(1) of the Act.

        Interpretation

            (6) In this clause:

            infrastructure entity means an entity that provides a return to its shareholders or members mainly from owning or operating any of the following:

                 (a) airports;

                 (b) electricity generation, transmission or distribution facilities;

                 (c) gas transmission or distribution facilities;

                 (d) hospitals;

                 (e) ports;

                 (f) railways;

                 (g) roads;

                 (h) sewerage facilities;

                 (i) telecommunication facilities;

                 (j) water supply facilities; or

                 (k) other physical infrastructure.

    101C Performance fees

            (1) Performance fee means an amount paid or payable, calculated by reference to the performance of:

                (a) a collective investment product;

                (b) a superannuation product;

                (c) a MySuper product;

                (d) an investment option;

                (e) an interposed vehicle; or

                (f) part of such a product, option or vehicle.

            (2) In subclause (1) performance includes:

                (a) income in relation to the assets of, or attributed to, the product, option or interposed vehicle, or part; and

                (b) capital appreciation (realised or unrealised) to the value of the product, option or interposed vehicle, or part.

            (3) For the purposes of calculating the performance fees for a Product Disclosure Statement:

                (a) include the performance fees that accrued in relation to:

                    (i) the product or option or part of such product or option; and

                    (ii) any interposed vehicles referable to that product or option or part of such product or option,

            each averaged over the previous 5 financial years;

                (b) where a product, option or interposed vehicle or part was not in operation for the previous 5 financial years—calculate the average by reference to the number of financial years in which the product, option, interposed vehicle or part has operated;

                (c) where a product, option or interposed vehicle or part did not have a performance fee charging mechanism in place in each of the previous 5 financial years—calculate the average by reference to the number of financial years in which the product, option, interposed vehicle or part had a performance fee charging mechanism in place;

                (d) where a product, option or interposed vehicle or part was first offered in the current financial year—calculate the average by reference to the responsible person's reasonable estimate of the performance fee for the current financial year adjusted