The Australian Securities and Investments Commission (ASIC) is seeking industry feedback on remaking relief contained in seven legislative instruments relating to specific financial services disclosure requirements.
The corporate regulator’s ‘Consultation Paper 358 Remaking ASIC relief on Product Disclosure Documents (PDS), superannuation dashboards and Financial Services Guides (FSG) (CP 358)’ outlined its proposal to consolidate seven instruments into three.
Most of the existing instruments would automatically repeal or cease in the next two years if not remade, according to ASIC.
The three proposed consolidated instruments would provide:
- Relief in instruments that relate to PDS in-use notices for employer-sponsored superannuation and product dashboard disclosure;
- Relief in instruments that relate to shorter PDSs and PDS obligations for superannuation trustees, Investor Directed Portfolio Services (IDPS) operators and responsible entities of IDPS-like schemes;
- An instrument that relates to Financial Services Guides in time critical situations
The proposed instruments, if enacted, would have effect until 1 October, 2027.
“ASIC has reached the preliminary view that the existing instruments are generally operating effectively and continue to form a necessary and useful part of the legislative framework,” the corporate regulator said.
“However, in remaking the instruments, ASIC proposes to omit relief that has become redundant and update some conditions of the relief.
“The proposed changes are designed to assist industry in complying with disclosure obligations by providing regulatory certainty.”
ASIC invited feedback on CP 358 from financial services licensees, superannuation trustees, platform operators, responsible entities, consumer groups and other interested stakeholders by 12 April, 2022.
