Australian Securities & Investments Commission remakes electronic disclosure relief and extends digital disclosure framework to 1 October 2030

The Australian Securities & Investments Commission has made a new legislative instrument to continue and consolidate relief that facilitates electronic delivery of financial services disclosures, replacing two 2015 instruments due to sunset on 1 October 2025. The remade relief includes minor reference updates and extends the former settings on removing barriers to electronic disclosure to a Cash Settlement Fact Sheet, with the new instrument set to expire on 1 October 2030. The consolidated relief permits financial services providers to publish disclosures digitally and notify clients that the disclosure is available, and relaxes certain electronic disclosure requirements including page length, copies that can be provided on request, and placement of titles. ASIC assessed the relief as operating effectively and remaining a necessary part of the legislative framework, and has added simplified outlines and further guidance in the explanatory statement. Seven submissions were received on ASIC’s proposals to remake the electronic disclosure instruments and update Regulatory Guide 221 Facilitating digital financial services disclosures, with general support. Requests to incorporate the relief into primary law and extend it to requirements under other Acts were raised with Treasury, and ASIC plans to publish the submissions and updated RG 221 in the coming months alongside an updated Regulatory Guide 168 on product disclosure statements and other disclosure obligations.