ASIC has extended interim class order relief from the shorter Product Disclosure Statement (PDS) regime for multi-funds, superannuation platforms and hedge funds.

Class Order [CO 14/23] extends the relief in Class Order [CO 12/749] Relief from the Shorter PDS regime for a further 12 months, to 30 June 2015.

The relief was due 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 has extended the relief pending a future Australian Government decision on the application of the shorter PDS regime to superannuation platforms, multi-funds and hedge funds.

Background

ASIC issued guidance to assist issuers of superannuation products and simple managed investment schemes to comply with the shorter PDS regime in June 2012 (ref: 12-131MR). The shorter PDS regime started on 22 June 2012.

Class Order [CO 12/749] excludes:

• superannuation platforms from the shorter PDS regime. However, superannuation platforms may elect to be included in the shorter PDS regime

• multi-funds from the shorter PDS regime. However, multi-funds may elect to be included in the shorter PDS regime, and

• hedge funds from the shorter PDS regime.

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Class Order [CO 12/749]
Amending Class Order [CO 14/23] and explanatory statement

Editor's note:

ASIC has further extended the interim class order relief from the shorter Product Disclosure Statement (PDS) regime for multi-funds, superannuation platforms and hedge funds. Class Order [CO 14/1118] extends the relief in Class Order [CO 12/749] Relief from the Shorter PDS regime for a further 12 months, to 30 June 2016.