{"id":"F2016L01769","name":"ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055","slug":"asic-corporations-updated-product-disclosure-statements-instrument-2016-1055","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439022,"registerId":"F2016L01769-fast-fetch-1775955199308","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: Instrument 2016_XXX for remade CO03-237\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055             \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\nContents\n\nPart 1—Preliminary \n\n1 Name of legislative instrument.....................................\n\n2 Commencement................................................\n\n3 Authority.....................................................\n\n4 Definitions....................................................\n\nPart 2—Declaration \n\n5 Updated information in Product Disclosure Statements.................\n\n6 Where declaration applies........................................\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055.\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\nmaterially adverse information means information of a kind the inclusion of which in, or the omission of which from, a Statement would render the Statement defective within the meaning of section 1021B of the Act.\n\nregulated person has the meaning given by section 1011B of the Act.\n\nresponsible person has the meaning given by subsection 1013A(3) of the Act.\n\nRegulations means the Corporations Regulations 2001.\n\nShort-Form PDS and Supplementary Short-Form PDS have the same meanings as in section 761A of the Act (as notionally modified by regulation 7.9.61AA of the Regulations).\n\nStatement means a Product Disclosure Statement or a Short-Form PDS.\n\nupdated information means any information that is, or but for the declaration in section 5 would be, required to be included in a Statement by section 1012J of the Act in addition to or in substitution for any information the Statement contained at the time when it is given.\n\nPart 2—Declaration\n\n5 Updated information in Product Disclosure Statements\n\nPart 7.9 of the Act applies in relation to:\n\n(a) a responsible person for a financial product who prepares a Statement for the product; and\n\n(b) a regulated person who gives the Statement to another person in accordance with section 1012A, 1012B, 1012C or 1017H of the Act;\n\nas if section 1012J of the Act were omitted.\n\nNote:  Section 1017H of the Act is notionally inserted by Part 3 of Schedule 10BA of the Regulations.\n\n6 Where declaration applies\n\nThe declaration in section 5 applies where all of the following are satisfied:\n\n(a)  the Statement was up to date at the time when it was prepared;\n\n(b) any updated information in relation to the Statement does not include any materially adverse information;\n\n(c) the responsible person has taken reasonable steps to:\n\n(i) ensure that the Statement clearly and prominently:\n\n(A) explains that information that is not materially adverse information is subject to change from time to time and may be updated by means described in the Statement; and\n\n(B) explains how that updated information can be found out at any time; and\n\n(C) states that a paper copy of any updated information will be given, or an electronic copy made available, to a person without charge on request; and\n\n(ii) establish and maintain means by which a person may find out any updated information, being means that are simple and involve no charge and little inconvenience to the person, having regard to the kinds of persons likely to consider acquiring the financial product to which the Statement relates; and\n\n(iii) make available any updated information as soon as practicable to each regulated person to whom the Statement has been provided for further distribution; and\n\n(iv) cause a copy of any updated information to be kept for 7 years after it is prepared.\n\nNote:  The information contained in a Statement at the time when it is given includes any information contained in a Supplementary Product Disclosure Statement or Supplementary Short-Form PDS given at the same time as the Statement: section 1014D of the Act and section 1017O of the Act (as notionally inserted by Part 3 of Schedule 10BA of the Regulations).\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument remains tightly focused on its original purpose: providing relief from the strict requirement to update Product Disclosure Statements in real-time. It does not expand beyond the PDS update mechanism to cover other disclosure documents or financial services. The conditions in section 6 actually constrain the scope carefully, ensuring the relief only applies to non-material changes with proper consumer safeguards."},"complexity_factors":["Only 6 sections total, with straightforward structure (Preliminary + Declaration)","4 defined terms in section 4, all referencing existing definitions in primary legislation rather than creating new concepts","Single operative provision (section 5) with a simple 'as if omitted' modification to the Corporations Act","Conditions in section 6 are clearly enumerated (a)-(c) with sub-paragraphs, using plain language like 'reasonable steps' and 'simple and involve no charge'","No nested exceptions or complex conditional logic — the declaration either applies or doesn't based on a clear checklist","Heavy reliance on external legislation (Corporations Act and Regulations) for definitions, but this is standard for ASIC instruments and reduces internal complexity"],"plain_english_summary":"This instrument lets financial product providers use a previously prepared Product Disclosure Statement (PDS) even if minor changes have occurred, so long as the original was accurate, changes aren’t materially adverse, and consumers can easily access up-to-date information.  \n\nIt affects product issuers, distributors (advisers, platforms) and investors — reducing costly reprinting and distribution while keeping safeguards against serious misinformation by requiring clear notice, easy update access and record‑keeping."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"The instrument narrows the immediate scope of Part 7.9 by treating section 1012J as omitted for specified responsible and regulated persons (s5), allowing non‑material updated information to be handled by access/notification arrangements rather than by reissuing or substituting a Statement. That change is qualified by the conditions in section 6 (up‑to‑date at preparation, non‑materiality, specified disclosure/access/recordkeeping steps), so the effect is a conditional reduction in the duty to include updates within the Statement itself."},"complexity_factors":["Cross-references to multiple Corporations Act provisions (notably sections 1012J, 1013A, 1011B, 1014D and 1017O) and the Regulations increase legal complexity.","The instrument operates by treating an Act provision as omitted (s5), which changes legal operation without amending primary legislation.","Key terms and triggers depend on legal tests (e.g. ‘materially adverse information’ defined by reference to s1021B), requiring legal interpretation.","Several ‘reasonable steps’ obligations (s6(c)) are fact-specific and create compliance discretion and uncertainty for issuers.","Operational requirements (access mechanisms that are ‘simple’ and ‘no charge’, notification content, 7‑year record retention) create ongoing administrative burdens.","Limited scope: applies only where the Statement was up to date when prepared and updated information is non‑material (s6(a)–(b)), so applicability must be assessed case-by-case."],"plain_english_summary":"This instrument lets a product issuer (a “responsible person”) and persons who distribute a PDS give an existing Product Disclosure Statement without reissuing it to include later updates that are not materially adverse, by treating the usual requirement to include such updates as if omitted (see s5–6). It requires issuers to explain how non‑material updates are handled, provide free access to updates, keep copies for 7 years, and bear the practical costs of maintaining and supplying those updates, while buyers must consult the stated update channels."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-updated-product-disclosure-statements-instrument-2016-1055","history":"/api/acts/asic-corporations-updated-product-disclosure-statements-instrument-2016-1055/history","analysis":"/api/acts/asic-corporations-updated-product-disclosure-statements-instrument-2016-1055/analysis","conflicts":"/api/acts/asic-corporations-updated-product-disclosure-statements-instrument-2016-1055/conflicts","importantCases":"/api/acts/asic-corporations-updated-product-disclosure-statements-instrument-2016-1055/important-cases","documents":"/api/acts/asic-corporations-updated-product-disclosure-statements-instrument-2016-1055/documents"}}