ASIC Corporations (Financial Services Guides) Instrument 2015/541

Administered by Department of the Treasury

Legislation au F2015L01308 Not in force Legislative Instrument

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made under section 951B of the Corporations Act 2001

Compilation No. 1

Compilation date: 25 October 2024

Includes amendments: F2024L01349

About this compilation

This compilation

This is a compilation of the ASIC Corporations (Financial Services Guides) Instrument 2015/541 that shows the text of the law as amended and in force on 25 October 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary

1 Name of legislative instrument

3 Authority

4 Definitions

Part 2—Exemption

5 Financial Services Guides—secondary services

Part 3—Declaration

6 Financial product advice—information is publicly available on providing entity’s website

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Financial Services Guides) Instrument 2015/541.

3 Authority

This instrument is made under section 951B of Corporations Act 2001.

4 Definitions

In this instrument:

Act means Corporations Act 2001.

Intermediary authorisation has the same meaning as in paragraph 911A(2)(b) of the Act.

Part 2—Exemption

5 Financial Services Guides—secondary services

(1) This section applies in relation to a Financial Services Guide that a person must give in relation to the provision of a financial services to the extent the Financial Services Guide:

(a) must be given in a way required by section 940C of the Act; and

(b) must be given at the same time required by subsection 941D(1) of the Act; and

(d) must not be combined with a Product Disclosure Statement in contravention of subsection 942DA(3) of the Act.

Expert reports

(2) A financial services licensee (the expert) or an authorised representative (the expert) of a financial services licensee that, acting in their capacity as an expert, provides general advice in a report or statement (the expert’s report) that is included in a document (the principal document) prepared by or on behalf of another person (the principal) does not have to comply with subsection 941A(1) or 941B(1) of the Act in relation to a Financial Services Guide that the expert must give in relation to the provision of the advice, provided all of the following are satisfied:

(a) the expert is neither:

(i) the person who prepared the principal document; or

(ii) an employee or a director of the principle;

(b) the expert’s report:

(i) forms a separate and clearly identifiable part of the principal document; and

(ii) bears an expression at or near the front of the report that makes to clear that it is both an expert’s report and a Financial Services Guide;

(d) the principal document prominently discloses the following information:

(i) the respective names of:

(A) the expert;

(B) the principal; and

Note: The person for whom, or on whose behalf, the expert’s report was prepared may or may not be the principal.

(ii) the nature of the relationship between expert and:

(A) the principal; and

(B) the person for whom, or on whose behalf, the expert’s report was prepared;

(iv) the extent of the liability of the expert in relation to the principal document and the expert’s report.

Arrangers acting under intermediary authorisations

(3) A financial services licensee (the intermediary) or an authorised representative (the intermediary) of a financial services licensee that provides a financial service consisting of arranging for the issue of a financial product by a person (the product provider) under an intermediary authorisation does not have to comply with subsection 941A(1) or 941B(1) of the Act in relation to a Financial Services Guide that the intermediary must give in relation to the provision of the financial service, provided both of the following are satisfied:

(a) the Financial Services Guide:

(i) forms a separate and clearly identifiable part of the Product Disclosure Statement for the financial product; and

(ii) bears the expression “Financial Services Guide” at or near the front of the part of the Product Disclosure Statement that is the Financial Services Guide;

(b) the Financial Services Guide prominently discloses the following information:

(i) the respective names of:

(A) the intermediary;

(B) the product provider;

(C) where the intermediary is an authorised representative—the financial services licensee on whose behalf the intermediary acts in relation to the intermediary authorisation;

(ii) the nature of the relationship between the product provider and:

(A) the intermediary; and

(B) where the intermediary is an authorised representative—the financial services licensee on whose behalf the intermediary acts in relation to the intermediary authorisation.

Part 3—Declaration

6 Financial product advice—information is publicly available on providing entity’s website

(1) Part 7.7 of the Act applies in relation to a financial services licensee and an authorised representative of a financial services licensee as if subsection 941C(5A) were modified or varied by omitting paragraph 941C(5A)(a) and substituting:

“(a) the financial service provided to the client is:

(i) financial product advice; or

(ii) dealing in a financial product for the purpose of implementing financial product advice that was provided to the client by the providing entity; and”.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted	orig = original
am = amended	par = paragraph(s)/subparagraph(s)
amdt = amendment	/sub‑subparagraph(s)
c = clause(s)	pres = present
C[x] = Compilation No. x	prev = previous
Ch = Chapter(s)	(prev…) = previously
def = definition(s)	Pt = Part(s)
Dict = Dictionary	r = regulation(s)/rule(s)
disallowed = disallowed by Parliament	reloc = relocated
Div = Division(s)	renum = renumbered
exp = expires/expired or ceases/ceased to have	rep = repealed
Effect	rs = repealed and substituted
F = Federal Register of Legislation	s = section(s)/subsection(s)
gaz = gazette	Sch = Schedule(s)
LA = Legislation Act 2003	Sdiv = Subdivision(s)
LIA = Legislative Instruments Act 2003	SLI = Select Legislative Instrument
(md not incorp) = misdescribed amendment	SR = Statutory Rules
cannot be given effect	Sub‑Ch = Sub‑Chapter(s)
mod = modified/modification	SubPt = Subpart(s)
No. = Number(s)	underlining = whole or part not
o = order(s)	commenced or to be commenced
Ord = Ordinance

