The Australian Securities and Investments Commission (ASIC) has moved to protect the forests and keep printers from getting too rich by allowing companies which printed product disclosure statements (PDSs) before obtaining their Australian financial services licence (AFSL) to use up their old stocks despite them not containing their AFSL number.

The relief under section 912F of the Corporations Act applies to PDS stocks, supplementary statements and associated applications that were printed before licences were issued.

Pamela McAlister, ASIC’s Director of FSR, Legal and Technical Operations, says licensees must notify their customers in alternative ways, including citing AFS numbers on the confirmation of transaction statement, on websites and in offices.

“ASIC has adopted this approach to minimise the printing and distribution costs of replacing or altering existing stocks of PDS documentation,” she said. “During the transition period, product issuers could ‘opt-in’ to the new disclosure regime before becoming licensed. ASIC recognises that many licensees prepared PDS documentation well before becoming aware of their AFS licence number.”