Hedge funds, multi-manager funds and superannuation platforms will continue to be excluded from ASIC’s shorter PDS regime, the regulator has announced.
ASIC has extended Class Order [CO 12/749] Relief from the Shorter PDS regime, which was set to expire today, until 30 June 2018.
The class order provides interim relief to exclude multi-manager funds, super platforms and hedge funds from the disclosure requirements of the shorter PDS regime in the Corporations Regulations.
"The shorter PDS regime requires disclosure for certain financial products to be presented in a short and simple way," said ASIC.
"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.
"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 plans to consult publicly on the relief from the shorter PDS scheme before the extended class order expires on 30 June 2018.
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