The Australian Securities and Investments Commission (ASIC) is proposing to consolidate and extend three existing legislative instruments tied to financial advice, as it prepares to sunset them in October 2025.
The move comes amid broader efforts to streamline regulatory compliance and digitise services across the financial sector.
ASIC is inviting industry stakeholders to provide feedback on its plan to remake and extend the three instruments for another five years.
The instruments in question – ASIC Corporations (Advertising by Product Issuers) Instrument 2015/539, ASIC Corporations (General Advice Warning) Instrument 2015/540, and ASIC Corporations (Financial Services Guides) Instrument 2015/541 – have been reviewed and deemed to still serve a functional role within the regulatory framework.
A formal consultation is open until 5pm AEST on June 12. Submissions can be emailed to [email protected].
Under Instrument 2015/539, issuers of financial products are exempt from holding an AFS licence when providing general advice through advertisements, if the ad includes a statement urging potential clients to consider personal suitability. AFS licensees are also exempt from supplying a Financial Services Guide (FSG) and a general advice warning in ads for securities, provided an equivalent disclaimer is included.
Instrument 2015/540 allows licensees and their representatives to offer oral general advice without a written warning, so long as the advice is accompanied by a verbal disclaimer noting its general nature and potential unsuitability. Minor technical amendments to section 949A(4) of the Corporations Act also fall under this instrument.
Instrument 2015/541 provides relief from the obligation to distribute FSGs when general advice is presented within expert reports that form part of another party’s disclosure document. It also exempts those arranging financial products under intermediary authorisation from issuing FSGs while clarifying rules around digital disclosures under section 941C(5A)(a).
As part of its shift to modernised regulatory infrastructure, ASIC has launched a new online AFS Licensing Portal as of May 5.
The portal enables users to submit applications, request changes, or cancel existing licences, and uses pre-filled data and interactive forms to facilitate faster processing.
ASIC confirmed that while the licensing criteria and documentation remain unchanged, the user interface and procedures have been updated.
ASIC has also released Information Sheet 293 (INFO 293), detailing the process for becoming an authorised eligible applicant under the Corporations Act 2001.
This designation allows individuals and entities to apply to a court for permission to conduct public examinations of companies in external administration.
Roles automatically granted eligibility include liquidators, administrators, and restructuring practitioners. Others must submit a formal application to ASIC.
The updated guidance outlines eligibility requirements and procedural steps for applicants seeking to investigate a company’s examinable affairs.
