Corporations Amendment Regulations 2002 (No. 2) (16 of 2002)

Schedule 1   Amendments commencing at 12.01 am (in the Australian Capital Territory) on 11 March 2002

[68]   Subregulation 7.9.01 (1), definition of ongoing management charge

substitute

ongoing management charge means a charge that:

(a) is made against:

(i) a product holder's benefits in a fund or financial product; or

(ii) the assets or investment earnings of the fund or financial product (as appropriate); or

(iii) a product holder or another person on the product holder's behalf; and

(b) is not:

(i) a contribution charge, death and disability insurance charge, exit charge or switching charge; or

(ii) a charge that:

(A) is made for a service requested by the product holder that the product holder could not reasonably expect to receive unless the product holder asked for it and paid a reasonable charge; and

(B) is provided by the provider; and

(C) is reasonable; and

(c) is worked out in accordance with Schedule 10.

Note Also see subregulation (4).