AST ASIC Precontractual Disclosure

On Sep. 5, AST ASIC proposed an extension re electronic disclosure.

  • AST ASIC proposed an extension to the operation of the ASIC credit (electronic precontractual disclosure) instrument 2020/835 for a temporary period of 12 months.
  • It proposed this extension pending law reform; instrument due to expire Oct. 1, 2023.
  • AST ASIC invited feedback on its proposal, including whether the instrument is operating effectively and efficiently, and whether any amendments are required.
  • Follows AST PRL Jun. 2023 issued a treasury law improvement package bill, #176086.
  • Context
  • ASIC credit (electronic precontractual disclosure) instrument 2020/835 allows credit licensees as well as representatives to give pre-contractual disclosure to consumers in the same electronic manner that applies to other credit disclosure documents.
  • In Jun. 2023, AST GVT introduced Treasury laws amendment (2023 law improvement package no. 1) bill 2023 to move exemptions or modifications of the law currently in instrument 2020/835 directly into primary acts, regs; bill has not yet passed AST PRL.
  • Consultation End
  • The comment period for this consultation closes on Sep. 13, 2023.
  • Sep. 22, 2023 Instrument Registered
  • On Sep. 22, 2023, AST GVT registered the ASIC credit (amendment) instrument 2023/675 regarding the consultation above; instrument commences on Sep. 23, 2023.
  • This instrument extends the operation of ASIC credit (electronic precontractual disclosure) instrument 2020/835 for a further 12 months, to the start of Oct. 1, 2024.
  • Oct. 2023 AST ASIC Comments
  • On Oct. 10, 2023, AST ASIC confirmed that it made the ASIC credit (amendment) instrument 2023/675 above, and reminded that the bill above has not yet passed.
  • In Dec. 2023, AST GVT registered regs on disclosure, other measures, see #194890.

Regulators AST ASIC; AST GVT
Entity Types Corp; Ins; MSB
Reference PR 10/10/2023; RF F2023L01279, 9/22/2023; CP, PR 9/5/2023; Citation: ASIC credit (electronic precontractual disclosure) instrument 2020/835; ASIC credit (amendment) instrument 2023/675;
Functions Advertising; Compliance; Legal; Sales Practices
Countries Australia
Category
State
Products Corporate; Insurance; Insurance-Property; Loan
Regions AP
Rule Type Final
Rule Date 9/5/2023
Effective Date 10/1/2024
Rule Id 183989
Linked to Rule :176086
Reg. Last Update 10/10/2023
Report Section International

Last substantive update on 09/25/2023