ASIC has extended its class order 12/749 Relief from the Shorter PDS regime as the government continues to “consider its policy position” on the matter.
“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 corporate regulator has also extended ASIC Superannuation (RSE Websites) Instrument 2017/570, which exempts super funds from publishing information about employer sub-plans.
Both regulatory instruments were due to expire on 20 June 2018.
“These extensions will maintain the status quo in the meantime, enabling ASIC to adjust or revoke the relief once the policy position is settled by government,” said ASIC.
Both class orders are set to expire in a decade, but ASIC said “no assumption should be made that the instruments will continue in force for that length of time”.
