Who must provide a current Product Disclosure Statement (s 1013A)?
The applicability test for Provide a current Product Disclosure Statement (s 1013A) (ASIC), computed across 35 industries, 9 business structures and 6 size bands.
Short answer: Only if
Applies when the business has issues products. Where the business has an AFSL, check whether you issue retail financial products.
What the obligation is
Retail financial product issuers must provide a current PDS before issuing.
Sections 1013A-1018A Corporations Act require issuers of retail financial products to provide a current Product Disclosure Statement. Content prescribed; must include fees, risks, benefits, cooling-off rights. Subject to DDO + ongoing dispute resolution access.
The applicability test
Applies when the business has issues products. Where the business has an AFSL, check whether you issue retail financial products.
How the regulator frames it: Issuers of retail financial products.
What triggers it: Issuing or offering a retail financial product.
Jurisdiction: Commonwealth law, so the test is the same in every state and territory.
Which industries are in or out
Outcome across the 35 industries Rules Mate maps (35 of 35: no).
The answer is the same in every industry: no. Industry does not change who must comply.
Business structure and size
Structure does not change the answer across all industries: for every structure the answer is "no".
Size does not change the answer across all industries: at every size band the answer is "no".
Worked examples
Each line is one run of the Rules Mate applicability engine for a single business profile, with the reason the engine gives:
- Pty Ltd company in real estate agents with 6–19 employees, turnover $1M–$3M: does not apply. Requires issues products.
Answers that bring it into scope
Starting from a small or large professional services company that does not otherwise meet the test, each of these single facts changes the engine's answer:
- The business holds an Australian financial services licence (AFSL): it becomes worth checking, because it applies only if you issue retail financial products.
When you need to check further
The engine shows this obligation as "check whether this applies" when a business has an AFSL. It then applies only if you issue retail financial products. That fact is not something Rules Mate can infer from industry, structure or size.
What you must do, and when
- When due
- Continuous; current PDS before each issuance.
- Frequency
- Ongoing
- Evidence to keep
- Lodged PDS; complaints register; ongoing PDS review.
- Status
- Current
- Priority
- High
Penalty for not complying
Maximum penalty: Civil penalties to financial services maximum; product intervention powers.
Audit or assurance level
Rules Mate has not yet classified the audit or assurance level for this obligation. Any audit, review or certification requirement is set by the regulator source listed below.
Where it sits in the corpus
Rules Mate tracks 17 published obligations tagged "financial services", 12 of them rated critical. For a professional services Pty Ltd company with 6–19 employees operating in every state, 0 of those apply outright. This obligation is rated high priority, and is an ongoing duty.
Regulator, legislation and tools
Regulated by Australian Securities and Investments Commission.
ASIC: Corporate regulator administering the Corporations Act, financial services and credit licensing (AFSL/ACL), markets supervision, insolvency, and registries (ASIC and ABRS).
Corporations Act: The foundational federal Act for Australian corporate law.
Free tools that help with this obligation:
Questions
- Who must provide a current Product Disclosure Statement (s 1013A)?
- Applies when the business has issues products. Where the business has an AFSL, check whether you issue retail financial products.
- Do sole traders need to provide a current Product Disclosure Statement (s 1013A)?
- No. Across every industry and every size band, the engine's answer for a sole trader is: no.
- Do businesses with 1–5 employees need to provide a current Product Disclosure Statement (s 1013A)?
- No (1–5 employees, turnover $100K–$1M).
- When is "Provide a current Product Disclosure Statement (s 1013A)" due?
- Continuous; current PDS before each issuance.
Related
Sources
Computed by the Rules Mate applicability engine from the published obligation corpus; facts last checked 3 October 2026. Rules Mate is not a law firm and this is general information, not legal advice. Confirm your position with the regulator source or a qualified adviser before acting.