11Disclosure of fees and costs—application to Product Disclosure Statements

11 Disclosure of fees and costs—application to Product Disclosure Statements

(1) The declaration in section 8C of this instrument applies to Product Disclosure Statements given on or after 30 September 2022.

Election by the responsible entity

(2) The responsible entity of a registered time-sharing scheme may, in accordance with subsection (3), elect to apply the declaration in section 8C of this instrument to a Product Disclosure Statement dated on or after 14 December 2020.

(3) The responsible entity elects to apply the declaration in section 8C of this instrument to a Product Disclosure Statement if the responsible entity makes a written record:

(a) that identifies the Product Disclosure Statements to which the election relates; and

(b) of the date or dates the election is made.

(4) If the responsible entity elects to apply the declaration in section 8C of this instrument to a Product Disclosure Statement for a financial product:

(a) the election is taken to also cover any subsequent Product Disclosure Statements for the financial product; and

(b) the declaration in section 8C of this instrument applies to the Product Disclosure Statement and any subsequent Product Disclosure Statements for the financial product.

(5) An election made under this section cannot be withdrawn.