102Management fees and costs

102 Management fees and costs

(1) Management fees and costs, for a collective investment product, means any of the following:

(a) an amount payable for administering the managed investment scheme;

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

(c) distribution costs;

(d) other expenses and reimbursements in relation to the managed investment scheme;

(e) amounts paid or payable for investing in the assets of the managed investment scheme;

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

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

(ii) amounts deducted from returns before allocation to the fund;

(g) any other investment‑related expenses and reimbursements, including any associated with custodial arrangements; and

(h) indirect costs.

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

(a) a contribution fee;

(b) transaction costs other than those costs under subclause 101A(3);

(ba) excluded transactional and operational costs;

(c) an additional service fee;

(d) an establishment fee;

(e) a switching fee;

(f) an exit fee;

(g) a withdrawal fee;

(ga) performance fees;

(h) costs related to a specific asset or activity to produce income that an investor would incur if the investor invested directly in the asset (other than costs related to a security or interest in an interposed vehicle or derivative financial product within the meaning of subclause 101A(3A)); and

(i) incidental fees.