{"id":"F2016L01299","name":"ASIC Corporations (Disclosure in Dollars) Instrument 2016/767","slug":"asic-corporations-disclosure-in-dollars-instrument-2016-767","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":94779,"registerId":"commonwealth-F2016L01299-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Disclosure in Dollars) Instrument 2016/767","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Disclosure in Dollars) Instrument 2016/767\n\nAbout this compilation\n\nCompilation No. 3\n\nThis is a compilation of ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 as in force on 16 December 2022. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc122339034)\n\n[1 Name of legislative instrument](#_Toc122339035)\n\n[3 Authority](#_Toc122339036)\n\n[4 Definitions](#_Toc122339037)\n\n[Part 2—Exemptions](#_Toc122339038)\n\n[5 Costs of the financial product](#_Toc122339039)\n\n[6 Non-monetary benefits or interests](#_Toc122339040)\n\n[7 Foreign currency amounts](#_Toc122339041)\n\n[Endnotes](#_Toc122339042)\n\n[Endnote 1—Instrument history](#_Toc122339043)\n\n[Endnote 2—Amendment history](#_Toc122339044)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Disclosure in Dollars) Instrument 2016/767.\n\n3 Authority\n\nThis instrument is made under subsections 951B(1) and 1020F(1) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nproviding entity has the meaning given in section 944A of the Act.\n\nresponsible person has the meaning given in subsection 1013A(3) of the Act.\n\nwarrant has the meaning given by subregulation 1.0.02(1) of the Corporations Regulations 2001.\n\nPart 2—Exemptions\n\n5 Costs of the financial product\n\nProduct Disclosure Statements: General insurance and life risk insurance\n\n(1) A responsible person for a Product Disclosure Statement for a general insurance product or life risk insurance product does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information to be disclosed in accordance with paragraph 1013D(1)(d) of the Act in the Statement other than information about any excess or deductible (however described) that applies in relation to a claim under such a financial product.\n\nProduct Disclosure Statements: Derivatives, foreign exchange and warrants\n\n(2) A responsible person for a Product Disclosure Statement for a derivative, foreign exchange contract or warrant does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information to be disclosed in accordance with paragraph 1013D(1)(d) of the Act in the Statement.\n\nCircumstances where the exemptions apply\n\n(3) The exemption in subsection (1) or (2) applies where the Product Disclosure Statement for the financial product specifies any significant factors that will affect the cost of acquiring the product and includes an explanation of the impact of each of those factors on the cost of acquiring the product.\n\n6 Non-monetary benefits or interests\n\nStatements of Advice\n\n(1) A providing entity does not have to comply with paragraphs 947B(2)(h), 947C(2)(i) and 947D(2)(d) of the Act in relation to information about  \nnon-monetary benefits or interests to be disclosed in accordance with paragraph 947B(2)(d), subparagraph 947B(2)(e)(i), paragraph 947C(2)(e), subparagraph 947C(2)(f)(i) and paragraph 947D(2)(a) of the Act in a Statement of Advice.\n\n(2) The exemptions in subsection (1) apply where the Statement of Advice includes the following information about the non-monetary benefit or interest:\n\n(a) the nature and extent of the non-monetary benefit or interest;\n\n(b) for non-monetary benefits or interests which may be provided or that may arise in the future—the circumstances in which the  \nnon-monetary benefit or interest may be provided or may arise;\n\n(c) the estimated value of the non-monetary benefit or interest (expressed as an amount in dollars or a range of amounts in dollars) where a retail client would reasonably require such an estimated value for the purposes of deciding whether to act on the advice provided.\n\nProduct Disclosure Statements\n\n(3) A responsible person for a Product Disclosure Statement does not have to comply with paragraph 1013D(1)(m) of the Act in relation to information concerning non-monetary benefits to be disclosed in accordance with paragraph 1013D(1)(b) of the Act in the Statement.\n\n(4) The exemption in subsection (3) applies where the Statement includes the following information:\n\n(a) the nature and extent of the non-monetary benefit;\n\n(b) for non-monetary benefits which may be provided or that may arise in the future—the circumstances in which the non-monetary benefit may be provided or may arise;\n\n(c) the estimated value of the non-monetary benefit (expressed as an amount in dollars or a range of amounts in dollars) in cases where a retail client would reasonably require such an estimated value for the purposes of deciding whether to acquire the financial product.\n\n7 Foreign currency amounts\n\nStatements of Advice\n\n(1) A providing entity does not have to comply with paragraphs 947B(2)(h), 947C(2)(i) and 947D(2)(d) of the Act to the extent that those provisions require an amount that is denominated in a foreign currency to be stated as an amount in Australian currency in a Statement of Advice.\n\nProduct Disclosure Statements and periodic statements\n\n(2) A responsible person does not have the comply with paragraph 1013D(1)(m) and subsection 1017D(5A) of the Act to the extent that those provisions require an amount that is denominated in a foreign currency to be stated as an amount in Australian currency in a Product Disclosure Statement or a periodic statement.