ASIC has released five updated ASIC policy statements
and two updated guidance papers relating to financial services reform
(FSR) requirements.

The updated policy statements are:

• [PS 166] Licensing: Financial requirements;
• [PS 167] Licensing: Discretionary powers;
• [PS 168] Disclosure: Product disclosure statements (and other disclosure obligations);
• [PS 169] Disclosure: Discretionary powers; and 
• [PS 175] Licensing: Financial product advisers – Conduct and disclosure. 

Policy Statement 164 Organisational capacities
[PS 164] is currently being reviewed. ASIC plans to issue an updated
version of [PS 164] later in the year, and an update to PS 165 Licensing: Internal and external dispute resolution [PS 165] is under consideration.

The updated guidance papers are:

• The Hawking Prohibitions (Hawking Guide); and
• Licensing: The Scope of the Licensing Regime: Financial Product Advice and Dealing (Advice and Deal Guide).

 The
amendments are largely of a minor and technical nature and do not raise
significant new policy issues. Due to the nature and large number of
changes, ASIC has not released marked-up versions of the updated policy
statements and guidance papers. A summary of the amendments to each of
the documents is provided in ASIC’s Information Release.