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Finance Broking Australia-regulatory guide 219

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Regulatory Guide 219 - Non-standard margin lending facilities: Disclosure to investors CPD

The Corporations Act 2001 regulates margin lending facilities as financial products. Standard margin lending facilities are subject to a tailored disclosure regime under the Corporations Regulations 2001.

ASIC expect providers of non-standard margin lending facilities to meet the requirements of the tailored regime for standard margin lending facilities, as well their expectations for disclosure set out in RG 219.20–RG 219.24.

While this guide sets out ASIC’s expectations for disclosure about non-standard margin lending facilities, it should not be regarded as an indication that they regard these products as being suitable for all or most investors.

ASIC expect that, in order to meet their disclosure obligations under Ch 7 of the Corporations Act, a provider of a non-standard margin lending facility will address the following issues in the PDS given to a retail client:
•   The key issues applicable to a standard margin lending facility, to the extent that they are relevant to the non-standard facility (see RG 219.17–RG 219.19);
•   The additional key features of a non-standard margin lending facility, as outlined at RG 219.20–RG 219.23; and
•   Any additional key issues that would influence a retail client’s decision to purchase the product (see RG 219.24).

ASIC also expect that a provider of a non-standard margin lending facility will state clearly and prominently in the PDS that they are providing a non-standard margin lending facility, and explain how that differs from a standard margin lending facility.

 

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