{"id":"F2016L01768","name":"ASIC Corporations (Joint Product Disclosure Statements) Instrument 2016/1056","slug":"asic-corporations-joint-product-disclosure-statements-instrument-2016-1056","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439021,"registerId":"F2016L01768-fast-fetch-1775955199306","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Joint Product Disclosure Statements) Instrument 2016/1056","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: Instrument 2016_XXX for remade CO03-1092\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (Joint Product Disclosure Statements) Instrument 2016/1056\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate   14 November 2016\n\n \n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc463279297)\n\n[1 Name of legislative instrument](#_Toc463279298)\n\n[2 Commencement](#_Toc463279299)\n\n[3 Authority](#_Toc463279300)\n\n[4 Definitions](#_Toc463279301)\n\n[Part 2—Declaration](#_Toc463279302)\n\n[5 Joint Product Disclosure Statements](#_Toc463279303)\n\n[6 Where declaration applies](#_Toc463279304)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Joint Product Disclosure Statements) Instrument 2016/1056.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under paragraph 1020F(1)(c) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\noffer has a meaning affected by sections 1010C and 1011C of the Act.\n\nRegulations means the Corporations Regulations 2001.\n\nShort-Form PDS has the same meaning as in Division 3A of Part 7.9 of the Act (as notionally inserted by Part 3 of Schedule 10BA of the Regulations).\n\nPart 2—Declaration\n\n5 Joint Product Disclosure Statements\n\nPart 7.9 of the Act applies in relation to an issuer of a financial product as if:\n\n(a) section 1013A of the Act were modified or varied by:\n\n(i) in subsection (1), omitting ‘must be a document that has been prepared by the issuer of the financial product’ and substituting:\n\n“may relate to one or more financial products of more than one issuer, and must be a document that has been prepared by the issuer of each financial product to which the Product Disclosure Statement relates”; and\n\n(iii) in subsection (3), after “prepared”, inserting “and who is the issuer of the product”; and\n\n(b) regulation 7.9.07J of the Regulations were omitted.\n\n6 Where declaration applies\n\nThe declaration in section 5 applies to an offer to issue or to arrange the issue, an issue, or a recommendation to acquire by way of the issue, of a financial product, where:\n\n(a) the Product Disclosure Statement (Statement) or Short-Form PDS (Statement) that is given for that financial product also relates to at least one other financial product of another issuer; and\n\n(b) the Statement prominently states:\n\n(i) that the Statement covers two or more separate financial products; and\n\n(ii) that each issuer takes full responsibility for the whole of the Statement.\n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument expands the scope of Part 7.9 as applied to enable joint PDS/Short‑Form PDS covering financial products of more than one issuer, and reallocates preparatory and responsibility duties to each issuer. It also omits regulation 7.9.07J, removing a regulatory constraint. Applicability conditions are set where the Statement covers multiple products and prominently states coverage and that each issuer takes full responsibility (see instrument ss5–6)."},"complexity_factors":["Targeted textual modifications to an existing disclosure regime rather than broad new obligations (modifies s1013A as applied by this instrument) (see instrument s5).","Clarifies liability allocation by requiring each issuer to prepare and ‘take full responsibility for the whole of the Statement’ — creates cross‑issuer coordination and legal exposure (instrument s6(b)(ii)).","Requires prominent statements in the joint PDS about multi‑product coverage and issuer responsibility, adding display/compliance rules (instrument s6(b)(i)–(ii)).","Removes an existing regulation (regulation 7.9.07J) which may alter prior constraints or exceptions (instrument s5(b)).","Relies on cross‑references and defined terms (offer, Short‑Form PDS) that connect to the Act and Regulations, meaning interpretation depends on other provisions (definitions in instrument s4).","Immediate commencement on registration shortens implementation lead time for issuers (instrument s2)."],"plain_english_summary":"This instrument lets two or more issuers use a single Product Disclosure Statement (PDS) or Short‑Form PDS that covers separate financial products by modifying Part 7.9 of the Corporations Act so each issuer must prepare and take responsibility for the parts relating to their product. It affects financial‑product issuers and investors: issuers face coordination and formalised liability obligations when producing a joint PDS, and investors receive consolidated disclosure where responsibility is allocated among multiple issuers."},"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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose of permitting joint PDS arrangements. It is a direct remake of CO03-1092 (as noted in the metadata title) and does not expand beyond facilitating multi-issuer disclosure statements."},"complexity_factors":["Very short instrument (only 6 sections)","Only 4 defined terms, all referencing existing legislation","Single operative provision (section 5) with straightforward modifications to primary legislation","Simple conditional trigger in section 6 with only two requirements","No nested exceptions or complex cross-referencing beyond basic Corporations Act references"],"plain_english_summary":"This instrument amends the Corporations Act to let multiple financial product issuers present a single Product Disclosure Statement covering related products from different providers. It affects issuers (banks, fund managers, insurers) who can jointly prepare one PDS, and consumers who receive combined disclosure. The change aims to cut duplication and compliance costs while keeping clear disclosure and ensuring each issuer takes full responsibility for the document."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-joint-product-disclosure-statements-instrument-2016-1056","history":"/api/acts/asic-corporations-joint-product-disclosure-statements-instrument-2016-1056/history","analysis":"/api/acts/asic-corporations-joint-product-disclosure-statements-instrument-2016-1056/analysis","conflicts":"/api/acts/asic-corporations-joint-product-disclosure-statements-instrument-2016-1056/conflicts","importantCases":"/api/acts/asic-corporations-joint-product-disclosure-statements-instrument-2016-1056/important-cases","documents":"/api/acts/asic-corporations-joint-product-disclosure-statements-instrument-2016-1056/documents"}}