EXPOSURE DRAFT (15/04/2013)

Corporations Amendment Regulation 2013 (No.  L)

Select Legislative Instrument No.      , 2013

(Minister for Financial Services and Superannuation)

  

Contents
1	Name of regulation	1
2	Commencement	1
3	Authority	1
4	Schedule(s)	1
Schedule 1—Amendments	2
Corporations Regulations 2001	2

1  Name of regulation
		This regulation is the Corporations Amendment Regulation 2013 (No.  L).
2  Commencement
		This regulation commences on the day after it is registered.
3  Authority
		This regulation is made under the Corporations Act 2001.
4  Schedule(s)
		Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Corporations Regulations 2001
  
1  Subregulations 7.7A.10(2) and (3)
Repeal the subregulations, substitute:
	(2)	An arrangement of a kind mentioned in subsection 962A(1) or (2) is not an ongoing fee arrangement to the extent that the arrangement relates to a product fee mentioned in subregulation (3).
	(3)	Each of the following is a product fee:
	(a)	a fee for the management and operation of a financial product charged to a retail client to which the product is issued by the issuer of the product;
Example:		A monthly account keeping fee charged by the provider 	of a basic deposit product.
	(b)	a fee:
	(i)	for providing personal advice in relation to a member of a regulated superannuation fund; and
	(ii)	that is a cost that may be passed on under section 99F of the Superannuation Industry (Supervision) Act 1993.