ASIC proposes to extend the operation of ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 for a temporary period of 12 months, pending law reform.

In June 2023, the Government introduced Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023 to move exemptions or modifications of the law currently in ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 directly into the primary Acts and regulations. The Bill has not yet passed Parliament.

ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 is due to expire on 1 October 2023.

Providing feedback

You are invited to provide feedback on our proposal, including whether the instrument is operating effectively and efficiently and/or whether any amendments are required. Comments should be sent by 13 September 2023 to rri.consultation@asic.gov.au.

Additional information

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Background

ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 allows credit licensees and representatives to give pre-contractual disclosure to consumers in the same electronic manner that applies to other credit disclosure documents.

ASIC is Australia’s corporate, markets and financial services regulator.