ASIC Repeals Deposit Product Disclosure Instrument 2015/683

Key Takeaways

• ASIC has issued a repeal instrument formally revoking the ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683.
• Firms relying on the relief or disclosure modifications provided under the 2015 instrument must review their current disclosure practices to ensure continued compliance once the repeal takes effect.

Deep Dive

This legislative instrument, made under paragraph 1020F(1)(a) of the Corporations Act 2001, repeals in its entirety the ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683. Repeal instruments of this nature are typically issued when ASIC determines that a prior class order or legislative instrument is no longer necessary—often because its provisions have been superseded by updated law, incorporated into other instruments, or are redundant following sunsetting reviews. Compliance teams at deposit-taking institutions should determine whether the 2015 instrument previously provided specific relief, exemptions, or modified disclosure obligations relevant to deposit products offered by their organization.

The key change introduced is straightforward: the entire 2015/683 instrument ceases to have effect. Any institution that structured its deposit product disclosure documents (such as Product Disclosure Statements or related disclosure obligations) in reliance on the relief or modifications in the repealed instrument will need to revert to, or confirm alignment with, the standard disclosure requirements under the Corporations Act 2001 and any successor instruments ASIC may have issued covering the same subject matter.

The instrument commences the day after registration on the Federal Register of Legislation, meaning the repeal will take effect quickly with no extended transition period specified in the text provided. Compliance teams should treat this as a near-term action item: legal and compliance personnel should confirm the registration date, verify whether the organization currently relies on 2015/683, and assess whether any disclosure documentation needs to be updated or whether an alternative instrument now governs the relevant disclosure obligations.

Recommended actions include: (1) conducting an internal audit of current deposit product disclosure materials to identify any reliance on the repealed instrument; (2) consulting ASIC's register and any accompanying explanatory statement to confirm whether replacement relief exists; (3) updating internal compliance manuals and training materials to remove references to the repealed instrument; and (4) monitoring the Federal Register of Legislation for the specific commencement date. The risk of inaction is relatively low but not negligible—continued reliance on a repealed instrument could result in disclosure documents that do not reflect current regulatory requirements, creating potential consumer protection and disclosure-adequacy risks.

Source: Australian Securities and Investments Commission