Released 5 May 2026. Comments close 1 June 2026.
ASIC is seeking feedback on a proposal to remake two legislative instruments that provide relief from dollar disclosure and certain Australian financial services (AFS) licensing requirements for a period of five years.
The legislative instruments, which will expire on 1 October 2026 are:
- ASIC Corporations (Disclosure in Dollars) Instrument 2016/767
- ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2016/356.
ASIC is proposing minor and technical changes to both instruments to improve clarity and consistency.
We are proposing to also extend the dollar disclosure exemptions in ASIC Instrument 2016/767 to certain risk products provided by discretionary mutual funds.
The draft replacement instruments are provided below.
Providing feedback
We invite feedback on our proposal. You should send your submission to rri.consultation@asic.gov.au by 5 pm AEST on 1 June 2026.
You may choose to remain anonymous or use an alias when providing feedback. However, if you remain anonymous we will not be able to contact you to discuss your feedback should we need to.
We will not treat your feedback as confidential unless you specifically request that we treat the whole or part of it (such as any personal or financial information) as confidential.
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Background
ASIC Instrument 2016/767 provides exemptions from requirements to disclose in a Product Disclosure Statement, Statement of Advice or periodic statement, certain information in Australian dollars, which would otherwise be required by provisions in Parts 7.7 and 7.9 of the Corporations Act 2001 (Act). The instrument does not currently provide these exemptions for discretionary risk products issued by discretionary mutual funds.
ASIC Instrument 2016/356 provides licensing relief to entities that give general advice for financial products in certain document. These include explanatory statements for foreign schemes of arrangements, and offer documents for control transactions, that are regulated in a specified foreign market.
Under the Legislation Act 2003, legislative instruments are repealed, or sunset, after 10 years, unless ASIC acts to preserve them.
Consultation feedback and ASIC’s response
Published on 25 September 2026.
ASIC received three submissions in response to our consultation. One respondent was supportive of our proposal to remake both instruments and extend the relief in ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 to discretionary risk products. Another respondent was supportive of the remake and extension of ASIC Instrument 2016/767 and did not provide any submissions on ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2016/356. The third respondent submitted that ASIC should only proceed with the proposal if the relief remains necessary and appropriate limits are implemented. The key submissions received and ASIC’s responses are summarised below.
- One respondent submitted that a standalone definition of ‘discretionary mutual fund’ should be included in the proposed remake of ASIC Instrument 2016/767. The respondent expressed concern with defining ‘discretionary mutual fund’ by reference to sections 5(5) and (6) of the Financial Sector (Collection of Data) Act 2001, as those sections may be repealed or amended in future. ASIC has decided to proceed with the proposed definition to ensure consistency with the approach taken in Regulation 7.9.07CA of the Corporations Regulations 2001 (Regulations). ASIC will continue to undertake regular reviews of its legislative instruments to ensure that they are operating effectively.
- Another respondent submitted that the relief contained in ASIC Instrument 2016/767 and ASIC Instrument 2016/356 should be incorporated into the primary legislation to reduce complexity in the operation of Chapter 7 of the Corporations Act 2001 (Corporations Act). ASIC notes it will be a matter for Government and for Parliament as to whether the Corporations Act may be amended in future to include the relief in the instruments.
- The respondent also recommended that ASIC address a potential technical inconsistency in the requirements of Schedule 10 of the Regulations (as modified by ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070). ASIC will separately give further consideration to the issue raised as this is outside the scope of our proposal.
- Another respondent submitted that ASIC should only proceed with the proposal if the relief remains necessary and appropriate limits are implemented. In relation to the proposed remake and extension of ASIC Instrument 2016/767, the respondent recommended additional conditions. These primarily relate to requiring disclosure about the discretionary nature of discretionary risk products. ASIC notes requirements in the remade instrument and existing requirements under the Corporations Act would already require this disclosure in a Product Disclosure Statement (see section 8(2) of ASIC Corporations (Disclosure in Dollars) Instrument 2026/719 and section 1013D of the Corporations Act).
ASIC has assessed that the relief continues to form a necessary and useful part of the legislative framework.
ASIC Instrument 2016/767 provides relief from the dollar disclosure requirements in circumstances where compliance would be impossible, unreasonably burdensome or not in the interests of clients. Analogous relief has been granted on an individual basis in relation to discretionary risk products based on the same policy rationale.
ASIC Instrument 2016/356 provides licensing relief to issuers of certain documents for the provision of general advice contained in those documents. These include:
- explanatory statements for certain foreign schemes of arrangement or offer documents under a control transaction that are regulated in an approved foreign market which offers a comparable level of disclosure and investor protection to that provided in Australia, and
- offer documents provided by entities relying on the self-dealing exemption in section 766C(4) of the Corporations Act to wholesale clients relating to securities, debentures, stocks or bonds of the entity.
We are not aware of any significant issues with the current operation of the above relief. As a result, ASIC has decided to proceed to:
- remake and extend the relief in ASIC Instrument 2016/767 in the form of ASIC Corporations (Disclosure in Dollars) Instrument 2026/719.
- remake the relief in ASIC Instrument 2016/356 in the form of ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2026/718.
ASIC will update its guidance, including Regulatory Guide 182 Dollar Disclosure (RG 182), to reflect the new remade instruments in the coming months.
Related links
- ASIC proposes to remake relief from dollar disclosure and AFS licensing requirements (5 May 2026)
- Draft ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2026/XXX (PDF 352 KB)
- Draft ASIC Corporations (Disclosure in Dollars) Instrument 2026/XXX (PDF 311 KB)
- ASIC remakes dollar disclosure and exempt documents relief (25 September 2026)
- ASIC Corporations (Financial Product Advice—Exempt Documents) Instrument 2026/718
- ASIC Corporations (Disclosure in Dollars) Instrument 2026/719