ASIC has issued Policy Statement 182 Dollar Disclosure [PS 182]. PS 182 follows ASIC’s policy proposal paper (PPP) Dollar Disclosure published in August 2004 and takes into account feedback to that paper.
The dollar disclosure regime requires those who provide personal advice and product issuers to disclose various costs, fees, charges, expenses, benefits and interests as amounts in dollars.
The policy statement describes the limited class order relief ASIC has granted, including relief for:
- disclosure items contingent on unknown facts and circumstances [CO 04/1430];
- costs of derivatives, foreign exchange contracts, general insurance products and life risk insurance products [CO 04/1431];
- interest payable on deposit products [CO 04/1432];
- non-monetary benefits and interests [CO 04/1433]; and
- amounts denominated in a foreign currency [CO 04/1435].
ASIC has also granted relief that extends the transition to the dollar disclosure requirements to 1 July 2005 from the previous starting date of 1 March 2005.
