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CORPORATIONS REGULATIONS 2001 - REG 7.9.30B Details to be included in periodic statements for margin lending facilities

CORPORATIONS REGULATIONS 2001 - REG 7.9.30B

Details to be included in periodic statements for margin lending facilities

    For paragraph   1017D(5)(g) of the Act, a periodic statement for a holder of a financial product must include the following details about the margin lending facility:

  (a)   the outstanding loan amount;

  (b)   the loan credit limit;

  (c)   the current interest rate, and any changes to the interest rate since the last statement was provided;

  (d)   an itemised list of the property by which the credit is secured, including:

  (i)   the value of each item used for calculating the current LVR; and

  (ii)   the loan to value ratio (if any) of each property item listed;

  (e)   a summary of the loan to security ratios, showing separately:

  (i)   the allowable loan to security ratio; and

  (ii)   the maximum loan to security ratio, including any buffer allowed under the terms of the facility; and

  (iii)   the current LVR;

  (f)   a summary of all transactions affecting the margin lending facility during the reporting period.

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