\n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration     | Date of commencement             | Application, saving or transitional provisions |\n| ----------------- | ---------------------------- | -------------------------------- | ---------------------------------------------- |\n| 2016/767          | 18/8/2016 (see F2016L01299)  | 19/8/2016                        |                                                |\n| 2021/292          | 27/4/2021 (see F2021L00489)  | Sch 1: 28/4/2021Sch 2: 27/4/2022 | -                                              |\n| 2022/264          | 13/4/2022 (see F2022L00599)  | 14/4/2022                        | -                                              |\n| 2022/1032         | 15/12/2022 (see F2022L01651) | 16/12/2022                       | -                                              |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected | How affected               |\n| ------------------ | -------------------------- |\n| Section 2          | rep. s48D LA               |\n| Section 4          | am. 2021/292rs. 2022/1032  |\n| Section 8          | rs. 2021/292rep. 2022/1032 |\n| Section 8 (note 2) | rep. 2022/264              |","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument has been amended since its 2016 registration. Endnote 2 records amendments to definitions and provisions (for example, section 4 was amended by instrument 2021/292 and substituted by 2022/1032; references to section 8 were altered or repealed by 2021/292 and 2022/1032; note 2 to section 8 was repealed by 2022/264). These recorded amendments indicate the scope and wording of the exemptions have changed from the original 2016 text."},"complexity_factors":["Multiple cross‑references to substantive provisions of the Corporations Act (eg, ss 1013D, 1017D, 947B, 947C, 947D) require users to read both the instrument and primary Act provisions to understand the effect (see sections 5–7).","Conditional, fact‑driven exemptions: application depends on satisfying tests such as 'specifies any significant factors' or 'where a retail client would reasonably require' which are context dependent (see ss 5(3), 6(2)(c), 6(4)(c)).","Product‑specific carve‑outs: different rules apply to insurance, life risk insurance, derivatives, foreign‑exchange contracts and warrants, increasing rule‑selection complexity (see s 5).","Definitions refer to external statutory terms (eg, 'providing entity', 'responsible person', 'warrant'), so users must consult other Act provisions to determine who is covered (see s 4).","Use of non‑monetary benefit valuation rules and permitted ranges introduces judgment calls about when an estimated dollar amount is 'reasonably required' (see s 6).","Foreign‑currency treatment creates translation/valuation issues for disclosure and recordkeeping (see s 7).","Amendment history (2021/292, 2022/264, 2022/1032) affects interpretation and requires tracking versions (see Endnotes 1–2)."],"plain_english_summary":"This instrument creates narrow exemptions to parts of the Corporations Act so that responsible persons and providing entities do not always have to state amounts in Australian dollars in Product Disclosure Statements, Statements of Advice or periodic statements. The exemptions apply to specific product types (eg, certain insurance, derivatives, foreign‑exchange contracts, warrants) and to disclosure of non‑monetary benefits or foreign‑currency amounts, but only where the instrument’s conditional information requirements are met."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose: providing targeted exemptions from dollar-figure disclosure requirements in the Corporations Act. The amendments since 2016 (2021/292, 2022/264, 2022/1032) appear to be technical updates and refinements to definitions rather than expansion into new substantive areas. The three exemption categories (costs, non-monetary benefits, foreign currency) remain consistent with the original 2016 scope."},"complexity_factors":["Only 4 defined terms in the interpretation section (Act, providing entity, responsible person, warrant)","Straightforward conditional structure: exemption + specific alternative disclosure requirement","Limited cross-referencing—primarily references to specific subsections of the Corporations Act 2001 (sections 944A, 947B, 947C, 947D, 1013A, 1013D, 1017D)","No nested exceptions or recursive definitions","Short length (7 operative sections across 2 Parts)","Clear delineation between three distinct exemption categories (costs, non-monetary benefits, foreign currency)","Minimal amendment history—only 4 versions since 2016 with straightforward additions and repeals"],"plain_english_summary":"This instrument gives financial advisers and product issuers limited exemptions from exact dollar‑figure disclosure in PDSs, SoAs and periodic statements where precise amounts are impractical, allowing specified alternative information instead (for variable insurance/complex product pricing, non‑monetary benefits, and foreign‑currency amounts). It’s a practical relief measure to provide more useful, accurate disclosures while preserving consumer protection: the exemptions apply only if the required alternative explanations or estimates are provided."},"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-disclosure-in-dollars-instrument-2016-767","history":"/api/acts/asic-corporations-disclosure-in-dollars-instrument-2016-767/history","analysis":"/api/acts/asic-corporations-disclosure-in-dollars-instrument-2016-767/analysis","conflicts":"/api/acts/asic-corporations-disclosure-in-dollars-instrument-2016-767/conflicts","importantCases":"/api/acts/asic-corporations-disclosure-in-dollars-instrument-2016-767/important-cases","documents":"/api/acts/asic-corporations-disclosure-in-dollars-instrument-2016-767/documents"}}