Platforms and funds get extension on shorter PDS

Superannuation platforms, multi-funds and hedge funds will get an extension from the Australian Securities and Investments Commission (ASIC) on interim class order relief from the shorter product disclosure statement (PDS) regime. 

The class order extends the previous class order relief from the shorter PDS regime for a further 12 months to 30 June, 2015. It was due to expire on 22 June this year. 

The full PDS requirements under the Corporations Act 2001 apply to products that have been excluded from the shorter PDS regime. 

ASIC’s relief extension applies until a future Australian government decision on how the shorter PDS regime will apply to superannuation platforms, multi-funds and hedge funds. 

ASIC previously released guidance for issuers of superannuation products and simple managed investment schemes to comply with the shorter PDS regime in June 2012. 

New product issuers have been required to comply with the regime since 22 June 2011 and other product issuers could opt-in voluntarily.