Following the publication of revised disclosure regulations, the Australian Securities and Investments Commission (ASIC) is set to release more information on upcoming work it is undertaking. The dollar disclosure regulations (known as “Batch 8”) are available from www.scaleplus.law.gov.au and provide for a six-month transition period.

From January 1 next year licensees and their representatives, as well as product issuers, will have to disclose various fees, benefits, costs and interests as amounts in dollars in statements of advice, product disclosure statements and periodic statements.

Ian Johnston, ASIC’s Executive Director of Financial Services Regulation, says the regulator expects licensees and product issuers “to already be planning how they will comply 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 so that they can comply with the dollar disclosure obligations.”

The information will not need to be disclosed as amounts in dollars where ASIC determines that dollar disclosure is not possible, unreasonably burdensome (including for a specified period of time) or contrary to client interests.

ASIC will release a policy proposal paper over the next couple of months showing how it will approach the dollar disclosure obligations and how it proposes to use its power to make dollar disclosure determinations.