The Australian Securities and Investments Commission (ASIC) has proposed renewing two legislative instruments that grant technical relief to Australian financial services licensees, while also seeking feedback on minor updates to certain prescribed credit disclosures.
The move comes as the ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 and the ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200 are set to expire in April 2026.
ASIC plans to remake the 2015/1115 instrument with no major changes, aside from updates to keep it current.
For the 2016/200 instrument, ASIC proposes repealing the relief in paragraph 5(a) while maintaining related provisions. This change would update the reverse mortgage information statement by removing outdated content.
ASIC also intends to revise warnings related to small-amount credit contracts, replacing references to repealed sections and updating outdated Centrelink contract details.
The regulator said the instruments remain effective and continue to play an essential role in the broader legislative framework.
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