ASIC opens consultation on PDS simplification

Mike Taylor

Managing Editor and Publisher

10 July 2025

The Australian Securities and Investments Commission (ASIC) has taken another step towards simplifying the regulatory regime around Product Disclosure Statements (PDSs), announcing proposed changes to its regulatory guidance.

The regulator has announced a consultative process around a proposed update to Regulatory Guide 169 which includes a simplified approach for financial advisers and licensees.

Among the changes being proposed by ASIC is the incorporation of guidance into one document and the removal of guidance relating to Financial Services Guides (FSG) and Statements of Advice (SOAs) which it acknowledges is already covered by other guidance.

It said it also proposed to amend and cross-reference information on fees and costs while clarifying the legislative basis for the current Good Disclosure Principles and reframing the existing guidance on misleading and deceptive conduct to highlight examples of general disclosure concerns with PDSs, without changing its substance.

ASIC said that the information sheets and regulatory guides containing other PDS disclosure, lodgement and notification guidance that it proposes to incorporate will become redundant and it then listed the guidance it proposes to withdraw.

ASIC has provided stakeholders with a deadline of 6 August to give feedback on its proposed changes, noting that “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should be incorporated in RG 168, other ways we could simplify the guidance, or if there is guidance proposed to be withdrawn from RG 168 that should be retained and why”.

Announcing the consultation process, ASIC said it was part of its commitment to reducing regulatory complexity, enhancing clarity and improving accessibility for all stakeholders.

“ASIC recognises that regulatory complexity is a significant challenge, and simplifying guidance improves the industry’s ability to prepare Product Disclosure Statements (PDSs).

The proposed updates include:

• incorporating guidance on PDS disclosure, lodgement and notification obligations from other RGs and information sheets into RG 168
• withdrawing information sheets and RGs containing other PDS disclosure, lodgement and notification guidance proposed to be incorporated into the updated RG 168
• removing guidance in RG 168 relating to Financial Services Guides and Statements of Advice
• reframing the existing guidance on misleading and deceptive conduct in RG 168 to highlight examples of general disclosure concerns with PDSs, and
• clarifying the legislative basis for the Good Disclosure Principles in RG 168.