ASIC has extended transitional relief from the
dollar disclosure requirements for issuers of deposit products and
general insurers from 1 July 2005 to 1 July 2006. The extension of the
relief is provided under ASIC Class Order [CO 05/683].
The extension follows the Government review of
product disclosure statement (PDS) requirements for basic deposit
products and general insurance products as part of the Refinements to
Financial Services Regulation Proposals Paper released in May 2005.
ASIC has also provided transitional relief until 1
July 2006 from two other specific disclosure requirements in Part 7.9
of the Corporations Act 2001 (the Act) affecting deposit products –
interest rates in PDSs and termination values in periodic statements.
This relief is provided in Class Order [CO 05/681].
ASIC has provided transitional relief for disclosure
of interest rates to issuers of deposit products to allow for the
changes that may arise from the Government’s Refinements Package and
the finalisation of ASIC policy in the area.
