The Australian Securities & Investments Commission has launched a consultation on remaking three financial advice-related legislative instruments into a single consolidated instrument and extending it for a further five years ahead of their scheduled sunset on 1 October 2025. ASIC considers the existing instruments are operating effectively and, aside from minor changes, proposes to keep the substantive settings largely unchanged. The package covers relief and modifications relating to general advice in advertising, general advice warnings, and Financial Services Guides (FSGs). ASIC Corporations (Advertising by Product Issuers) Instrument 2015/539 provides exemptions from Australian financial services (AFS) licensing for general advice in product advertising and from giving an FSG and a general advice warning in certain securities offer advertisements where a specified “appropriateness” statement is included. ASIC Corporations (General Advice Warning) Instrument 2015/540 provides an exemption from giving a general advice warning for oral general advice where the provider gives a verbal warning at the time, and makes minor modifications to section 949A(4). ASIC Corporations (Financial Services Guides) Instrument 2015/541 provides exemptions from giving an FSG for general advice in certain expert reports included in disclosure documents and for certain arranging services under intermediary authorisations, and modifies section 941C(5A)(a) to clarify that website disclosure information may be made available for dealing in a financial product to implement advice provided to a client. Submissions are due by 5pm AEST on 12 June 2025.
Australian Securities & Investments Commission 2025-05-15
Australian Securities & Investments Commission consults on consolidating and extending three financial advice legislative instruments for five years
ASIC is consulting on consolidating three financial advice-related legislative instruments into one, extending it five years beyond their sunset on 1 October 2025. The effective instruments will largely remain unchanged except for minor adjustments. The package addresses relief and modifications for general advice in advertising, general advice warnings, and Financial Services Guides, including exemptions from Australian financial services licensing and specific disclosure requirements.