Periodic statements—requirement to state information as amounts in dollars
7.9.74A Periodic statements—requirement to state information as amounts in dollars
For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if subsection 1017D(5A) were modified to read as follows:
‘(5A) Unless in accordance with the regulations and a determination by ASIC:
information to be disclosed in accordance with paragraphs (5)(a), (b), (c), (d) and (e) must be stated as amounts in dollars; and
any other information in relation to amounts paid by the holder of the financial product during the period must be stated as amounts in dollars.’.
For paragraph 1020G(1)(a) of the Act, the issuer of a financial product does not have to provide the information mentioned in subsection 1017D(5A) of the Act in the form required by that subsection, in a periodic statement prepared before 1 January 2005.
For subsection 1017D(5A) of the Act, as modified in accordance with subregulation (1), 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 information to be disclosed in accordance with paragraphs 1017D(5)(a), (b), (c), (d) and (e) of the Act as an amount in dollars:
would impose an unreasonable burden on a product issuer, or a class of product issuers; or
would impose an unreasonable burden on a product issuer, or a class of product issuers, 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 subsection 1017D(5A) of the Act, as modified in accordance with subregulation (1), 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 information to be disclosed in accordance with paragraphs 1017D(5)(a), (b), (c), (d) and (e) of the Act as an amount in dollars, or to describe the amount as a percentage:
would impose an unreasonable burden on a product issuer, or a class of product issuers; or
would impose an unreasonable burden on a product issuer, or a class of product issuers, 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 (3) or (4) must be:
in writing; and
published in the Gazette.
This Act’s bill:Explanatory statement
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