ASIC Corporations (Amendment) Instrument 2026/337

I, Pippa Lane, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 28 April 2026

Contents

Part 1—Preliminary 3

1 Name of legislative instrument....................................3

2 Commencement...............................................3

3 Authority....................................................3

4 Schedules....................................................3

Schedule 1—Amendments 4

ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070....4

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2026/337.

2 Commencement

This instrument commences on the later of:

(a) the day after it is registered on the Federal Register of Legislation; and

(b) 1 July 2026.

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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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 1—Amendments

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

1 Section 5 (notional clause 103A of Schedule 10 to the Corporations Regulations 2001)

Omit the notional clause, substitute:

103A Calculating transaction costs

(1) Despite clause 214, transaction costs (other than stamp duty) for a product, option, interposed vehicle or derivative financial product disclosed in a Product Disclosure Statement that is available during a particular financial year is to be determined:

(a)  based on the transaction costs (other than stamp duty) for the previous financial year; or

(b)  if the product or option was offered from at least 11 months before the end of the previous financial year but for less than a full financial year—based on the transaction costs (other than stamp duty) for that period and adjusted, to reflect a 12 month period; or

(c)  if the product or option was not offered from at least 11 months before the end of the previous financial year and not first offered in the current financial year—based on the responsible person’s reasonable estimate of the transaction costs (other than stamp duty) for the current financial year at the time the Product Disclosure Statement is prepared; or

(d)  if the product or option was first offered in the current financial year—based on the responsible person’s reasonable estimate of the transaction costs (other than stamp duty) for the current financial year at the time the Product Disclosure Statement is prepared, adjusted to reflect a 12 month period.

(2) Despite clause 214, transaction costs that are stamp duty for a product, option, interposed vehicle or derivative financial product disclosed in a Product Disclosure Statement that is available during a particular financial year (the current financial year) is to be determined as follows:

(a) if the product or option was first offered in the current financial year—based on one-seventh of the responsible person’s reasonable estimate of stamp duty for the current financial year at the time the Product Disclosure Statement is prepared, adjusted to reflect a 12 month period;

(b) if the product or option was first offered before the current financial year—in accordance with the following table:

(3) For the purposes of the table in subsection (2), if the product or option was not in operation for the number of previous financial years referred to in column 3 of the table for the relevant item, the amount of the transaction costs that are stamp duty is one-seventh of the total stamp duty for the number of previous financial years during which the product or option was in operation.

Note:  For example, in the case of item 6 of the table, if the product or option had only been in operation for the previous 4 financial years, the amount of the transaction costs that are stamp duty would be one-seventh of the total stamp duty for those previous 4 financial years.

2 Section 5 (at the end of notional subclause 204(7) of Schedule 10 to the Corporations Regulations 2001)

Add:

Note 1: Paragraphs (a) and (b) do not require a cost or amount to be shown gross of any income tax, GST or stamp duty that is excluded by the definition of the cost or amount. For example, administration fees and costs do not need to be shown gross of stamp duty that is a transaction cost: see the definition of administration fees and costs in clause 101.

Note 2: The amount of stamp duty for a transaction cost disclosed in a Product Disclosure Statement is to be determined in accordance with clause 103A.

3 Section 5 (notional paragraph 209(j) of Schedule 10 to the Corporations Regulations 2001)

Omit “such as brokerage and buy-sell spread”.

4 Section 5 (at the end of notional paragraph 209(j) of Schedule 10 to the Corporations Regulations 2001)

Add:

and (vi) where relevant, an explanation of how stamp duty has been calculated for the purposes of determining transaction costs;

5 Subsection 10(2)

Repeal the subsection, substitute:

(2)  The exemption in this section only applies in relation to:

(a) the first time the issuer makes changes to a Product Disclosure Statement as a direct result of this instrument; and

(b) if the issuer has made changes to a Product Disclosure Statement in the circumstances referred to in paragraph (a) on or before 30 June 2026—the first time after 30 June 2026 that the issuer makes changes to the Product Disclosure Statement as a direct result of notional clause 103A of Schedule 10 to the Regulations as inserted by section 5 of this instrument.