Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE AND SALE OF FINANCIAL PRODUCTS  

Division 5AA - General requirements for financial disclosure  

REGULATION 7.9.60B   DISCLOSURE OF TRANSACTIONS IN PERIODIC STATEMENTS  

7.9.60B(1)    
This regulation applies to the following periodic statements:

(a)    for a financial product other than a superannuation product, a managed investment product, a foreign passport fund product or an investment life insurance product - a periodic statement in relation to a reporting period commencing on or after 1 July 2005;

(b)    for a superannuation product:

(i) if the periodic statement is not an exit statement - a periodic statement in relation to a reporting period commencing on or after 1 July 2005; and

(ii) if the periodic statement is an exit statement - a periodic statement issued on or after 1 July 2006;

(c)    for a managed investment product:

(i) if the periodic statement is not an exit statement - a periodic statement in relation to a reporting period commencing on or after 1 July 2006; and

(ii) if the periodic statement is an exit statement - a periodic statement issued on or after 1 July 2007;

(d)    for an investment life insurance product:

(i) if the periodic statement is not an exit statement - a periodic statement in relation to a reporting period commencing on or after 1 July 2005; and

(ii) if the periodic statement is an exit statement - a periodic statement issued on or after 1 July 2006.

7.9.60B(2)    
For paragraph 1017D(5)(c) of the Act, the periodic statement must include a brief description of each transaction in relation to the product during the reporting period.

7.9.60B(3)    
The amount of a transaction must include, if applicable:

(a)    GST; and

(b)    stamp duty; and

(c)    income tax, after deductions have been taken into account.

7.9.60B(4)    
The description of a contribution paid into a superannuation account must be sufficient to identify the source of the contribution, if that information has been recorded by the fund.

7.9.60B(5)    
A transaction (other than a contribution) of the same kind as another transaction may be described with the other transaction in a single item in the periodic statement if:

(a)    it is practicable to do so; and

(b)    the items are described together on a consistent basis in the periodic statement.

Example

If a member incurs a weekly management cost, the transactions may be grouped consistently on a monthly basis in the member ' s periodic statement.

7.9.60B(6)    

For a superannuation product, a managed investment product, a security in a CCIV or a foreign passport fund product, the only fees and costs that need to be itemised in a periodic statement are the fees and costs shown in the fees and costs template for a Product Disclosure Statement in Part 2 of Schedule 10 .

7.9.60B(7)    
The fees and costs mentioned in subsection (6) must be described using the terms used in the template.