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Reminder: Australian Securities and Investments Commission Fee and Cost Disclosure - RG 97 Extension

ASIC's amended fee and cost disclosure requirements for managed investment schemes and superannuation funds are due to commence tomorrow. However, ASIC has granted an extension until 1 September 2017.

Any responsible entities and superannuation trustees who wish to take advantage of the transition extension for compliance with the new requirements, as described in Regulatory Guide 97 (RG 97), must advise ASIC in writing today.

Notifications must be emailed to  [email protected] and must include your name, details of the relevant PDS and commitments to comply with the conditions of the relief.

Exempted entities must provide ASIC with additional fee and cost information by 1 March 2017. They will then need to update all relevant PDSs to include this information by 1 September 2017. Entities who do not provide the notification today must comply with RG 97 from today.

Click here for further information about the required notifications as provided by ASIC.

Brianna Kenna is co-author of this article. 

Copyright 2022 K & L GatesNational Law Review, Volume VII, Number 31
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About this Author

Jim Bulling, KL Gates, financial services lawyer, funds management attorney
Partner

Mr. Bulling's practise focuses on banking and financial services and he acts for a range of entities in the financial services and funds management industry. His clients include Australian and international investment managers, banks, trustees of superannuation funds, wholesale and retail investment trusts, funds management companies and financial planning groups.

His main areas of focus include banking and financial product disclosure issues, financial services compliance issues, financial product distribution issues and superannuation and...

61-3-9640-4338
Daniel Knight, KL Gates, financial services industry lawyer, retail fund managers attorney
Senior Associate

Mr. Knight is a commercial and regulatory lawyer with a focus on the financial services industry. He advises a range of wholesale and retail fund managers, banks, financial advisers, superannuation fund trustees and other financial services firms.

Mr. Knight concentrates on commercial transactions in the industry and on advising clients about Australian licensing, disclosure, and compliance obligations. He regularly advises international fund managers about offering their products in Australia.

Mr. Knight also has...

61-3-9640-4324
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