ASIC has made a new legislative instrument to replace three class orders on dollar disclosure that were due to expire (‘sunset’) on October 1, 2016 and April 1, 2017 respectively.
The new legislative instrument is ASIC Corporations (Disclosure in Dollars) Instrument 2016/767.
The instrument has the same effect as relief that ASIC had granted by Class Orders [CO 04/1431], [CO 04/1433] and [CO 04/1435]. It provides exemptions from the requirements to display in dollar amounts various costs, fees, charges, expenses, benefits and interests in Statements of Advice, Product Disclosure Statements and periodic statements, subject to the conditions in the instrument.
ASIC consulted on its proposal to make the new legislative instrument through Consultation Paper 253 Remaking and repealing ASIC class order on dollar disclosure, released on 29 February 2016.
To see the full announcement, click here.