Dollar disclosure relief

THE Australian Securities and Investments Commission has extended the compliance date for the dollar disclosure regime from January 1 2005 to March 1 2005.

ASIC deputy executive director financial services regulation Pamela McAlister said the commission had decided on the extension to ensure a good outcome for consumers.

"Our transitional relief will give industry a short period of additional time to comply with the eventual final regime while acknowledging the challenges some participants will face when introducing new systems and amending their disclosure documents over the December to January holiday period," she said.

The dollar disclosure regulations were made on June 24 and require providing entities and product issues to disclose various fees, benefits, costs and interests as a dollar amount.

That requirement extends to statements of advice, product disclosure statements and periodic statements.