ASIC is inviting feedback on its proposal to remake a legislative instrument that provides relief from certain disclosure requirements that apply to deposit products.
ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683 exempts deposit products from the obligations to disclose:
- interest rates in a Product Disclosure Statement (PDS), and
- termination values in periodic statements.
We consider the relief instrument, which is scheduled to end on 1 October 2025, to be operating effectively and efficiently and still a necessary and useful part of the legislative framework.
We intend to remake the instrument without any changes.
Providing feedback
Please send your feedback to rri.consultation@asic.gov.au by 5 pm AEST on Thursday 24 July 2025.
Refer to CS 21 Proposed remake of deposit product disclosure legislative instrument.
Background
ASIC Instrument 2015/683 was made in July 2015 because the original relief in Class Order [CO 05/681] Transitional relief for deposit product providers—PDSs and periodic statements was due to expire on 1 October 2015. See Media Release (15-196MR) ASIC remakes three ‘sunsetting’ banking and insurance class orders (27 July 2015).
ASIC Instrument 2015/683 provides relief from an authorised deposit-taking institution (ADI) needing to provide a new or Supplementary PDS each time interest rates change. Providing a new or Supplementary PDS each time the interest rates change is likely to:
- be burdensome, because the cost for product providers to update interest rate information in PDSs would be substantial, and
- act as a disincentive to make product changes (e.g. interest rate increases, which would benefit depositors).
As a condition of the relief, the PDS must include information on how to find the current interest rate on a product, and it must be simple and convenient to find.
The instrument also provides relief from the disclosure of termination value and closing balance on periodic statements. ADIs are required to include any restrictions or fees on early terminations in the PDS for the deposit product.
ASIC is Australia’s corporate, markets and financial services regulator.