ASIC has issued a guide for product issuers to help them comply with the Corporations Amendment Regulations 2005 (No. 1) (the enhanced fee disclosure regulations) that were made on 10 March 2005.

The guide includes a series of questions and answers and draws together some commonly asked questions about compliance with the enhanced fee disclosure regulations.

The guide incorporates answers to five new questions (see questions A7 to A10 and B3) and earlier guidance given by ASIC on questions about fees and costs (see ASIC Information Release [IR 05-19] ASIC provides answers on some fees and costs questions (10 May 2005), ASIC Information Release [IR 05-28] ASIC compliance guidance on the FSR refinement proposals and fees template regulations (3 June 2005) and ASIC Information Release [IR 05-54] Further answers on some fees and costs questions (26 September 2005)).   

The regulations apply to PDS’s for superannuation products from 1 July 2005 and other financial products, including managed investment products, from 1 July 2006.

The regulations also mandate certain transactional disclosures in periodic statements of product issuers of superannuation (from 1 July 2006) and of managed investment products (from 1 July 2007).