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.
Grant Moodie
1 Name of legislative instrument
This is the ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125.
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.
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.
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;
(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.