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Today ASIC released regulatory guide 274 Product design and distribution obligations (RG 274). It provides guidance on the design and distribution obligations in Part 7.8A of the Corporations Act 2001 (Cth). The obligations were originally scheduled to commence on 5 April 2021; however, this has been extended by six months to 5 October 2021.
This guide explains ASIC's interpretation of the design and distribution obligations, their expectations for compliance, and their general approach to administering the obligations.
In particular, it explains:
(a) the coverage of the design and distribution obligations, including the financial products that are subject to the obligations (see Section B);
(b) the product governance arrangements required by issuers and distributors to ensure that they comply with the obligations (see Section C);
(c) the specific obligations for issuers (see Section D);
(d) the specific obligations for distributors (see Section E); and
(e) the range of administrative powers ASIC have in relation to the design and distribution obligations, as well as their approach to the granting of relief from the obligations (see Section F).
11 December 2020