ASIC has withdrawn and updated certain regulatory guides as part of its push to make financial regulation simpler, clearer and easier to apply.

ASIC has withdrawn outdated guidance:

• Regulatory Guide 64 Failure to lodge documents (RG 64), and
• Regulatory Guide 40 Good transaction fee disclosure for bank, building society and credit union deposit and payments products (transaction accounts) (RG 40).

ASIC has also updated:

• Regulatory Guide 104 AFS licensing: Meeting the general obligations (RG 104), and
• Regulatory Guide 205 Credit licensing: General conduct obligations (RG 205).

ASIC has made minor and technical updates to RG 104 and RG 205 to maintain accuracy and clarity for industry.

These changes form part of ASIC’s broader program to review, update and simplify our regulatory guidance.

More information

Following on from the withdrawal of RG 64 and RG 40:

• Companies can find information about their obligations to lodge certain company documents on ASIC’s Company annual review webpage
• Consumers seeking information about transaction accounts, credit cards, and other banking products can visit Moneysmart.gov.au, and
• Retail payment and deposit product providers can also refer to ASIC’s regulatory resources on good disclosure practices including:
  • Regulatory Guide 168 Product Disclosure Statements: Disclosure and other obligations (RG 168), and
  • Regulatory Guide 221 Facilitating digital financial services disclosures (RG 221).

Background

RG 64 outlined ASIC’s approach to companies that failed to lodge certain documents and when ASIC would withdraw proceedings against a company secretary.

RG 40 was a reference guide for retail payment and deposit product providers and consumers on transaction fee disclosure. ASIC undertook targeted consultation with industry prior to withdrawing this guidance.

RG 104 and RG 205 set out what ASIC looks for when assessing how Australian financial services licensees and credit licensees meet their general obligations under the law.