Corporations Amendment Regulations 2004 (No. 6) (149 of 2004)

Schedule 1   Amendments commencing on 1 July 2004

[4]   Subregulations 7.7.12 (2) and (3)

substitute

(2) For paragraph 947C (2) (i) of the Act, if ASIC determines that, for a compelling reason, it is not possible to state information to be disclosed in accordance with paragraph 947C (2) (e) or subparagraph 947C (2) (f) (i) as an amount in dollars, the information may be set out as a description of the amount as a percentage of a specified matter (including worked dollar examples, unless that is inappropriate).

(3) For paragraph 947C (2) (i) of the Act, if ASIC determines that, for a compelling reason, it is not possible to state information to be disclosed in accordance with paragraph 947C (2) (e) or subparagraph 947C (2) (f) (i) as an amount in dollars, or to describe the amount as a percentage, the information may be set out as a description of the method of calculating the remuneration, benefits or interests (including worked dollar examples, unless that is inappropriate).

(4) A determination under subregulation (1) or (2) must be:

(a) in writing; and

(b) published in the Gazette.

(5) The statements and descriptions must be presented in a manner that is easy for the client to understand.