ASIC Form 5290 Requires Notice When CCIV Sub-Fund Products Cease to Be Available

Key Takeaways

• ASIC Form 5290 is the notice a CCIV's responsible person must lodge when a financial product in a Product Disclosure Statement (PDS) relating to a CCIV sub-fund is no longer available to be recommended or offered to new clients.
• The notice is due within 5 business days of the cessation, and late fees apply.
• Compliance teams should build this trigger into product lifecycle and disclosure governance to avoid breaches of s1015D(2)(c) of the Corporations Act 2001.

Deep Dive

ASIC Form 5290 is the notice a CCIV's responsible person must lodge when a financial product in a Product Disclosure Statement (PDS) relating to a CCIV sub-fund is no longer available to be recommended or offered to new clients. The notice is due within 5 business days of the cessation, and late fees apply. Compliance teams should build this trigger into product lifecycle and disclosure governance to avoid breaches of s1015D(2)(c) of the Corporations Act 2001.

Form 5290 (version dated 1 July 2022) implements s1015D(2)(c) of the Corporations Act 2001 for Corporate Collective Investment Vehicles (CCIVs). It applies only where the PDS relates to a CCIV sub-fund. When a product in the PDS (including any Supplementary PDS) can no longer be recommended or offered to new clients in a recommendation, issue or sale situation, the responsible person must notify ASIC. The responsible person is usually the CCIV as issuer. The form sits alongside Form 5288 (PDS in-use notice) and Form 5289 (change to fees and charges notice). The press release is dated 2026-09-16, but the form itself carries the 1 July 2022 version date, so the update appears to be a republication of an existing form rather than a new requirement.

The key requirements are as follows. The notice must be lodged as soon as practicable, and in any event within 5 business days after the product ceases to be available. There is no lodgement fee, but late fees apply in all cases of late lodgement. The form must capture:
- The original PDS name (maximum 100 characters) and a reference number identical to the one on the original in-use notice (or the ASIC document number).
- The date the original PDS was notified to ASIC.
- Whether all products or only some have ceased, which products, and the cessation date.
- Any new products added to the PDS that were not included in a previous notice. Each additional product needs a separate annexure with its name, type and ARFN (for CCIV sub-funds).

The form must be signed by a director or company secretary of the corporate director of the CCIV, who certifies that it is true and complete. The form is not considered lodged until ASIC receives it and accepts it as complying with s1274(8).

Lodging Form 5290 does not remove ongoing obligations under s1015D(3) and (4). The responsible person must keep a copy of the PDS for 7 years after its date, provide it to ASIC on request, and comply with reasonable requests from any person for a copy. Names must also be consistent with earlier 5288 and 5289 notices. ASIC uses the form to track products still in the market, including those added by supplementary PDS where no Form 5289 was lodged, so inaccurate or inconsistent data can attract regulatory scrutiny.

Recommended actions for compliance professionals:
- Add product cessation events to the product governance and disclosure calendar, with a clear owner and a 5-business-day escalation trigger.
- Maintain a register that reconciles PDS names, reference numbers and ARFNs to prior 5288 and 5289 filings.
- Confirm signatory authority (director or company secretary of the corporate director) and make sure delegates are available.
- Set up a 7-year PDS retention and retrieval process.
- Check Form 5290 disclosures for any products added by supplementary PDS.

Risk impact is moderate. Late lodgement carries fees and potential regulatory attention, and incorrect or inconsistent filings could undermine ASIC's monitoring of product disclosure. The main operational risk is missing the short deadline when product withdrawal decisions are not communicated promptly to the compliance function.

Source: Australian Securities and Investments Commission