ASIC has (again) flagged that it will be amending the transitional arrangements in the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 (Instrument) on its superannuation fund COVID-19 FAQ page:
ASIC will be amending the transitional arrangements for Product Disclosure Statements (PDSs) shortly to allow entities to come into the new disclosure regime from 30 September 2020 and require any PDS given on or after 30 September 2022 to comply with the new disclosure regime. There will be no change to the periodic statement transition arrangements. ASIC will issue a media release and update the RG 97 webpage when the amendment is made.
The Instrument amends Schedule 10 to the Corporations Regulations, which sets out disclosure requirements for PDSs and periodic statements. ASIC had previously announced in late April that it was considering making this change, on its regulatory update on its website titled “Changes to regulatory work and priorities in response to COVID-19“.
Currently under the Instrument, all PDSs issued from 30 September 2020 must comply with the Instrument rather than ASIC’s Class Order CO 14/1252, which will no longer apply to such PDSs from that date. This proposed amendment will bring welcome relief to financial product issuers who are not yet ready to transition to the new requirements under the Instrument.