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Screenshot of a breaking news alert e-mail from Q2 2017
ASIC announced that has extended Class Order [CO 12/749] Relief from the Shorter PDS regime for one year. The class order relief was due to expire on 30 June 2017.
The class order provides interim relief, until 30 June 2018, to exclude multifunds, superannuation platforms and hedge funds from the disclosure requirements of the shorter Product Disclosure Statement (PDS) regime under Part 7.9 of the Corporations Regulations 2001.
The shorter PDS regime requires disclosure for certain financial products to be presented in a short and simple way. As multifunds, superannuation platforms and hedge funds are complex products, there are questions about the appropriate application of the shorter PDS regime to these products.
ASIC Corporations (Amendment) Instrument 2017/386 extends the relief in CO 12/749 in the same form for one year. The extension will enable ASIC to undertake consultation with industry and consumer groups to determine whether superannuation platforms, multifunds and hedge funds should be permanently excluded from the shorter PDS regime.
Under the extension issuers of multifunds, superannuation platforms and hedge funds remain subject to the full PDS requirements.
ASIC will consult publicly on its relief from the shorter PDS regime before 30 June 2018.