Regulator opens PDS consultation to reduce ‘regulatory complexity’

The Australian Securities and Investments Commission (ASIC) has announced it is seeking industry feedback on its proposed updates to its guidance on product disclosure statements (PDS).

According to the regulator, “regulatory complexity is a significant challenge, and simplifying guidance improves the industry’s ability to prepare” PDSs.

“This is part of our commitment to reducing regulatory complexity, enhancing clarity and improving accessibility for all stakeholders,” it said.

ASIC has released a draft of the updated RG 168, alongside a document outlining the changes it has made.

“We are particularly interested in receiving feedback on whether there is other PDS guidance that should be incorporated in RG 168, other ways we could simplify the guidance, or if there is guidance proposed to be withdrawn from RG 168 that should be retained and why,” ASIC said.

The revisions incorporate current regulatory approaches, it said, and include additional relevant guidance and updates to outdated references.

The proposed changes include:

• Incorporate other guidance on PDS disclosure, lodgement and notification obligations to ensure, as much as possible, relevant guidance on PDSs is in one guide.
• Remove the guidance relating to Financial Services Guides and Statements of Advice, as this guidance is already covered in Regulatory Guide 175 AFS licensing: Financial product advisers—Conduct and disclosure.
• Amend and cross-reference information on fees and costs.
• Clarify the legislative basis for the current Good Disclosure Principles.
• Reframe the existing guidance on misleading and deceptive conduct to highlight examples of general disclosure concerns with PDSs, without changing its substance.

As a result of the changes, the range of information sheets and regulatory guides containing other PDS disclosure, lodgement and notification guidance that ASIC has proposed to incorporate will “become redundant”.

The guidance that ASIC has proposed to withdraw when an updated RG 168 is published are:

• Information Sheet 94 Notification requirements for Product Disclosure Statements.
• Information Sheet 155 Shorter PDSs—Complying with requirements for superannuation products, simple managed investment schemes and simple sub-fund products.
• Regulatory Guide 65 Section 1013DA disclosure guidelines.
• Regulatory Guide 66 Transaction-specific disclosure for PDSs.
• Regulatory Guide 197 Warrants: Out-of-use notices.
• Regulatory Guide 219 Non-standard margin lending facilities: Disclosure to investors.

Consultation on the proposed changes to RG 168 is open until 5pm AEST on Wednesday, 6 August 2025