Corporations Regulations 2001

Management costs, for a collective investment product, means any of the following:

for a product that is a managed investment product for a managed investment scheme—an amount payable for administering the managed investment scheme;

for a product that is a security in a retail CCIV that is referable to a sub‑fund of the CCIV—the amount payable for administering the sub‑fund;

for a custodial arrangement—the cost involved, or amount paid or payable, for gaining access to, or participating in, the arrangement;

distribution costs;

for a product that is a managed investment product for a managed investment scheme or is a security in a retail CCIV that is referable to a sub‑fund of the CCIV—other expenses and reimbursements in relation to the managed investment scheme or the sub‑fund;

for a product that is a managed investment product for a managed investment scheme or is a security in a retail CCIV that is referable to a sub‑fund of the CCIV—amounts paid or payable for investing in the assets of the managed investment scheme or in the assets of the sub‑fund;

amounts deducted from a common fund by way of fees, costs, charges or expenses, including:

amounts retrieved by an external fund manager or a product issuer; and

amounts deducted from returns before allocation to the fund;

estimated performance fees;

any other investment‑related expenses and reimbursements, including any associated with custodial arrangements.

The following fees and costs are not management costs for a collective investment product:

a contribution fee;

transactional and operational costs;

an additional service fee;

an establishment fee;

a switching fee;

an exit fee;

a withdrawal fee;

costs (related to a specific asset or activity to produce income) that an investor would incur if he or she invested directly in the asset;

incidental fees.