Endnote 3—Legislation history

Name	Registration	Commencement	Application, saving and transitional provisions
ASIC Corporations (Financial Services Guides) Instrument 2015/541	24/8/2015 (see F2015L01308)	25/8/2015	-
ASIC Corporations (Amendment) Instrument 2024/809	24/10/2024 (see F2024L01349)	25/10/2024	-

Endnote 4—Amendment history

Provision affected	How affected
Section 2	rep. s48D LA (s48D LA repeals a provision that provides solely for commencement)
Section 6	ad. 2024/809

Overview

The ASIC Corporations (Financial Services Guides) Instrument 2015/541 was enacted to provide additional clarity and flexibility regarding the requirements for Financial Services Guides (FSG) under the Corporations Act 2001. This legislative instrument, made under section 951B of the Act, aims to address issues where strict compliance with FSG requirements might be impractical or unnecessary in certain scenarios, such as when an expert provides advice in a report included in another document or when an intermediary arranges for the issue of a financial product under an authorisation. The objective is to ensure that consumers receive essential information while also accommodating the practicalities of financial service provision. The instrument was introduced by the Australian Securities and Investments Commission (ASIC) and seeks to balance consumer protection with the operational realities faced by financial services providers. By exempting certain experts and intermediaries from full FSG compliance under specific conditions, the instrument aims to streamline the process without compromising the quality of information provided to consumers. This approach supports the policy objective of enhancing consumer understanding of financial products and services while ensuring that the regulatory framework remains efficient and effective.

Scope and Application

The ASIC Corporations (Financial Services Guides) Instrument 2015/541 applies to financial services licensees and authorised representatives under the Corporations Act 2001. This legislative instrument exempts certain financial services licensees and authorised representatives from specific requirements of providing a Financial Services Guide when acting as an expert or intermediary. Specifically, an expert providing advice in a report included in a principal document by another person is exempt if the expert is neither the preparer of the principal document nor an employee or director of the principal, provided the expert's report is separate and identifiable and clearly marked as both an expert's report and a Financial Services Guide. Similarly, an intermediary authorised to arrange for the issuance of a financial product by another person is exempt if the Financial Services Guide is a distinct part of the Product Disclosure Statement and clearly marked as such. The instrument extends to Commonwealth jurisdiction and modifies the Corporations Act 2001 by clarifying the conditions under which certain Financial Services Guides need not be provided. This legislation also includes a declaration modifying the application of Part 7.7 of the Corporations Act 2001 to financial services licensees and authorised representatives, specifying that these provisions apply when the financial service provided is either financial product advice or dealing in a financial product to implement such advice. The legislative instrument is subject to amendments, which are detailed in the endnotes, including the ASIC Corporations (Amendment) Instrument 2024/809, which came into effect on 25 October 2024.

Key Provisions

The ASIC Corporations (Financial Services Guides) Instrument 2015/541, made under section 951B of the Corporations Act 2001, provides specific exemptions and requirements regarding Financial Services Guides (FSGs) that financial services licensees and their authorised representatives must provide. Section 5 of Part 2 outlines an exemption for FSGs related to secondary services, allowing certain financial services licensees and their authorised representatives to avoid complying with specific FSG requirements under subsections 941A(1) and 941B(1) of the Corporations Act 2001, provided the FSG is clearly identifiable, prominently discloses certain information, and is not combined with a Product Disclosure Statement in contravention of the Act. This exemption applies if the expert or intermediary preparing the FSG is not involved in the creation of the principal document and meets specific disclosure criteria. The obligations imposed by the Instrument include clear identification of the FSG within any related document, such as an expert's report or Product Disclosure Statement, and the inclusion of specified disclosures. For experts providing advice in reports, the FSG must be separate and identifiable, and the principal document must disclose the names of the expert, principal, and the person for whom the report was prepared, along with the nature of their relationships and the extent of the expert's liability. Similarly, for intermediaries arranging financial products, the FSG must be a distinct part of the Product Disclosure Statement and must include the names of the intermediary, product provider, and relevant financial services licensee, along with the nature of their relationships. Breaches of the requirements set out in this legislative instrument may result in civil or criminal penalties. Under the Corporations Act 2001, non-compliance with FSG requirements can lead to significant penalties, including fines and imprisonment. For example, subsection 1311(1) of the Act provides that a person who contravenes a civil penalty provision can be fined up to $210,000 for a corporation and $42,000 for an individual, with additional penalties for continuing offences. Furthermore, under subsection 1312(1), a person who contravenes a criminal penalty provision can be fined up to $210,000 for a corporation and $42,000 for an individual, and may also face imprisonment. These penalties underscore the importance of adhering to the FSG requirements to avoid severe legal consequences.

Area of Law: Corporate Law & Governance
Instrument: Legislative Instrument
Concepts: Definitions & Interpretation; Regulatory Standards; Licensing & Registration; Enforcement Powers; Compliance Obligations

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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.

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