8Application to periodic statements

8 Application to periodic statements

(1) The declarations in this instrument apply to periodic statements for reporting periods commencing on or after 1 July 2021.

(1A) The declarations in this instrument do not apply to a periodic statement covered by section 8C of ASIC Corporations (Time-sharing Schemes) Instrument 2017/272.

Election by the product issuer

(2) An issuer may, in accordance with subsection (3), elect to apply the declarations in this instrument to a periodic statement for a reporting period (an earlier reporting period) that:

(a) commences on or after 1 July 2020; or

(b) ends on a day (the exit date) that is on or after 1 July 2020 if the reporting period ends on the exit date because the holder of the product ceased to hold the product on the exit date.

(3) The issuer elects to apply the declarations in this instrument to a periodic statement for an earlier reporting period if the issuer makes a written record of:

(a) the financial products to which the election relates;

(b) the reporting periods to which the election relates; and

(c) the date or dates the election is made.

(4) If the issuer elects to apply the declarations in this instrument to a periodic statement for an earlier reporting period:

(a) the election is taken to also cover any periodic statements for any subsequent reporting periods; and

(b) the declarations in this instrument applies to the periodic statement and any periodic statements for any subsequent reporting periods.

Note: The other effect of making an election in relation to a periodic statement in accordance with subsection (3) is that ASIC Class Order [CO 14/1252] does not apply to the periodic statement: see paragraph 14 of that class order.

(5) An election made under this section cannot be withdrawn.

(6) In this section:

issuer means the issuer of the financial product to which the periodic statement relates.