ASIC has extended class order relief from the dollar disclosure requirements for issuers of non-basic deposit products.

 CO 06/476 varies CO 05/683 Dollar disclosure: further transitional relief by granting an extension of transitional relief to issuers
of deposit products from the dollar disclosure requirements from 1 July
2006 to 31 March 2007.

Since December 2005 when the Government excluded basic
deposit products from the PDS regime, only non-basic deposit
products have been subject to the dollar disclosure requirements.

In general, "non-basic deposit products" are term
deposits that must be held for at least two years and do not offer "at
call" termination in less that seven days.

As the Government did not exclude non-basic deposit
products from the PDS regime, the current transitional relief from the
dollar disclosure regime for non-basic deposit products was due to
expire on 30 June 2006. While ASIC expects issuers of non-basic deposit
products to comply with the dollar disclosure regime as soon as
practicable, it has granted a short extension of the transitional
relief (until 31 March 2007) to allow an orderly transition to the new
regime. 

The Corporations Amendment Regulations 2004 (No. 6) 2004 No. 149 require licensees and product issuers to disclose various fees, benefits, costs and interests as dollar amounts in statements of advice, product disclosure statements and periodic statements unless they obtain an ASIC exemption.

CO 05/683 gave relief for deposit products, non-cash payment products and general insurance.

In December 2004 ASIC released its policy PS182 regarding dollar disclosure obligations. 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 Statements of Advice (SOAs), Product Disclosure Statements (PDSs), and periodic statements, unless ASIC makes a determination that dollar disclosure is not possible.