Australian Securities and Investments Commission Corporations (Amendment) Instrument 2020/853 (Cth)

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

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Schedules

Schedule 1—Amendments

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

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 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