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Australian securities regulator issues two new legislative instruments on financial services

( July 27, 2015, 08:48 GMT | Official Statement) -- MLex Summary: Following public consultation, the Australian Securities and Investments Commission issued two new legislative instruments to replace three expiring class orders. The ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682 provides relief from the requirement for an Australian financial services licensee to appoint a distributor of a basic deposit product or general insurance product as its authorized representative, a relief previously provided by two separate class orders. The second, the ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683, removes the requirements to include an interest rate in a Product Disclosure Statement and a termination value in a periodic statement for deposit products.The regulator's full statement follows:...

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