Dollar Disclosure

The Australian Securities and Investments Commission (ASIC) has announced that it has granted relief to extend the date for compliance with the dollar disclosure regime from 1 January 2005 to 1 March 2005.

ASIC expects to publish a final policy statement on dollar disclosure in November 2004. This policy statement will specify in what circumstances, if any, ASIC might determine that dollar disclosure is not possible, unreasonably burdensome or contrary to clients’ interests.

Under the dollar disclosure provisions, providing entities and product issuers will be obliged to disclose various fees, benefits, costs and interests as amounts in dollars in the following documents:

  • Statements of Advice (SoAs);
  • Product Disclosure Statements (PDSs); and
  • periodic statements.
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