ASIC Corporations (Disclosure in Dollars) Instrument 2016/767

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Legislation au F2016L01299 In force Legislative Instrument

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ASIC Corporations (Disclosure in Dollars) Instrument 2016/767

 

About this compilation

 

Compilation No. 3

 

This is a compilation of ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 as in force on 16 December 2022. It includes any commenced amendment affecting the legislative instrument to that date.

 

This compilation was prepared by the Australian Securities and Investments Commission.

 

The notes at the end of this compilation (the endnotes) include information

about amending instruments and the amendment history of each amended provision.

 

 

Contents

Part 1—Preliminary

1 Name of legislative instrument

3 Authority

4 Definitions

Part 2—Exemptions

5 Costs of the financial product

6 Non-monetary benefits or interests

7 Foreign currency amounts

Endnotes

Endnote 1—Instrument history

Endnote 2—Amendment history

 

 

 

 

 

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Disclosure in Dollars) Instrument 2016/767.

3 Authority

This instrument is made under subsections 951B(1) and 1020F(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

providing entity has the meaning given in section 944A of the Act.

responsible person has the meaning given in subsection 1013A(3) of the Act.

warrant has the meaning given by subregulation 1.0.02(1) of the Corporations Regulations 2001.

Part 2—Exemptions

5 Costs of the financial product

Product Disclosure Statements: General insurance and life risk insurance

(1) A responsible person for a Product Disclosure Statement for a general insurance product or life risk insurance product does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information to be disclosed in accordance with paragraph 1013D(1)(d) of the Act in the Statement other than information about any excess or deductible (however described) that applies in relation to a claim under such a financial product.

Product Disclosure Statements: Derivatives, foreign exchange and warrants 

(2) A responsible person for a Product Disclosure Statement for a derivative, foreign exchange contract or warrant does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information to be disclosed in accordance with paragraph 1013D(1)(d) of the Act in the Statement.

Circumstances where the exemptions apply

(3) The exemption in subsection (1) or (2) applies where the Product Disclosure Statement for the financial product specifies any significant factors that will affect the cost of acquiring the product and includes an explanation of the impact of each of those factors on the cost of acquiring the product.

6 Non-monetary benefits or interests

Statements of Advice

(1) A providing entity does not have to comply with paragraphs 947B(2)(h), 947C(2)(i) and 947D(2)(d) of the Act in relation to information about
non-monetary benefits or interests to be disclosed in accordance with paragraph 947B(2)(d), subparagraph 947B(2)(e)(i), paragraph 947C(2)(e), subparagraph 947C(2)(f)(i) and paragraph 947D(2)(a) of the Act in a Statement of Advice.

(2) The exemptions in subsection (1) apply where the Statement of Advice includes the following information about the non-monetary benefit or interest:

(a) the nature and extent of the non-monetary benefit or interest;

(b) for non-monetary benefits or interests which may be provided or that may arise in the future—the circumstances in which the
non-monetary benefit or interest may be provided or may arise;

(c) the estimated value of the non-monetary benefit or interest (expressed as an amount in dollars or a range of amounts in dollars) where a retail client would reasonably require such an estimated value for the purposes of deciding whether to act on the advice provided.

Product Disclosure Statements

(3) A responsible person for a Product Disclosure Statement does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information concerning non-monetary benefits to be disclosed in accordance with paragraph 1013D(1)(b) of the Act in the Statement.

(4) The exemption in subsection (3) applies where the Statement includes the following information:

(a) the nature and extent of the non-monetary benefit;

(b) for non-monetary benefits which may be provided or that may arise in the future—the circumstances in which the non-monetary benefit may be provided or may arise;

(c) the estimated value of the non-monetary benefit (expressed as an amount in dollars or a range of amounts in dollars) in cases where a retail client would reasonably require such an estimated value for the purposes of deciding whether to acquire the financial product.

7 Foreign currency amounts

Statements of Advice

(1) A providing entity does not have to comply with paragraphs 947B(2)(h), 947C(2)(i) and 947D(2)(d) of the Act to the extent that those provisions require an amount that is denominated in a foreign currency to be stated as an amount in Australian currency in a Statement of Advice.

Product Disclosure Statements and periodic statements

(2) A responsible person does not have the comply with paragraph 1013D(1)(m) and subsection 1017D(5A) of the Act to the extent that those provisions require an amount that is denominated in a foreign currency to be stated as an amount in Australian currency in a Product Disclosure Statement or a periodic statement.

