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ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070
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6 Consequential declarations
(1) Part 7.9 of the Act applies in relation to collective investment products and superannuation products as if that Part were modified or varied as follows:
(a) in section 1011B, insert in the following definition in the appropriate alphabetical order:
“investment option, in relation to a managed investment scheme or superannuation entity, includes the managed investment scheme or superannuation entity where there is no choice of investment options within the managed investment scheme or superannuation entity.”;
(b) in subsection 1013C(2), omit “The”, substitute “Unless otherwise provided in the regulations, the”;
(c) in paragraph 1017B(6)(a), omit “event”, substitute “change or event”.
(2) Part 7.9 of the Regulations applies in relation to collective investment products and superannuation products as if that Part were modified or varied as follows:
(a) omit subparagraph 7.9.15DA(4)(c)(iv), substitute:
“(iv) Divisions 5, 6 and 6A of Part 2 of Schedule 10;”
(b) after subparagraph 7.9.16J(a)(iv) insert:
“(v) pensions provided under the rules of a superannuation fund that meet the standards of subregulations 1.06(2), 1.06(6) or 1.06(7) of the SIS Regulations; and”
(c) omit paragraphs 7.9.16N(2)(a) and (b), substitute:
“(a) the Fees and Costs Summary and Additional Explanation of Fees and Costs set out in Part 2 of Schedule 10; and
(b) an Example of Annual Fees and Costs and associated notes, and Cost of Product Information, as set out in Part 2 of Schedule 10; and”;
(d) in regulation 7.9.16T, omit the notional paragraph 1015D(2)(b) of the Act and the note, substitute:
“(b) a change is made to the fees and charges set out in the Fees and Costs Summary in the Statement;
Note: The Fees and Costs Summary is set out in clauses 201, 202 and 202A of Schedule 10 to the Corporations Regulations 2001.”;
(e) in subregulation 7.9.60B(6) omit “fees and costs template”, substitute “Fees and Costs Summary”
(f) in subregulation 7.9.60B(7) omit “template.”, substitute “Fees and Costs Summary.”
(g) omit paragraph 7.9.75(1)(b);
(h) omit the Note in subclause 8(1) of Schedule 10D, substitute:
Note: The statement will be made using the Fees and Costs Summary in accordance with subclause (3).
(i) omit subclause 8(3) of Schedule 10D, substitute:
(3) Section 6 must set out the fees and costs for each MySuper product or other investment option that is presented in section 5 in detail in accordance with subclause 7(3) in the form of the following Fees and Costs Summary:
<table cellspacing="0" cellpadding="0" style="width:83.1%; margin-left:70.9pt; border-collapse:collapse"><thead><tr><td colspan="3" style="border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-weight:bold; font-style:italic">[Name of superannuation product]</span></p></td></tr><tr><td style="width:49.06%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-weight:bold">Type of fee or cost</span></p></td><td style="width:23.8%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-right:1.35pt; margin-left:0pt; text-indent:0pt"><span style="font-weight:bold">Amount</span></p></td><td style="width:27.14%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:0pt; text-indent:0pt"><span style="font-weight:bold">How and when paid</span></p></td></tr></thead><tbody><tr><td colspan="3" style="border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top; background-color:#d9d9d9"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-weight:bold">Ongoing annual fees and costs</span><span style="font-size:8pt; vertical-align:super">1</span></p></td></tr><tr><td style="width:49.06%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-style:italic">Administration fees and costs</span></p></td><td style="width:23.8%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td><td style="width:27.14%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td></tr><tr><td style="width:49.06%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:0pt; text-indent:0pt"><span style="font-style:italic">Investment fees and costs</span><span style="font-size:8pt; font-style:italic; vertical-align:super">2</span></p></td><td style="width:23.8%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td><td style="width:27.14%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td></tr><tr><td style="width:49.06%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-style:italic">Transaction costs</span></p></td><td style="width:23.8%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td><td style="width:27.14%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top; background-color:#d9d9d9"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-weight:bold">Member activity related fees and costs</span></p></td></tr><tr><td style="width:49.06%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:16.05pt; text-indent:-14.2pt"><span style="font-style:italic">Buy</span><span style="font-style:italic">‑</span><span style="font-style:italic">sell spread</span></p></td><td style="width:23.8%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td><td style="width:27.14%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td></tr><tr><td style="width:49.06%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:16.05pt; text-indent:-14.2pt"><span style="font-style:italic">Switching fee</span></p></td><td style="width:23.8%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td><td style="width:27.14%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td></tr><tr><td style="width:49.06%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:16.05pt; text-indent:-14.2pt"><span style="font-style:italic">Other fees and costs</span><span style="font-size:8pt; font-style:italic; vertical-align:super">3</span></p></td><td style="width:23.8%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td><td