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Publication | November 2019
Today, 29 November 2019, ASIC has finalised the revised fees and costs disclosure requirements for PDSs and periodic statements, including an updated Regulatory Guide 97.
The new rules will apply to all:
Issuers will therefore need to take stock of their current position and have a clear plan in place in the New Year for transitioning to the new requirements. While ‘opt-in’ applies for certain periodic statements, there is no ability to ‘opt-in’ early to the new requirements for PDSs.
The new rules and guidance follow ASIC’s Consultation Paper 308 Review of RG 97 Disclosing fees and costs in PDSs and periodic statements released earlier this year, and Report 581 Review of ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements.
ASIC’s revised guidance is available here.
The global reaction to the initial outbreak of the coronavirus in Wuhan City, China in December 2019 has already had devastating effects in Queensland, particularly on the tourism industry, with the Queensland Premier recently estimating that the Cairns region alone has lost $200 million in forward bookings, and Gold Coast operators were expecting to lose $400 million.
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