ASIC today released an updated investor guide to improve awareness of the risks associated when investing in unlisted property schemes.
‘Investing in unlisted property schemes’ is an update of ASIC’s previous investor guide, and follows the release of updated regulatory guidance for unlisted property schemes in March 2012 (refer 12-56MR).
The updated guide helps investors:
- find out about the investment product itself
- understand the features and risks and ask the right questions
- use the benchmark and disclosure principle information in the PDS and other disclosure documents to assess the risks; and
- decide if the investment suits your financial goals and objectives.
ASIC Commissioner Greg Tanzer said ASIC’s first priority is to ensure consumers and financial investors are fully informed and can make confident decisions.
‘This is especially important when investing in financial products such as unlisted property schemes as they have numerous risks that investors should be aware of before they invest in these schemes,’ Mr Tanzer said.
Background:
Responsible entities of existing unlisted property schemes should be disclosing the benchmark and updated disclosure principle information to investors from 1 November 2012.
For new product disclosure statements prominent and clear disclosure of the benchmark and disclosure principle information should be included in those issued on or after 1 November 2012.