12Disclosure of fees and costs—application to periodic statements

12 Disclosure of fees and costs—application to periodic statements

(1) The declaration in section 8C of this instrument applies to periodic statements for reporting periods commencing on or after 30 September 2021.

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 periodic statement for a reporting period (an earlier reporting period) that:

(a) commences on or after 14 December 2020; or

(b) ends on a day (the exit date) that is on or after 14 December 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 responsible entity elects to apply the declaration in section 8C of this instrument to a periodic statement for an earlier reporting period if the responsible entity 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 responsible entity elects to apply the declaration in section 8C of 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 declaration in section 8C of this instrument applies to the periodic statement and any periodic statements for any subsequent reporting periods.

(5) An election made under this section cannot be withdrawn.