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ASIC has released guidance on upcoming disclosure regulations, and key changes are yet to be reflected.

The regulator's guidance details the disclosure documents lenders and brokers will need to provide. However, changes lobbied for by the MFAA have yet to be reflected in the guidance. The disclosure regulations are to take effect on 1 October, and Gadens Lawyers senior partner Jon Denovan told Australian BrokerNews the expected changes "could be a close call".

"ASIC's guidance is based on the law as it is at the moment. Treasury have told me that the regulations will be amended prior to 1 October when all this starts," Denovan said.

The MFAA is lobbying Treasury to amend a regulation requiring licensees to specify their panel lenders, or, if the licensee has more than six panel lenders, the six with whom the licensee does the most business. The MFAA has argued that disclosing a licensee's top six lenders could serve to push customers toward these lenders. The association has also contended that the regulation could be difficult to adhere to, as panel lenders change from time to time.

Another mooted change is to regulations giving mortgage managers the option not to disclose their margins if the maximum cost and interest rate are published in the credit provider's website. The MFAA has argued that this could be impractical for lenders, and has suggested that the information instead be displayed on the mortgage manager's website.

Though the 1 October deadline is fast approaching, Denovan said he was confident the changes would come into effect before the disclosure regime kicks off.

"The MFAA's current view is that it is reasonable to rely on Treasury's assurance," he said.

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