On 9 July 2025, the Australian Securities and Investments Commission (ASIC) issued proposals to update Regulatory Guide 168 Disclosure: Product Disclosure Statements (PDS) (and other disclosure obligations) (RG 168).

Update

The purpose of the update is to simplify and consolidate the guidance in RG 168.

In particular, ASIC proposes to:

  • Incorporate other guidance on PDS disclosure, lodgement and notification obligations to ensure, as much as possible, relevant guidance on PDSs is in one guide.
  • Remove the guidance relating to Financial Services Guides and Statements of Advice, as this guidance is already covered in Regulatory Guide 175 AFS licensing: Financial product advisers—Conduct and disclosure (RG 175).
  • Amend and cross-reference information on fees and costs.
  • Clarify the legislative basis for the current Good Disclosure Principles.
  • Reframe the existing guidance on misleading and deceptive conduct to highlight examples of general disclosure concerns with PDSs, without changing its substance.

Given the consolidation of guidance on PDSs into RG 168, the information sheets and regulatory guides containing other PDS disclosure, lodgement and notification guidance will become redundant. As such, ASIC proposes to withdraw the following guidance when the updated RG 168 is published:

  • Information Sheet 94 Notification requirements for Product Disclosure Statements (INFO 94).
  • Information Sheet 155 Shorter PDSs—Complying with requirements for superannuation products, simple managed investment schemes and simple sub-fund products (INFO 155).
  • Regulatory Guide 65 Section 1013DA disclosure guidelines (RG 65).
  • Regulatory Guide 66 Transaction-specific disclosure for PDSs (RG 66).
  • Regulatory Guide 197 Warrants: Out-of-use notices (RG 197).
  • Regulatory Guide 219 Non-standard margin lending facilities: Disclosure to investors (RG 219).

ASIC is particularly interested in receiving feedback on whether there is other PDS guidance that should be incorporated in RG 168, other ways it could simplify the guidance, or if there is guidance proposed to be withdrawn from RG 168 that should be retained and why.

Next steps

The deadline for comments on ASIC’s proposals is 6 August 2025.