ASIC Withdraws Outdated Regulatory Guidance in Push to Simplify Compliance

Key Takeaways

• Regulatory Simplification Effort: The Australian Securities and Investments Commission withdrew two outdated regulatory guides as part of a broader effort to simplify and modernize its regulatory guidance for industry.
• Outdated Guidance Removed: Regulatory Guide 64 on failure to lodge company documents and Regulatory Guide 40 on transaction fee disclosure for retail banking products have been formally withdrawn.
• Technical Updates to Licensing Guidance: ASIC made minor and technical revisions to Regulatory Guide 104 and Regulatory Guide 205, which outline the general obligations for financial services and credit licensees.
• No New Regulatory Requirements Introduced: The updates to RG 104 and RG 205 are intended to improve clarity and accuracy rather than impose new compliance obligations.

Deep Dive

The Australian Securities and Investments Commission announced Tuesday that it has withdrawn two regulatory guides and made technical updates to two others as part of a broader effort to streamline its body of regulatory guidance for industry.

The move forms part of ASIC’s ongoing program to review older guidance materials, remove documents that are no longer necessary, and refine others to ensure they remain accurate and accessible for financial services and credit licensees.

Retiring Outdated Guidance

Two regulatory guides have been formally withdrawn as part of the update.

The first, Regulatory Guide 64 Failure to lodge documents, previously set out ASIC’s approach to situations where companies failed to lodge required documents and the circumstances under which the regulator might withdraw proceedings against a company secretary.

ASIC also withdrew Regulatory Guide 40 Good transaction fee disclosure for bank, building society and credit union deposit and payments products (transaction accounts), a reference guide that addressed how retail payment and deposit product providers disclosed transaction fees to customers.

According to ASIC, the decision to withdraw RG 40 followed targeted consultation with industry.

Technical Updates to Licensing Guidance

Alongside the withdrawals, ASIC made minor and technical updates to two key guides that outline the conduct expectations for licensed firms.

The updates apply to Regulatory Guide 104 AFS licensing: Meeting the general obligations and Regulatory Guide 205 Credit licensing: General conduct obligations.

Both guides are central reference points for firms holding Australian financial services or credit licenses, setting out how ASIC assesses whether licensees are meeting their general obligations under the law.

ASIC said the revisions were limited to maintaining clarity and accuracy in the guidance rather than introducing new regulatory requirements.

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