Document ID: chunk:federal_register_of_legislation:F2024C01249:clause:10_102
Version: federal_register_of_legislation:F2024C01249
Segment Type: clause
Provision Reference: sch 10 cl 102
Character Range: 2171776–2173757

102  Meaning of management costs
 (1) Management costs, for a collective investment product, means any of the following:
 (a) for a product that is a managed investment product for a managed investment scheme—an amount payable for administering the managed investment scheme;
 (aa) for a product that is a security in a retail CCIV that is referable to a sub‑fund of the CCIV—the amount payable for administering the sub‑fund;
 (b) for a custodial arrangement—the cost involved, or amount paid or payable, for gaining access to, or participating in, the arrangement;
 (c) distribution costs;
 (d) for a product that is a managed investment product for a managed investment scheme or is a security in a retail CCIV that is referable to a sub‑fund of the CCIV—other expenses and reimbursements in relation to the managed investment scheme or the sub‑fund;
 (e) for a product that is a managed investment product for a managed investment scheme or is a security in a retail CCIV that is referable to a sub‑fund of the CCIV—amounts paid or payable for investing in the assets of the managed investment scheme or in the assets of the sub‑fund;
 (f) amounts deducted from a common fund by way of fees, costs, charges or expenses, including:
 (i) amounts retrieved by an external fund manager or a product issuer; and
 (ii) amounts deducted from returns before allocation to the fund;
 (g) estimated performance fees;
 (h) any other investment‑related expenses and reimbursements, including any associated with custodial arrangements.
 (2) The following fees and costs are not management costs for a collective investment product:
 (a) a contribution fee;
 (b) transactional and operational costs;
 (c) an additional service fee;
 (d) an establishment fee;
 (e) a switching fee;
 (f) an exit fee;
 (g) a withdrawal fee;
 (h) costs (related to a specific asset or activity to produce income) that an investor would incur if he or she invested directly in the asset;
 (i) incidental fees.