{"id":"F2025L01044","name":"ASIC Corporations (Deposit Product Disclosure) Instrument 2025/509","slug":"asic-corporations-deposit-product-disclosure-instrument-2025-509","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106775,"registerId":"commonwealth-F2025L01044-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Deposit Product Disclosure) Instrument 2025/509","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Deposit Product Disclosure) Instrument 2025/509\n\nI, Nathan Bourne, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 3 September 2025\n\nNathan Bourne\n\nContents\n\nPart 1—Preliminary 3\n\n1 Simplified outline of this legislative instrument......................3\n\n2 Name of legislative instrument....................................3\n\n3 Commencement...............................................3\n\n4 Authority....................................................3\n\n5 Definitions...................................................3\n\nPart 2—Exemptions 4\n\n6 Requirement to disclose interest rates in Product Disclosure Statements...4\n\n7 Requirement to disclose termination values in periodic statements........4\n\nPart 3—Repeal 4\n\n8 Repeal.......................................................4\n\nPart 1—Preliminary\n\n1.  Simplified outline of this legislative instrument\n\nThis instrument applies to issuers of deposit products and other regulated persons.\n\nIt exempts regulated persons from the requirement for a Product Disclosure Statement for a deposit product to specify the interest rate. The exemption applies in specified circumstances.\n\nIt also exempts issuers of deposit products from including the termination value in periodic statements.\n\n2 Name of legislative instrument\n\nThis is the ASIC Corporations (Deposit Product Disclosure) Instrument 2025/509.\n\n3 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislative Instruments.\n\n> Note: The register may be accessed at www.legislation.gov.au.\n\n4 Authority\n\nThis instrument is made under paragraph 1020F(1)(a) of the Corporations Act 2001.\n\n5 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nPart 2—Exemptions\n\n6 Requirement to disclose interest rates in Product Disclosure Statements\n\n(1) A regulated person does not have to comply with Division 2 of Part 7.9 of the Act to the extent that it requires a Product Disclosure Statement in relation to a deposit product to specify the interest rate for the deposit product.\n\nWhere exemption applies\n\n(2) The exemption in subsection 6(1) applies where the responsible person for the Product Disclosure Statement takes reasonable steps to:\n\n(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\n\n(b) provide a simple and convenient means by which a person may find out the current interest rate at no cost.\n\n7 Requirement to disclose termination values in periodic statements\n\nAn issuer of a deposit product does not have to comply with subsection 1017D(1) of the Act to the extent that it requires a periodic statement to include the termination value in accordance with paragraph 1017D(5)(b) of the Act.\n\nPart 3—Repeal\n\n8 Repeal\n\nThis instrument is repealed at the start of 1 October 2030.","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: providing targeted exemptions from disclosure requirements for deposit products. It addresses two specific technical issues (interest rate disclosure in PDSs and termination values in periodic statements) without expanding into broader consumer protection or banking regulation matters."},"complexity_factors":["Very short instrument (8 sections, approximately 1.5 pages)","Only 1 defined term ('Act') in the interpretation section","Minimal cross-referencing (only references to specific sections of the Corporations Act 2001: ss 1020F(1)(a), Division 2 of Part 7.9, s 1017D(1), and s 1017D(5)(b))","Simple conditional structure: exemption applies IF reasonable steps are taken (two straightforward conditions in s 6(2))","No nested exceptions or complex definitional chains","Automatic sunset clause (repeal date) with no conditions","Plain English outline provided in section 1"],"plain_english_summary":"This instrument lets banks and other financial institutions omit interest rates from Product Disclosure Statements for deposit products if they clearly and freely direct customers to current rates (e.g., website or phone). It also removes the requirement to include termination values in periodic statements. Affects deposit providers and consumers by shifting rate disclosure to live channels and cutting paperwork; the exemptions expire on 1 October 2030."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"This instrument narrows the scope of statutory disclosure obligations by exempting issuers from specifying the interest rate in Product Disclosure Statements and from including termination values in periodic statements, subject to conditions (s6(1); s7). Instead, issuers must ensure the PDS 'clearly and prominently' explains how to obtain the current rate and provide a simple, no‑cost means to do so (s6(2)(a)-(b)). The change reallocates the compliance cost to issuers (to build and maintain access mechanisms) and shifts where consumers obtain pricing information. The instrument is time-limited and repeals on 1 October 2030 (s8)."},"complexity_factors":["Use of open-ended standards ('reasonable steps', 'clearly and prominently', 'simple and convenient') creates legal and compliance uncertainty about the required conduct (s6(2)).","Alters existing disclosure duties under Division 2 of Part 7.9 and subsection 1017D(1), requiring cross-reference to the Corporations Act and potential interpretation disputes (s6(1), s7).","Operational burden on issuers to provide and maintain no-cost, simple access to current interest rates (s6(2)(b))—costs concentrated on issuers, benefits diffuse to consumers.","Enforcement and monitoring rely on ASIC's evaluation of subjective standards, increasing discretionary enforcement risk (s4, s6(2)).","Temporary repeal date (1 Oct 2030) limits the instrument's horizon and may affect investment in systems or long-term compliance planning (s8).","Shifts information delivery from static documents to dynamic channels, creating substitution effects in how consumers compare products and potential compliance record-keeping requirements (s6(2))."],"plain_english_summary":"**What this does:** This instrument lets issuers of deposit products omit the current interest rate from the Product Disclosure Statement and omit the termination value from periodic statements. The interest-rate omission only applies if the PDS clearly and prominently explains how to find the current rate and provides a free, simple way to obtain it (s6).\n\n**Who it affects and why it matters:** Banks and other deposit issuers must shift disclosure from the PDS/periodic statement to accessible channels they operate, and maintain those channels until the instrument expires (ss3,6,7,8)."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-deposit-product-disclosure-instrument-2025-509","history":"/api/acts/asic-corporations-deposit-product-disclosure-instrument-2025-509/history","analysis":"/api/acts/asic-corporations-deposit-product-disclosure-instrument-2025-509/analysis","conflicts":"/api/acts/asic-corporations-deposit-product-disclosure-instrument-2025-509/conflicts","importantCases":"/api/acts/asic-corporations-deposit-product-disclosure-instrument-2025-509/important-cases","documents":"/api/acts/asic-corporations-deposit-product-disclosure-instrument-2025-509/documents"}}