ASIC extends relief on shorter PDS regime
The financial services regulator has granted an extension on interim class order relief from the shorter product disclosure statement (PDS) regime.
The extension applies to superannuation platforms, multi-funds and hedge funds.
The Australian Securities and Investments Commission (ASIC) previously issued guidance to help issuers of superannuation products and simple managed investment schemes to comply with the shorter PDS regime in June 2012.
Now, ASIC has granted an extension in the class order relief from the shorter PDS regime for another 12 months to 30 June 2015.
The relief was going to expire on 22 June 2014.
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.
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