Funds Update - 18 July 2025

In this Funds Update for 18 July 2025.

1. ASIC consults on proposals to update PDS guidance
2. ASIC consults on continuation of digital disclosure relief

ASIC consults on proposals to update PDS guidance

On 9 July 2025, ASIC released Simple Consultation 22: Proposed update to ASIC’s guidance on Product Disclosure Statements (PDSs), inviting industry feedback on proposed revisions to Regulatory Guide 168 Disclosure: PDSs (RG 168).

Key proposed changes include:

• incorporating PDS-related guidance from other regulatory guides (RGs) and information sheets into a single RG 168;
• withdrawing information sheets and RGs (such as RG 65, RG 66, RG 197, RG 219, and INFO 94 and INFO 155) once incorporated into the revised RG 168;
• clarifying the legislative basis for the Good Disclosure Principles;
• updating guidance on misleading and deceptive conduct to highlight examples of general disclosure concerns; and
• removing guidance on Financial Services Guides and Statements of Advice which is already addressed in RG 175.

Submissions on ASIC’s proposed changes close at 5pm on 6 August 2025.

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ASIC consults on continuation of digital disclosure relief 

On 9 July 2025, ASIC announced that it is seeking feedback on Simple Consultation 23: Proposals to continue to facilitate digital disclosure.

Key proposals include:

• remaking two legislative instruments—ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 and ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649—which sunset on 1 October 2025. These instruments currently enable digital delivery of financial services disclosures using the ‘publish and notify’ method and relax certain requirements for electronic disclosure; and
• updating Regulatory Guide 221 Facilitating digital financial services disclosures by:
  • simplifying the guidance;
  • updating outdated legislative references;
  • reviewing guidance on digital disclosure practices; and
  • updating examples of digital disclosures methods.

Submissions on ASIC’s proposed changes close at 5pm on 6 August 2025.

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