Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 04/1432]

Authoritative Version
CO 04/1432 Orders/ASIC Class Orders as made
This Class Order will grant relief from the obligation to disclose the amount of interest payable to a holder of a deposit product as an amount in dollars in a Product Disclosure Statement (PDS). Where this class order applies, the PDS must disclose the benefit as a percentage of a specified matter,with worked dollar examples unless that is inappropriate.
Administered by: Treasury
Registered 05 Mar 2007
Gazetted 21 Dec 2004
Date of repeal 19 Aug 2016
Repealed by ASIC Corporations (Repeal) Instrument 2016/768

Australian Securities and Investments Commission

Corporations Regulations 2001 — Subregulation 7.9.15B(1) — Determination

 

1.         Under subregulation 7.9.15B(1) of the Corporations Regulations 2001 the Australian Securities and Investments Commission determines for the avoidance of doubt that it is not possible to state in a Product Disclosure Statement information to be disclosed in accordance with paragraph 1013D(1)(b) of the Corporations Act 2001 (the Act) as an amount in dollars where the information is the amount of interest payable to a holder of a deposit product and that amount is to be worked out by applying a percentage to the amount standing to the credit of the facility that is the deposit product from time to time.

 

Note:      The application of this determination may be limited.  In many circumstances, subsection 1013C(2) and section 1013F of the Act may have the effect that interest as an amount in dollars need not be disclosed in the Product Disclosure Statement.  Nonetheless, in those cases, paragraph 1013D(1)(b) of the Act is likely to have the effect that a description of how interest is to be calculated must be included in the Statement.

 

Interpretation

 

2.         In this instrument deposit product has the meaning given by section 761A of the Act.

 

 

Dated this 8th day of December 2004

 

 

 

 

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission