The Australian Securities and Investments Commission (ASIC) is calling for public comment on its policy proposal on new dollar disclosure obligations. The proposal paper was released last week. Executive Director of Policy and Markets Regulation Malcolm Rodgers said the law has been amended to require dollar disclosure from next January.

“Unless ASIC makes a determination that, for example, dollar disclosure is not possible, fees and benefits must be disclosed as amounts in dollars,” Mr Rodgers said.

“This is an important measure to help consumers make informed decisions about the financial services and products they use.

“The dollar disclosure provisions set a high standard and require dollar disclosure other than in narrow circumstances. Even in those circumstances, the law requires clear disclosure using percentages or descriptions, and also requires worked dollar examples.”

Mr Rodgers says ASIC expects licensees and product issuers to have plans for complying with the dollar disclosure obligations. The six-month transition period exists for licensees and product issuers to make any necessary adjustments to their systems, processes and documents.