Super Alert – 11 July 2025: ASIC proposed amendments to guidance on PDS & electronic disclosure, AUSTRAC expectation in relation to AML/CTF reforms

Welcome to the weekly KHQ Super Alert. This week, ASIC announced proposed amendments to its regulatory guidance for PDSs and electronic disclosure. AUSTRAC has set out is expectations for reporting entities in relation to the upcoming AML/CTF reforms. Meanwhile, the NSW Industrial Relations Commission is considering the form of superannuation clauses to be included in industrial awards.

ASIC – Updates proposed to PDS guidance

On 9 July 2025, ASIC announced that it is seeking feedback from the industry in relation to updates proposed to Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations) (RG 168). ASIC has explained that the updates include:

• ‘incorporating guidance on PDS disclosure, lodgement and notification obligations from other RGs and information sheets into RG 168
• withdrawing information sheets and RGs containing other PDS disclosure, lodgement and notification guidance proposed to be incorporated into the updated RG 168
• removing guidance in RG 168 relating to Financial Services Guides and Statements of Advice
• reframing the existing guidance on misleading and deceptive conduct in RG 168 to highlight examples of general disclosure concerns with PDSs, and
• clarifying the legislative basis for the Good Disclosure Principles in RG 168’.

The consultation period closes on 6 August 2025.

Click here for details.

ASIC – Updates proposed to electronic disclosure

On 9 July 2025, ASIC announced that it is seeking feedback from the industry in relation to remaking two legislative instruments and updating one regulatory guide dealing with electronic disclosure.

The two instruments known as ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 and ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649 are due to sunset on 1 October 2025. ASIC has ‘assessed that the instruments are operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework’.

In relation to Regulatory Guide 221 Facilitating digital financial services disclosures, ASIC proposes to make the following updates (amongst others):

• ‘simplifying the drafting of the guidance
• updating any outdated references to legislation, regulations, and legislative instruments
• revising Section D of RG 221 to centralise guidance on digital disclosure practices and include references to relevant legislative obligations, and
• updating examples of digital disclosures methods to better reflect that ASIC does not mandate a particular method of digital disclosure’.

The consultation period closes on 6 August 2025.

Click here for details.

Workplace relations – NSW superannuation case

On 4 July 2025, the decision known as Superannuation Case 2025 (No 2) [2025] NSWIRComm 1041 was published by the NSW Industrial Relations Commission. The decision is linked to proceedings where the Commission has been asked to consider whether a model superannuation clause should be set for inclusion in industrial awards. The issue is limited to employees employed in the public sector in New South Wales as some superannuation-related provisions in the Fair Work Act 2009 (Cth) at the Federal level do not apply to them.

The Commission considered submissions from various unions in relation to the issue and put forward the terms of a draft clause for each of the parties to consider.

Click here for details.

AUSTRAC – AML/CTF legislative reforms

On 3 July 2025, AUSTRAC issued an update concerning the implementation of the AML/CTF reforms (see our Super Alert of 29 November 2024 for further background about the changes). For businesses that are currently regulated, the reforms commence on 31 March 2026. AUSTRAC states that if you are a currently regulated business, you should:

• ‘continue to implement your current money laundering controls
• develop and document implementation plans that manage your ML/TF/PF risks while you transition your policies, procedures and systems to meet the obligations under the reformed AML/CTF Act
• show sustained effort and progress against your implementation plans
• continue to manage your ML/TF risks through the changes, including implementing any tactical improvements in the short term
• act now to review and strengthen existing frameworks, systems and processes for managing ML/TF risks.’

Outside of the financial services sector, other sectors will become regulated under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 for the first time from 1 July 2026. This will include law firms in their interactions with clients where certain designated professional services are provided. Accordingly, KYC information will be sought from clients from that date.

Click here for details.

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