ASIC is consulting on proposals to remake two legislative instruments on digital disclosure due to sunset and update Regulatory Guide 221 Facilitating digital financial services disclosures (RG 221).
The electronic disclosure instruments scheduled to sunset on 1 October 2025 are:
- ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647
- ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649
ASIC proposes to remake these two electronic disclosure instruments for a period of five years.
As part of our commitment to maintaining effective, current and appropriate guidance, ASIC is also consulting on updates to RG 221 including:
- simplifying the drafting of the guidance
- updating any outdated references to legislation, regulations, and legislative instruments
- revising Section D of RG 221 to centralise guidance on digital disclosure practices and include references to relevant legislative obligations, and
- updating examples of digital disclosures methods to better reflect that ASIC does not mandate a particular method of digital disclosure.
An updated draft of RG 221, information about our consultation and a summary of the proposed changes are available at CS 23 Proposals to continue to facilitate digital disclosure.
Providing feedback
Stakeholders should provide their feedback to rri.consultation@asic.gov.au by 5pm on Wednesday, 6 August 2025.
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Under the Legislation Act 2003, legislative instruments are repealed, or ‘sunset’, after 10 years, unless ASIC acts to preserve them.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 allows financial services providers to publish disclosure digitally and notify the client that it is available.
ASIC Instrument 2015/649 relaxes 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. It also details the relief given in the electronic disclosure instruments and sets out guidance for digital disclosures.
