I, Nathan Bourne, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.Date 23 September 2026Nathan BourneContentsPart 1—Preliminary 31 Name of legislative instrument....................................32 Commencement...............................................33 Authority....................................................34 Schedules....................................................35 Simplified outline of this instrument...............................46 Definitions...................................................4Part 2—Exemptions 67 Disclosure of costs of the financial product..........................68 Disclosure of benefits of the financial product........................69 Foreign currency amounts.......................................8Part 3—Repeal 910 Repeal ......................................................9Schedule 1—Repeals 10ASIC Corporations (Disclosure in Dollars) Instrument 2016/767..........10
This instrument commences on the day after it is registered on the Federal Register of Legislation.Note: The register may be accessed at www.legislation.gov.au.
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
The Act requires certain information in Product Disclosure Statements, periodic statements and Statements of Advice to be stated as amounts in dollars. This instrument provides relief from those requirements.In particular, this instrument provides certain exemptions from requirements to disclose Australian dollar amounts for the following:(a) the costs associated with general insurance products, life risk insurance products and discretionary risk products (other than for information about any excess or deductible) and with acquiring derivatives, foreign exchange contracts and warrants disclosed in Product Disclosure Statements;(b) monetary benefits associated with discretionary risk products and non-monetary benefits associated with financial products disclosed in Product Disclosure Statements;(c) non-monetary benefits or interests disclosed in statements of advice;(d) amounts denominated in a foreign currency that are disclosed in Product Disclosure Statements, periodic statements or Statements of Advice.Certain exemptions apply subject to specified requirements.
In this instrument:Act means the Corporations Act 2001.discretionary mutual fund has the meaning given by subsections 5(5) and (6) of the Financial Sector (Collection of Data) Act 2001.discretionary risk product means a financial product that is a facility through which, or through the acquisition of which, a person (covered person) manages financial risk, and that:(a) is provided by, or through, a discretionary mutual fund;(b) is not a general insurance product or life risk insurance product; and(c) has the following features:(i) a covered person may make a claim for payment on the happening of a specified event (where there is uncertainty at the time the covered person acquires the financial product as to whether, or when, the event will happen); and(ii) payment of the claim is at the discretion of a person or body.periodic statement means a statement given by the issuer of a financial product to a person who acquired the product as a retail client and who is the holder in the reporting period to which the statement relates, in accordance with section 1017D of the Act.providing entity has the meaning given in section 944A of the Act.responsible person has the meaning given in subsection 1013A(3) of the Act.warrant has the meaning given by subregulation 1.0.02(1) of the Corporations Regulations 2001.
Product Disclosure Statements: general insurance, life risk insuranceand discretionary risk products(1) A responsible person for a Product Disclosure Statement for a general insurance product, life risk insurance product or discretionary risk product does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information to be disclosed in accordance with paragraph 1013D(1)(d) of the Act in the Statement, other than information about any excess or deductible (however described) that applies in relation to a claim under such a financial product.Product Disclosure Statements: derivatives, foreign exchange and warrants(2) A responsible person for a Product Disclosure Statement for a derivative, foreign exchange contract or warrant does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information to be disclosed in accordance with paragraph 1013D(1)(d) of the Act in the Statement.Circumstances where the exemptions apply(3) The exemptions in subsections (1) and (2) apply where the Product Disclosure Statement for the financial product:(a) specifies any significant factors that will affect the cost of acquiring the product; and(b) includes an explanation of the impact of each of those factors on the cost of acquiring the product.
Product Disclosure Statements: discretionary risk products—monetary benefits(1) A responsible person for a Product Disclosure Statement for a discretionary risk product does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information concerning monetary benefits to be disclosed in accordance with paragraph 1013D(1)(b) of the Act in the Statement.Circumstances where the exemption applies(2) The exemption in subsection (1) applies where the Product Disclosure Statement for the discretionary risk product:(a) specifies any significant factors that will affect any significant benefits associated with the discretionary risk product and includes an explanation of the impact of each of those factors on the significant benefits; and(b) includes information about the circumstances in which, and the way in which, the significant benefits are provided under the discretionary risk product.Product Disclosure Statements: all financial products—non-monetary benefits(3) A responsible person for a Product Disclosure Statement does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information concerning non-monetary benefits to be disclosed in accordance with paragraph 1013D(1)(b) of the Act in the Statement.Circumstances where the exemption applies(4) The exemption in subsection (3) applies where the Product Disclosure Statement includes the following information:(a) the nature and extent of the non-monetary benefit;(b) for non-monetary benefits that may be provided or may arise in the future—the circumstances in which the non-monetary benefit may be provided or may arise; and(c) the estimated value of the non-monetary benefit (expressed as an amount in dollars or a range of amounts in dollars) in cases where a retail client would reasonably require such an estimated value for the purposes of deciding whether to acquire the financial product.Statements of Advice(5) A providing entity does not have to comply with paragraphs 947B(2)(h), 947C(2)(i) and 947D(2)(d) of the Act in relation to information about non-monetary benefits or interests to be disclosed in a Statement of Advice in accordance with paragraph 947B(2)(d), subparagraph 947B(2)(e)(i), paragraph 947C(2)(e), subparagraph 947C(2)(f)(i) and paragraph 947D(2)(a) of the Act.Circumstances where the exemption applies(6) The exemption in subsection (5) applies where the Statement of Advice includes the following information about the non-monetary benefit or interest:(a) the nature and extent of the non-monetary benefit or interest;(b) for non-monetary benefits or interests that may be provided or may arise in the future—the circumstances in which the non-monetary benefit or interest may be provided or may arise or may be lost;(c) the estimated value of the non-monetary benefit or interest (expressed as an amount in dollars or a range of amounts in dollars) where a retail client would reasonably require such an estimated value for the purposes of deciding whether to act on the advice provided.
(1) A responsible person does not have to comply with paragraph 1013D(1)(m) and subsection 1017D(5A) of the Act to the extent that those provisions require an amount that is denominated in a foreign currency to be stated in a Product Disclosure Statement or a periodic statement as an amount in Australian currency.
(2) A providing entity does not have to comply with paragraphs 947B(2)(h), 947C(2)(i) and 947D(2)(d) of the Act to the extent that those provisions require an amount that is denominated in a foreign currency to be stated in a Statement of Advice as an amount in Australian currency.