The Australian Securities and Investments Commission (ASIC) is consulting on a proposal to renew relief from application form requirements for certain financial products for another five years. The proposal would retain the existing relief and conditions largely unchanged beyond the current instrument’s expiry on April 1, 2027.
The ASIC Corporations (Application Form Requirements) Instrument 2017/241 provides relief for switching arrangements, reconstructions and capital reductions, bonus issues of options, and applications for which a product disclosure statement is not required. It also modifies certain disclosure, advertising and publicity requirements and allows Australian financial services licensees to create application forms. The proposed replacement would reflect ASIC’s current drafting style.