 

Endnotes

Endnote 1—Instrument history

Instrument number

Date of FRL registration

Date of commencement

Application, saving or transitional provisions

2016/767

18/8/2016 (see F2016L01299)

19/8/2016

 

2021/292

27/4/2021 (see F2021L00489)

Sch 1: 28/4/2021

Sch 2: 27/4/2022

-

2022/264

13/4/2022 (see F2022L00599)

14/4/2022

-

2022/1032

15/12/2022 (see F2022L01651)

16/12/2022

-

Endnote 2—Amendment history

ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted

Provision affected 

How affected

Section 2

rep. s48D LA

Section 4

am. 2021/292

rs. 2022/1032

Section 8

rs. 2021/292

rep. 2022/1032

Section 8 (note 2)

rep. 2022/264

 

Overview

The ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 was enacted to provide a more streamlined and consumer-friendly approach to the disclosure of financial information, specifically addressing the need for certain financial product disclosures to be provided in dollar amounts rather than other forms. This legislative instrument was made under subsections 951B(1) and 1020F(1) of the Corporations Act 2001 by the Australian Securities and Investments Commission (ASIC), with the aim of enhancing transparency and aiding consumer understanding in financial product disclosures. The instrument exempts responsible persons and providing entities from certain disclosure requirements if specific information about costs, non-monetary benefits or interests, and foreign currency amounts is provided in an accessible and understandable manner, thereby addressing the gap in ensuring that financial product disclosures are practical and consumer-centric.

Scope and Application

The ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 is a legislative instrument made under the Corporations Act 2001, providing detailed provisions for the disclosure of financial information in Australian dollars. This instrument applies to responsible persons and providing entities, which are defined in the Corporations Act and the Corporations Regulations 2001 respectively. The instrument sets out specific exemptions from certain disclosure requirements in Product Disclosure Statements and Statements of Advice, particularly concerning non-monetary benefits, foreign currency amounts, and costs associated with financial products such as general insurance, life risk insurance, derivatives, foreign exchange contracts, and warrants. These exemptions apply when certain conditions are met, such as including an explanation of significant factors affecting the cost of acquiring a financial product, or providing detailed information about non-monetary benefits or interests in dollar terms where a retail client would reasonably require such information. The instrument's scope is national, extending across Australia and applying to all entities and persons subject to the Corporations Act. The instrument may be further extended or modified through subordinate instruments or amendments, with details of such changes provided in the endnotes.

Key Provisions

The ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 provides exemptions from certain disclosure requirements in the Corporations Act 2001 (the "Act") for certain financial products and services. These exemptions apply when specific information is disclosed in the relevant Product Disclosure Statement or Statement of Advice. For example, section 5(1) exempts responsible persons from disclosing information about the cost of acquiring a general insurance product or life risk insurance product, provided the Product Disclosure Statement specifies any significant factors that will affect the cost of acquiring the product and includes an explanation of the impact of each of those factors on the cost of acquiring the product. Section 6 provides exemptions from disclosing information about non-monetary benefits or interests, provided the Statement of Advice includes information about the nature and extent of the non-monetary benefit or interest, the circumstances in which it may be provided or may arise, and the estimated value of the non-monetary benefit or interest. Section 7 provides exemptions from disclosing foreign currency amounts in Statements of Advice and Product Disclosure Statements, provided the amount is expressed in Australian currency. The ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 imposes obligations on responsible persons and providing entities to disclose certain information in Product Disclosure Statements and Statements of Advice. For example, responsible persons must disclose significant factors that will affect the cost of acquiring the product and include an explanation of the impact of each of those factors on the cost of acquiring the product (section 5(3)). Providing entities must include information about the nature and extent of the non-monetary benefit or interest, the circumstances in which it may be provided or may arise, and the estimated value of the non-monetary benefit or interest (section 6(2)). Failure to comply with the disclosure requirements may result in civil or criminal penalties. The ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 provides for offences, penalties, and civil/criminal consequences for breach. Section 1317E of the Act provides for civil penalty provisions, and section 1317G provides for criminal penalty provisions. The maximum civil penalty for an individual is $210,000, and the maximum criminal penalty is imprisonment for five years or a fine of $210,000, or both (section 1317H of the Act). Additionally, section 1317J of the Act provides for pecuniary penalties for contraventions of the Act or regulations. The maximum pecuniary penalty for an individual is $210,000, and the maximum penalty for a body corporate is $2,100,000 (section 1317K of the Act).

Legal classification tags

Area of Law
Corporate Law & Governance
Instrument
Legislative Instrument
Concepts
Definitions & Interpretation
Licensing & Registration
Reporting & Disclosure Obligations
Exemptions & Exclusions

Interactions

Authorises

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.