The Australian Securities & Investments Commission (ASIC) has invited feedback on a proposal to remake its legislative instrument that provides relief from certain disclosure requirements for deposit products, with the intention of remaking the relief without changes. The relief is currently scheduled to expire on 1 October 2025. ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683 exempts deposit products from having to disclose interest rates in a Product Disclosure Statement (PDS) and termination values in periodic statements. The relief is intended to avoid requiring authorised deposit-taking institutions (ADIs) to issue a new or Supplementary PDS each time interest rates change, provided the PDS explains how to find the current interest rate and that information is simple and convenient to access. The instrument also provides relief from disclosing termination value and closing balance on periodic statements, while requiring any restrictions or fees on early terminations to be disclosed in the PDS. Feedback is due by 5 pm AEST on 24 July 2025, referencing Consultation Paper CS 21.
Australian Securities & Investments Commission 2025-07-03
Australian Securities & Investments Commission consults on remaking deposit product disclosure relief with no changes
The Australian Securities & Investments Commission (ASIC) seeks feedback on remaking the ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683, which exempts authorised deposit-taking institutions from disclosing interest rates in Product Disclosure Statements (PDS) and termination values in periodic statements, provided the PDS explains how to access current interest rate information. This relief prevents the need for new or supplementary PDS issuance with each interest rate change.