- within Finance and Banking topic(s)
- in North America
- with readers working within the Banking & Credit and Transport industries
- within Finance and Banking, Transport and Environment topic(s)
In this Funds Update for 5 December 2025:
- Updated RG 168 on product disclosure statements
- Consultation on updates to RG 234 on advertising financial products and services
- Updated RG 221 on digital disclosures
Updated RG 168 on product disclosure statements
On 3 December 2025, ASIC released an updated Regulatory Guide 168, Product Disclosure Statements: Disclosure and other obligations (RG 168).
ASIC stated that the updates are aimed at providing clarity and improving industry's ability to prepare Product Disclosure Statements (PDSs). We previously reported on ASIC's consultation in relation to these updates in our Funds Update of 18 July 2025.
Some of the changes made by the updated RG 168 include:
- Several other ASIC regulatory documents on PDS disclosure,
lodgement and notification obligations have been incorporated into
RG 168. The following ASIC regulatory documents have accordingly
been withdrawn:
a. Information Sheet 94, Notification requirements for Product Disclosure Statements;
b. Information Sheet 155, Shorter PDSs — Complying with requirements for superannuation products, simple managed investment schemes and simple sub-fund products;
c. Regulatory Guide 65, Section 1013DA disclosure guidelines;
d. Regulatory Guide 66, Transaction-specific disclosure for PDSs;
e. Regulatory Guide 197, Warrants: Out-of-use notices, and
f. Regulatory Guide 219, Non-standard margin lending facilities: Disclosure to investors; - The guidance on Financial Services Guides and Statements of Advice has been removed, as this guidance is already covered in Regulatory Guide 175, AFS licensing: Financial product advisers—Conduct and disclosure; and
- Guidance on potential compliance risks and the consequences of breach of the PDSs requirements has been updated and clarified (in Section D).
The updated RG 168 can be found here.
Consultation on updates to RG 234 on advertising financial products and services
On 27 November 2025, ASIC announced that it is consulting on proposed updates to Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance (RG 234) (CS7).
The proposed updates are intended to ensure the currency and clarity of ASIC's regulatory approach to advertising financial products and services by:
- providing guidance reflecting ASIC enforcement and regulatory action relevant to advertising conduct since the publication of RG 234 in 2012;
- incorporating guidance from Regulatory Guide 53, The use of past performance in promotional material (RG 53) to consolidate ASIC's advertising guidance in one location; and
- simplifying and streamlining the existing guidance.
ASIC proposes to withdraw RG 53 after the updated RG 234 is published.
Feedback on ASIC's proposed updated RG 234 can be sent to rri.consultation@asic.gov.au by 5pm AEDT on 22 January 2026.
The proposed updated RG 234 and more information are available here.
Updated RG 221 on digital disclosures
On 3 December 2025, ASIC released an updated Regulatory Guide 221, Facilitating digital financial services disclosures (RG 221) following a consultation with industry. We previously reported on this consultation in our Funds Update of 18 July 2025.
RG 221 addresses how Parts 7.7 and 7.9 of the Corporations Act 2001, relevant regulations, and legislative instruments apply to the digital delivery of financial services disclosures. The updates amend outdated references and set out ASIC's expectations in relation to digital disclosures.
The updated RG 221 can be found here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
