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This instrument prescribes the requirements for the Lack of Independence Disclosure that must be included in a Financial Services Guide by providing entities.
Administered by: Treasury
Registered 24 Mar 2021
Tabling HistoryDate
Tabled HR25-Mar-2021
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ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    23 March 2021

 

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125.

2        Commencement

This instrument commences on the later of:

(a)     1 July 2021; and

(b)     the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

This instrument is made under subsections 942B(7A) and 942C(7A) of the Corporations Act 2001.

4        Definitions and interpretation

In this instrument:

(a)     Act means the Corporations Act 2001;

first substantive page, in relation to a Financial Services Guide, means the first page of the Financial Services Guide that is not a cover page or a blank page; and

(b)     for the avoidance of doubt, a reference to a Financial Services Guide includes a reference to a Supplementary Financial Services Guide.


Part 2—Determination

5        Requirements for disclosure of lack of independence

(1)     The requirements in this section are specified for the purposes of subparagraphs 942B(2)(fa)(iii) and 942C(2)(ga)(iii) of the Act in relation to a statement in a Financial Services Guide that a providing entity is not independent, impartial or unbiased.

(2)     The statement:

(a)     must appear on the first substantive page of the Financial Services Guide that contains the statement;

(b)     must appear within a box under a bold heading that includes the phrase “Not Independent”, “Lack of Independence”, or another phrase of like import;

(c)     must be in a font size that is at least the same font size as that predominantly used for other text (if any) in the Financial Services Guide; and

(d)     must not appear in a footnote.