ASIC has released a class order as part of plans to extend the transition period for the shorter product disclosure statement (PDS) regime for superannuation and simple managed investment schemes.
Earlier this month, the federal government announced its plan to make amendments to the shorter PDS regime.
The changes will allow product providers to remain in the old regime until 22 June 2012; continue to issue supplementary PDSs until 22 June 2012; and opt into the new regime from 22 June 2011 if they are ready to.
ASIC’s Class Order CO 11/576 gives effect to this proposal on an interim basis.
“This [class order] is to allow time for the federal government to implement the refinements to the shorter PDS regime it previously announced, and to avoid any interim disruption that could adversely impact retail investors and providers of superannuation and simple managed investment scheme products,” ASIC said in a statement.
The government’s announcement also included a number of other changes to clarify or refine the operation of the shorter PDS regime, including changes to confirm that pure risk products are excluded from the regime (irrespective of whether they are provided through a superannuation fund or not).
It also included changes to clarify that combined defined benefit and accumulation products are included in the regime, and amended the regulations to allow for situations where applications are electronically lodged.
ASIC said its class order did not give effect to these proposed changes.
