Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:26:p5
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 26 (pt 5/13)
Character Range: 581379–584066

lookback period, divided by 4.
return, in relation to a quarter, means:
 (a) if paragraph (b) does not apply—the Part 6A product's net investment return in relation to the quarter for the Part 6A product's standard fees and costs arrangement in relation to the quarter; or
 (b) if it is not possible to identify the Part 6A product's net investment return in relation to the quarter from information available to APRA, but it is possible to identify the Part 6A product's gross investment return net of fees in relation to the quarter from information available to APRA—the Part 6A product's gross investment return net of fees in relation to the quarter for the Part 6A product's standard fees and costs arrangement in relation to the quarter.
t represents a quarter in a consecutive sequence of quarters, where if t=1, the quarter is the first quarter that starts in the lookback period.

Trustee‑directed products
 (3) Subregulation (4) applies if:
 (a) the Part 6A product is a trustee‑directed product; and
 (b) at the end of a quarter in the lookback period, there are no member assets supporting the Part 6A product that are referable to any of the investment pathways of the Part 6A product.
 (4) Treat the return (as defined in subregulation (2)), in relation to the quarter, as zero.
 (5) Subregulation (6) applies if:
 (a) the Part 6A product is a trustee‑directed product that has 2 or more net investment returns or gross investment returns net of fees in relation to a quarter in the lookback period; and
 (b) subregulation (4) does not apply in relation to the quarter.
 (6) For the purposes of subregulation (2), treat the return (as defined in subregulation (2)), in relation to the quarter, as being the amount worked out under subregulation (7).
 (7) For the purposes of subregulation (6), work out the amount as follows:
 (a) first, work out a separate return (as defined in subregulation (2)) in relation to the quarter for each investment pathway of the Part 6A product, on the assumptions that:
 (i) references in that definition to net investment return and gross investment return net of fees were references to such amounts to the extent that they relate to each investment pathway of the Part 6A product; and
 (ii) references in that definition to the Part 6A product's standard fees and costs arrangement were references to each investment pathway's standard fees and costs arrangement;
 (b) next, disregard any return worked out in accordance with paragraph (a) for an investment pathway of the Part 6A product, if there are no member assets supporting the Part 6A product that are referable to the investment pathway;
 (c) next, identify the smallest of the