ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Dated 22 July 2015

Stephen Yen

Contents

Part 1—Preliminary 

1 Name of legislative instrument.....................................

2 Commencement................................................

3 Authority.....................................................

4 Definitions....................................................

Part 2—Exemptions 

5 Requirement to disclose interest rates in product disclosure statements.....

6 Requirement to disclose termination values in periodic statements.........

Part 1—Preliminary

1 Name of legislative instrument

This instrument is the ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislative Instruments.

Note: The register may be accessed at http://www.comlaw.gov.au.

3 Authority

This instrument is made under paragraph 1020F(1)(a) of the Corporations Act 2001 (the Act).

4 Definitions

In this instrument:

regulated person has the meaning given by section 1011B of the Act.

responsible person has the meaning given by subsection 1013A(3) of the Act.

Part 2—Exemptions

5 Requirement to disclose interest rates in product disclosure statements

(1) A regulated person does not have to comply with Division 2 of Part 7.9 of the Act to the extent that a Product Disclosure Statement required to be given under that Part in relation to a deposit product must specify the interest rate for the deposit product.

Where exemption applies

(2) The exemption in subsection 5(1) applies where the responsible person for the Product Disclosure Statement takes reasonable steps to:

(a) ensure that the Product Disclosure Statement clearly and prominently states how a person may find out the interest rate (the current interest rate) that currently applies to the deposit product; and

(b) provide a simple and convenient means by which a person may find out the current interest rate at no cost.

6 Requirement to disclose termination values in periodic statements

(1) An issuer of a deposit product does not have to comply with subsection 1017D(1) of the Act to the extent that a periodic statement required to be given by that subsection must include the termination value of the deposit product in accordance with paragraph 1017D(5)(b) of the Act.