ASIC has published updated Regulatory Guide 168 Product Disclosure Statements: Disclosure and other obligations (RG 168) following consultation with industry.
The updates are aimed at providing clarity and improving industry’s ability to prepare Product Disclosure Statements (PDSs).
ASIC considered industry submissions to Consultation 22: Proposed update to ASIC’s guidance on Product Disclosure Statements (CS 22) and welcomes the support to simplify the guidance.
In updating RG 168, ASIC:
- incorporated further guidance from regulatory guides, which are to be withdrawn, and made references to ASIC relief instruments that stakeholders indicated were useful
- updated guidance on compliance risks and considerations for PDSs in Section D to clarify what happens if the PDS requirements are not met, and
- updated Appendix 1 with ASIC’s guidelines (ASIC’s s1013DA disclosure guidelines) where a PDS claims that labour standards or environmental, social or ethical considerations are considered in investment decisions to refer to further relevant ASIC guidance.
A summary of ASIC’s responses to concerns raised during the consultation is available on the consultation page.
Background
RG 168 provides guidance on preparing a PDS that complies with the requirements in the Corporations Act 2001. It sets out good disclosure principles and explains how ASIC will monitor the use of PDSs and enforce the requirements.
The following guidance has been withdrawn and guidance incorporated in the updated RG 168:
- Information Sheet 94 Notification requirements for Product Disclosure Statements (INFO 94)
- Information Sheet 155 Shorter PDSs—Complying with requirements for superannuation products, simple managed investment schemes and simple sub-fund products (INFO 155)
- Regulatory Guide 65 Section 1013DA disclosure guidelines (RG 65)
- Regulatory Guide 66 Transaction-specific disclosure for PDSs (RG 66)
- Regulatory Guide 197 Warrants: Out-of-use notices (RG 197), and
- Regulatory Guide 219 Non-standard margin lending facilities: Disclosure to investors (RG 219)
More information
- Regulatory Guide 168 Product Disclosure Statements: Disclosure and other obligations
- Summary of feedback to CS 22 Product Disclosure Statements: Disclosure and other obligations
- CS 22 Proposed update to ASIC’s guidance on Product Disclosure Statements
- ASIC proposes updates to Product Disclosure Statements regulatory guide (9 July 2025)
