The Australian Securities and Investments Commission (ASIC) announced a six-month postponement of the design and distribution obligations (DDO) for financial products until 5 Oct 2021 — from 5 Apr 2021 — due to the economic impact of COVID-19, particularly on the financial system and consumers.
The DDO establishes a new governance regime and follows the Financial System Inquiry’s recommendations:
Consultation on draft guidance for the DDO closed in March 2020, and ASIC recently confirmed its aim to publish final guidance in mid-2020. The DDO requirements featured in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 received royal assent on 5 Apr 2019.
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