ASIC has remade and combined seven legislative instruments relating to specific financial services disclosure requirements. These instruments were generally due to automatically repeal or cease in the next two years if not remade.
The relief is set out in the following three new legislative instruments:
- ASIC Corporations (In-use Notices for Employer-sponsored Superannuation and Superannuation Dashboards) Instrument 2022/496, which provides relief in relation to Product Disclosure Statement (PDS) in-use notices for employer-sponsored superannuation and choice product dashboard disclosure;
- ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497, which provides relief in relation to shorter PDSs and PDS obligations for superannuation trustees, IDPS operators and responsible entities of IDPS-like schemes;
- ASIC Corporations (Financial Services Guide Given in a Time Critical Situation) Instrument 2022/498, which provides relief in relation to the giving of Financial Services Guides in time critical situations.
The relief was remade following public consultation in Consultation Paper 358 Remaking ASIC relief on PDSs, superannuation dashboards and FSGs (CP 358), which was issued in February 2022 (refer 22-024MR).
Submissions to CP 358
ASIC received six submissions in response to CP 358. The submissions were generally supportive of ASIC’s proposals to remake the relief with limited changes.
There were three areas where submissions raised concerns:
- One submission queried the need to remake the relief in ASIC Class Order [CO 12/415]. However, ASIC decided to remake this relief because we received feedback from superannuation industry representatives that the relief had utility.
- Two submissions raised concerns about ASIC’s proposal to defer the choice product dashboards’ commencement date. ASIC decided to remake the instrument because, as CP 358 states, these requirements cannot apply without regulations and the regulations have not been made. If choice product dashboard regulations are made by the Government, ASIC will withdraw its relief.
- Three submissions supported extending the expiry date for the three new legislative instruments beyond the five years proposed. 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.
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.
- ASIC Corporations (In-use Notices for Employer-sponsored Superannuation and Superannuation Dashboards) Instrument 2022/496
- ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497
- ASIC Corporations (Financial Services Guide Given in a Time Critical Situation) Instrument 2022/498
ASIC Corporations (Repeal) Instrument 2022/499