Remaking seven expiring/sunsetting instruments - relief from specific financial services disclosure requirements

Announcement date
14/06/2022
 

Link to Announcement

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-142mr-asic-remakes-relief-on-pdss-superannuation-dashboards-and-fsgs/

Links to Newly Remade Instruments

ASIC Corporations (In-use Notices for Employer-sponsored Superannuation and Superannuation Dashboards) Instrument 2022/496 - https://www.legislation.gov.au/Details/F2022L00762

ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497 - https://www.legislation.gov.au/Details/F2022L00764

ASIC Corporations (Financial Services Guide Given in a Time Critical Situation) Instrument 2022/498 - https://www.legislation.gov.au/Details/F2022L00765

ASIC Corporations (Repeal) Instrument 2022/499 - https://www.legislation.gov.au/Details/F2022L00763

Problem being addressed
The Australian Securities and Investments Commission (ASIC) has determined the operation of seven instruments scheduled to expire or sunset on differing dates (see below) should be preserved with no significant changes, and to remake them into three instruments instead. The now repealed instruments previously operated to provide relief from a number of disclosure obligations in relation to Product Disclosure Statements, Superannuation Dashboards, and Financial Services Guides.

Names of repealed instruments and (previous expiry or sunset date)

• Class Order [CO 12/415] In-use notices for employer-sponsored superannuation (1 October 2022)
• Class Order [CO 12/417] Information in a Financial Services Guide given in a time-critical situation (1 October 2022)
• Class Order [CO 12/749] Relief from the Shorter PDS regime (30 June 2022)
• Class Order [CO 13/1534] Deferral of Stronger Super amendments in relation to PDS and periodic statement disclosure (1 July 2023)
• Class Order [CO 14/443] Deferral of choice product dashboard and portfolio holdings disclosure regimes (1 July 2023)
• Class Order [CO 13/797] Platform operators and trustees of superannuation entities using an agent to deliver a PDS (1 October 2023)
• ASIC Corporations (Superannuation: Investment Strategies) Instrument 2016/65 (1 April 2026)

Proposal
Remaking the instruments in aggregated form with limited changes continues the relief provided by the previous instruments. ASIC has certified the instruments were operating effectively and efficiently prior to being remade, and this was informed by public consultation. The newly made instruments now share an expiry date of relief of 1 October 2027.

Assessed RIS outcome
Certification letter
 

Regulatory burden
No change