Regulatory Alerts2021-11-11 | RG-097RG 97: Disclosing Fees and Costs in PDSs and Periodic Statements
The Australian Securities and Investments Commission (ASIC) requires issuers of superannuation, managed investment, life insurance, and portfolio services to disclose fees and costs in Product Disclosure Statements and periodic statements according to updated standards and technical amendments. The updated requirements mandate new disclosure standards for PDSs issued after 30 September 2022 and periodic statements covering periods starting on or after 1 July 2021, while clarifying treatment of performance fees, transaction costs, and significant event notices. Issuers may elect to adopt the updated periodic statement rules earlier from July 2020, and ASIC has officially discontinued its separate platform fees disclosure project to avoid duplication with government policy reviews and APRA data collection initiatives.