Federal Register of Legislation - Australian Government

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SLI 2013 No. 102 Regulations as made
This regulation amends the Corporations Regulations 2001 to implement regulations relating to the treatment of intra-fund advice fees under the Future of Financial Advice reforms.
Administered by: Treasury
Made 30 May 2013
Registered 04 Jun 2013
Tabled HR 05 Jun 2013
Tabled Senate 17 Jun 2013
Date of repeal 06 Jun 2013
Repealed by Division 1 of Part 5A of the Legislative Instruments Act 2003
Table of contents.

Commonwealth Coat of Arms

 

 

Corporations Amendment (Intra‑fund Advice Fees) Regulation 2013

 

Select Legislative Instrument No. 102, 2013

I, Professor Marie Bashir AC CVO, Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Corporations Act 2001.

Dated 30 May 2013

Marie Bashir

Administrator

By Her Excellency’s Command

William Richard Shorten

Minister for Financial Services and Superannuation

 

 

  

  


Contents

1............ Name of regulation.............................................................................. 1

2............ Commencement................................................................................... 1

3............ Authority............................................................................................. 1

4............ Schedule(s)......................................................................................... 1

Schedule 1—Amendments                                                                                                2

Corporations Regulations 2001                                                                               2

 


1  Name of regulation

                   This regulation is the Corporations Amendment (Intra-fund Advice Fees) Regulation 2013.

2  Commencement

                   This regulation commences on the day after it is registered.

3  Authority

                   This regulation is made under the Corporations Act 2001.

4  Schedule(s)

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

Corporations Regulations 2001

1  Subregulations 7.7A.10(2) and (3)

Repeal the subregulations, substitute:

             (2)  An arrangement of a kind mentioned in subsection 962A(1) or (2) of the Act is not an ongoing fee arrangement to the extent that the arrangement relates to a product fee mentioned in subregulation (3).

             (3)  Each of the following is a product fee:

                     (a)  a fee for the administration, management or operation of a financial product that is charged to a retail client to which the product is issued by the issuer of the product;

Example 1: A monthly account keeping fee charged by the provider of a basic deposit product.

Example 2: A monthly administration or investment fee charged by a trustee of a superannuation fund or a responsible entity of a managed investment scheme.

                     (b)  a fee that:

                              (i)  is a cost of providing financial product advice; and

                             (ii)  under section 99F of the Superannuation Industry (Supervision) Act 1993, is not prohibited or prevented from being passed on to a member of a regulated superannuation fund.