ASIC has updated its guidance for issuers of disclosure documents and product disclosure statements (PDSs).

ASIC Regulatory Guides 55, 65 and 97 have been reviewed to include references to regulations released in recent months, including those affecting issuers of standard margin lending facilities, simple managed investment schemes and certain superannuation products.

ASIC’s amendments do not represent substantive policy changes. Further details are provided in the background below.

Download ASIC’s updated guides here:

• Regulatory Guide 55 Statements in disclosure documents and PDSs: Consent to quote (RG 55).

• Regulatory Guide 65 Section 1013DA disclosure guidelines (RG 65)

• Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements (RG 97)

Background

RG 55 is for issuers of financial products and others who prepare disclosure documents or product disclosure statements (PDSs). RG 55 provides guidance on how ASIC will administer the requirement under the Corporations Act 2001 (Corporations Act) for an issuer to obtain consent before citing a person in a disclosure document or PDS.

The amendments to RG 55 are technical updates to reflect changes to incorporation by reference since the regulatory guide was first released. Regulation 7.9.15DA of the Corporations Regulations permits incorporation by reference for a PDS.

The update also includes reference to the shorter PDS regime affecting issuers of standard margin lending facilities, simple managed investment schemes and certain superannuation products.

Guidance on “How to apply for relief” contained in RG 55 has been removed. Guidance on how to apply for relief is now provided separately under Regulatory Guide 51 Applications for relief (RG 51).

RG 65 is for product issuers. It sets out ASIC’s guidelines on how product issuers can meet their obligations under s1013DA of the Corporations Act to disclose in PDSs how labour standards or environmental, social or ethical considerations are taken into account in selecting, retaining or realising an investment.

The amendments to RG 65 are also technical updates to reflect the fact that the shorter PDS regime sets different disclosure requirements concerning socially responsible investing on trustees and responsible entities of managed investment schemes required to comply with the shorter PDS regime.

RG 97 is also for product issuers of most superannuation and managed investment products issued to retail clients. It provides guidance on how to disclose fees and costs in PDSs and periodic statements.

The amendments to RG 97 are similarly technical updates to reflect the fact that the shorter PDS regime sets specific disclosure requirements on some superannuation trustees and managed investment schemes required to comply with the shorter PDS regime. The shorter PDS regime has made changes to the enhanced fee disclosure requirements to facilitate the use of the shorter PDS format.

All three regulatory guides have been updated to the current regulatory guide format.

For more information about the Financial Services regime, including relevant policy announcements and regulatory guidance, please see the financial services page on ASIC’s website.