ASIC updates PDS guidance

PDS australian securities and investments commission corporations act

1 December 2011
| By Keith Griffiths |
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The Australian Securities and Investments Commission (ASIC) has updated its guidance for issuers of disclosure documents and product disclosure statements (PDSs). 

ASIC Regulatory Guides 55, 65 and 97 have been reviewed to include references to regulations released in recent months, including those affecting issuers of standard margin lending facilities, simple managed investment schemes and certain superannuation products.

RG 55 is for issuers of financial products and others who prepare disclosure documents or product disclosure statements. RG 55 provides guidance on how ASIC will administer the requirement under the Corporations Act 2001 (Corporations Act) for an issuer to obtain consent before citing a person in a disclosure document or PDS. 

RG 65 is for product issuers. It sets out ASIC's guidelines on how product issuers can meet their obligations under s1013DA of the Corporations Act to disclose in PDSs how labour standards or environmental, social or ethical considerations are taken into account in selecting, retaining or realising an investment.

The amendments to RG 65 are also technical updates to reflect the fact that the shorter PDS regime sets different disclosure requirements concerning socially responsible investing on trustees and responsible entities of managed investment schemes required to comply with the shorter PDS regime.

RG 97 is also for product issuers of most superannuation and managed investment products issued to retail clients. It provides guidance on how to disclose fees and costs in PDSs and periodic statements.

The amendments to RG 97 are similarly technical updates to reflect the fact that the shorter PDS regime sets specific disclosure requirements on some superannuation trustees and managed investment schemes required to comply with the shorter PDS regime. The shorter PDS regime has made changes to the enhanced fee disclosure requirements to facilitate the use of the shorter PDS format. 

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