ASIC has made a new legislative instrument to continue relief provided for digital disclosures following industry consultation.
The instrument consolidates the relief previously provided in ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 and ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649 (the electronic disclosure instruments), which will sunset on 1 October 2025.
ASIC assessed that the relief was operating effectively and continues to form a necessary part of the legislative framework.
We have made minor amendments to the relief to update references. The relief under Instrument 2015/649 has been extended to a Cash Settlement Fact Sheet ensuring consistency with other financial services disclosures. The new instrument will expire on 1 October 2030.
Consultation and feedback
On 9 July 2025, ASIC announced its intention to remake the electronic disclosure instruments and update Regulatory Guide 221 Facilitating digital financial services disclosures (RG 221).
ASIC received seven submissions on the digital disclosure instruments and RG 221 (submissions) with general support for our proposals. Some stakeholders advocated to incorporate the relief into the primary law and extend the relief to requirements under other Acts. We have raised this feedback with Treasury.
To address other stakeholder feedback, we have included further guidance in the explanatory statement and will update RG 221. We have also consolidated the relief into one instrument and included simplified outlines.
The submissions and updated RG 221 will be published in the coming months. The publication will align with the release of the updated Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations) (RG 168).
Background
Under the Legislation Act 2003, legislative instruments are repealed, or ‘sunset’, after 10 years, unless ASIC acts to preserve them.
ASIC Instrument 2015/647 allowed financial services providers to publish disclosure digitally and notify the client that it is available.
ASIC Instrument 2015/649 relaxed requirements about page length, the copy that can be provided on request, and placement of titles relating to electronic disclosures.
RG 221 explains how Parts 7.7 and 7.9 of the Corporations Act 2001, relevant regulations, and legislative instruments apply to the digital delivery of financial services disclosures.
More information
- ASIC Corporations (Electronic Disclosure) Instrument 2025/447
- ASIC Corporations (Amendment and Repeal) Instrument 2025/448
- News item - ASIC consults on proposals to facilitate digital disclosure
- CS 23 Proposals to continue to facilitate digital disclosure