style="width:27.14%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-style:italic"></span></p></td></tr></tbody></table> ``` <table cellspacing="0" cellpadding="0" style="width:76%; margin-left:92.02pt; border:0.75pt solid #000000; border-collapse:collapse"><thead><tr><td colspan="3" style="border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-weight:bold; font-style:italic">[Name of collective investment product]</span></p></td></tr><tr><td style="width:39.14%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-weight:bold">Type of fee or cost</span></p></td><td style="width:34.78%; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-weight:bold">Amount</span></p></td><td style="width:26.08%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:0.65pt; text-indent:-0.65pt"><span style="font-weight:bold">How and when paid</span></p></td></tr></thead><tbody><tr><td colspan="3" style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#d9d9d9"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-weight:bold">Ongoing annual fees and costs</span></p></td></tr><tr><td style="width:39.14%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-style:italic">Management fees and costs</span></p><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span>The fees and costs for managing your investment</span><span style="font-size:8pt; vertical-align:super">2</span></p></td><td style="width:34.78%; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-weight:bold"></span></p></td><td style="width:26.08%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-weight:bold"></span></p></td></tr><tr><td style="width:39.14%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-style:italic">Performance fees</span></p><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span>Amounts deducted from your investment in relation to the performance of the product</span></p></td><td style="width:34.78%; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-weight:bold"></span></p></td><td style="width:26.08%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-weight:bold"></span></p></td></tr><tr><td style="width:39.14%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:0pt; text-indent:0pt"><span style="font-style:italic">Transaction costs</span></p><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:0pt; text-indent:0pt"><span>The costs incurred by the scheme when buying or selling assets</span></p></td><td style="width:34.78%; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-weight:bold"></span></p></td><td style="width:26.08%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:63.8pt"><span style="font-weight:bold"></span></p></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#d9d9d9"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-weight:bold">Member activity related fees and costs (fees for services or when your money moves in or out of the scheme)</span><span style="font-size:8pt; font-weight:bold; vertical-align:super">1</span></p></td></tr><tr><td style="width:39.14%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:0pt; text-indent:0pt"><span style="font-style:italic">Establishment fee</span></p><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:0pt; text-indent:0pt"><span>The fee to open your investment</span></p></td><td style="width:34.78%; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td><td style="width:26.08%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td></tr><tr><td style="width:39.14%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-style:italic">Contribution fee</span><span style="font-size:8pt; font-style:italic; vertical-align:super">2</span></p><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span>The fee on each amount contributed to your investment</span></p></td><td style="width:34.78%; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td><td style="width:26.08%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td></tr><tr><td style="width:39.14%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-style:italic">Buy-sell spread</span></p><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span>An amount deducted from your investment representing costs incurred in transactions by the scheme</span></p></td><td style="width:34.78%; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td><td style="width:26.08%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td></tr><tr><td style="width:39.14%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-style:italic">Withdrawal fee</span><span style="font-size:8pt; font-style:italic; vertical-align:super">2</span></p><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span>The fee on each amount you take out of your investment</span></p></td><td style="width:34.78%; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td><td style="width:26.08%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td></tr><tr><td style="width:39.14%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-style:italic">Exit fee</span><span style="font-size:8pt; font-style:italic; vertical-align:super">2</span></p><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span>The fee to close your investment</span></p></td><td style="width:34.78%; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td><td style="width:26.08%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td></tr><tr><td style="width:39.14%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span style="font-style:italic">Switching fee</span></p><p class="LI-BodyTextNumbered" style="margin-top:0pt; margin-left:1.85pt; text-indent:0pt"><span>The fee for changing investment options</span></p></td><td style="width:34.78%; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td><td style="width:26.08%; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p class="LI-BodyTextNumbered" style="margin-left:63.8pt"><span></span></p></td></tr></tbody></table> ```