RG 97 Industry Guidance
RG 97 Industry Guidance
The RG 97 Industry Guidance was developed by the Industry Working Group (IWG) in response to ASIC Regulatory Guide 97 (RG 97) that commences on 30 September 2017, which introduced updated requirements for the disclosure of fees and costs in product disclosure statements (PDSs) and periodic statements.
Purpose
The Guidance is supported by the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA) and the FSC.
The purpose of the Guidance is to assist industry participants in applying the RG 97 disclosure framework consistently and effectively across superannuation products and collective investment vehicles.
The IWG also developed fee and cost mapping tables to help funds identify:
1) what constitutes “fees and costs” under the regime, and2) where those fees and costs should be disclosed
Please note that ASIC reviews and updates to the RG 97 framework may affect the application of certain guidance materials and mapping tables over time.
Available Documents
January 2019 Update
In January 2019, ASIC released the following consultation materials proposing amendments to the RG 97 regime following the Darren McShane review delivered to ASIC in August 2018:
January 2020 Update
On 29 November 2019, ASIC released an updated version of RG 97 together with a new legislative instrument introducing a revised Schedule 10 to the Corporations Regulations.
The updated framework prescribed revised fees and costs disclosure requirements for:
- superannuation products, and
- collective investment vehicles
Further details regarding the updated RG 97, transitional arrangements and the legislative instrument are available here.
The Industry Working Group subsequently commenced consideration of updates to the existing RG 97 Industry Guidance in response to these reforms.
This page will continue to be updated as further developments occur.