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ASIC Corporations (Amendment) Instrument 2020/853

Authoritative Version
  • - F2020L01205
  • In force - Latest Version
Other as made
This instrument amends the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 to clarify the intended operation of an aspect of the fees and costs disclosure regime for Product Disclosure Statements (PDSs) that apply to superannuation products.
Administered by: Treasury
Registered 23 Sep 2020
Tabling HistoryDate
Tabled HR06-Oct-2020
Tabled Senate06-Oct-2020
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Amendment) Instrument 2020/853

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    22 September 2020

 

 

 

 

 

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2020/853.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

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

4        Schedules

Each instrument that is specified in the Schedule to this instrument is amended as set out in the applicable items in the Schedule.


Schedule 1—Amendments

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

1        Section 5 (notional clause 218 of Schedule 10)

After subclause (2), insert:

(2A)  If the total amount of administration fees and costs includes an amount that applies regardless of the balance, the amounts must be disclosed in the table in clause 211 as follows:

 

Administration fees and costs

[ ]

For every $50,000 you have in the superannuation product, you will be charged or have deducted from your investment $[  ] in administration fees and costs, plus $[  ] regardless of your balance