Relief given on shortened PDS transition
The Australian Securities and Investments Commission (ASIC) has released a class order to extend the transition period for the new shorter Product Disclosure Statement (PDS) regime.
Both superannuation and simple managed investment schemes will now be able to remain in the old regime until further notice.
Class Order CO 11/576 will allow the Federal Government time to implement the refinements to the shorter PDS regime and avoid any interim disruption that could adversely impact retail investors and product providers, ASIC said in a statement.
The Government previously announced product providers could remain in the old regime or continue to issue supplementary PDSs until 22 June 2012, or opt into the new regime from today if they are ready to.
The Federal Government also announced a number of other changes to clarify the operation of the shorter PDS regime, including confirming that pure risk products are excluded, confirming that combined defined benefit and accumulation products are included, and amending regulations to allow for electronic lodgement of applications.
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