They wouldn’t do it for the Financial Services Reform Act, but the Australian Securities and Investments Commission (ASIC) has taken a much softer line with the new dollar disclosure regime, allowing a two-month extension for companies to comply.

Pamela McAlister, ASIC’s Deputy Executive Director Financial Services Regulation, says the deadline has gone from January 1 to March 1 because the summer holidays will cut into people’s schedules for introducing new systems and amending disclosure documents.

ASIC expects to publish a final statement on dollar disclosure in November outlining when dollar disclosure is not possible, unreasonably burdensome or contrary to clients’ interests.