ASIC remakes and combines seven legislative instruments

ASIC has remade and combined seven legislative instruments relating to specific financial services disclosure requirements that were all due to automatically repeal or cease in the next two years.

The relief was revealed in three new legislative instruments:

• Instrument 2022/496 which provides relief to product disclosure statements (PDS) in-use notices for employer-sponsored superannuation and choice product dashboard disclosure
• Instrument 2022/497 which provides relief to shorter PDSs and PDS obligations for super trustees and IDPS operators
• Instrument 2022/498 which provides relief to the giving of financial services guides in “time critical situations’

ASIC sough public consultation on the changes in February and received six submissions which the regulator said were “generally supportive” of the proposals.

Of the six proposals, three supported extending the expiry fate for the three new legislative instruments beyond the proposed five years.

“However, ASIC considers that 1 October 2027 provides sufficient certainty for industry and for progress to be made in amending the primary law or regulations if considered appropriate,” ASIC said in a statement.

“Some submissions made recommendations about matters independent of the proposals in CP 358 that involve policy considerations.

“ASIC has drawn these matters to the attention of the Commonwealth Treasury.”

In February, ASIC proposed that the changes would come into effect for a period until 1 October 2027.

At the time, the regulator said the changes were “designed to assist industry in complying with disclosure obligations by providing regulatory certainty”.

The announcement comes just days after ASIC issued an information sheet on warning and reprimands given to financial advisers.

Released last Thursday, the information sheet outlined when it will give a warning or reprimand; how it will communicate the giving of a warning or reprimand; when and to whom it will provide procedural fairness before issuing a warning or reprimand; and the adviser’s right of review of ASIC’s decision.

The corporate regulator assured that “not every concern brought to ASIC’s attention which indicates that one of the warning or reprimand circumstances may exist will lead to ASIC giving a warning or reprimand”.

“We will still conduct our usual triage, investigatory work and referral process,” ASIC confirmed.  

For more information click here.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.