Additional information about charges or benefits—disclosure of dollar amounts
7.7.13B Additional information about charges or benefits—disclosure of dollar amounts
For paragraph 947D(2)(d) of the Act, if ASIC determines that, for a compelling reason based on the nature of a financial product or service, or the nature of the information, to state the information as an amount in dollars:
would impose an unreasonable burden on a providing entity, or a class of providing entities; or
would impose an unreasonable burden on a providing entity, or a class of providing entities, within a period specified in the determination; or
would not be in the interests of a client, or a class of clients;
the information may be set out as a description of the amount as a percentage of a specified matter (including worked dollar examples, unless that is inappropriate).
For paragraph 947D(2)(d) of the Act, if ASIC determines that, for a compelling reason, based on the nature of a financial product or service, or the nature of the information, to state the information as an amount in dollars, or to describe the amount as a percentage:
would impose an unreasonable burden on a providing entity, or a class of providing entities; or
would impose an unreasonable burden on a providing entity, or a class of providing entities, within a period specified in the determination; or
would not be in the interests of a client, or a class of clients;
the information may be set out as a description of the method of calculating the charge or benefit (including worked dollar examples, unless that is inappropriate).
A determination under subregulation (1) or (2) must be:
in writing; and
published in the Gazette.
This Act’s bill:Explanatory statement
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