ASIC consults on financial reporting legislative instruments

ASIC is seeking feedback on proposals to remake three legislative instruments related to financial reporting relief that are set to sunset on 1 April 2026. The proposals include:

  • Remaking three instruments: ASIC plans to preserve the current relief for rounding amounts in reports (2016/191), electronic lodgment of financial and sustainability reports (2016/181), and disregarding technical relief (2016/73).
  • Sunsetting one instrument: ASIC proposes to allow the instrument regarding Offer Information Statements (OIS) (2016/76) to sunset, as they are rarely used and the specific relief is no longer deemed necessary.
  • Withdrawing guidance: ASIC intends to withdraw Regulatory Guide 28, which provides redundant guidance on dual lodgement relief. Read more here.

Organisations affected: ASIC regulated entities

Policies affected: No changes to policy or procedure for the moment. ASIC are seeking any submissions on these proposals by 27 February 2026

Federal court penalises Australian Unity $7 million for DDO breaches

The Federal Court has ordered Australian Unity Funds Management Limited to pay over $7 million for failing to comply with DDO. Australian Unity admitted it failed to take reasonable steps to ensure that interests in one of their funds were distributed only to retail investors matching its TMDs. Specifically, the firm issued interests on 89 occasions without requiring a suitability questionnaire and on 239 occasions without reviewing submitted questionnaires, many of which contained responses indicating the investors were likely outside the TMD. It was highlighted that these failings were serious and reflected a poor compliance culture.

This significant penalty serves as a critical reminder for all product issuers to proactively review their DDO practices and ensure robust systems are in place to prevent the distribution of products to unsuitable investors. Read more here.


Organisations affected: Product Issuers

Policies affected: Review of DDO related policies and procedures 

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