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ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070

About this compilation

Compilation No. 3

This is a compilation of ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 as in force on 12 December 2020. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Declaration
5 Product Disclosure Statements and periodic statements
Part 3—Consequential declarations
6 Consequential declarations
Part 4—Transitional
7 Application to Product Disclosure Statements
8 Application to periodic statements
Part 5—Exemption
10 Ongoing disclosure of material changes and significant events
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.

3 Authority
This instrument is made under subsection 1020F(1) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
collective investment product means a managed investment product or a foreign passport fund product.
foreign passport fund product means a financial product described in paragraph 764A(1)(bb) of the Act.
managed investment product means a financial product described in paragraph 764A(1)(b) of the Act.
Regulations means the Corporations Regulations 2001.
superannuation product means a financial product described in paragraph 764A(1)(g) of the Act.

Part 2—Declaration

5 Product Disclosure Statements and periodic statements
    Part 7.9 of the Regulations applies in relation to collective investment products and superannuation products as if that Part were modified or varied by omitting Schedule 10 to the Regulations and substituting the following Schedule:
    Schedule 10—Disclosure of Fees and Other Costs
    (regulations 7.9.16J - 7.9.16O)
    Part 1—Interpretation

    101 Definitions

       In this Schedule:

activity fee: a fee is an activity fee for a superannuation product if:

           (a) the fee relates to costs incurred by the trustee, or the trustees, of a superannuation entity that are directly related to an activity of the trustee, or the trustees:

                (i) that is engaged in at the request, or with the consent, of a member; or

                (ii) that relates to a member and is required by law; and

            (b) those costs are not otherwise charged as administration fees and costs, investment fees and costs, transaction costs, a buy‑sell spread, a switching fee, an advice fee or an insurance fee.

administration fees and costs, for a superannuation product, means the fees and costs that relate to the administration or operation of the superannuation entity to which the product relates and include:

            (a) costs that relate to that administration or operation