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Monday 4 June 2018

18-164MR ASIC temporarily extends relief for managed investment and superannuation schemes for certain disclosure obligations

ASIC has extended two ASIC instruments to allow additional time to consider the policy position in relation to certain disclosure obligations of managed investment schemes and superannuation trustees.

The relevant instruments are: [CO 12/749] Relief from the Shorter PDS regime and ASIC Superannuation (RSE Websites) Instrument 2017/570. Each instrument had been due to expire on 30 June 2018.

These extensions will maintain the status quo in the meantime, enabling ASIC to adjust or revoke the relief once the policy position is settled by Government.

The expiry dates specified in the instruments align with the usual 10-year sunsetting period for legislative instruments under the Legislation Act 2003. No assumption should be made that the instruments will continue in force for that length of time.

Effect of shorter PDS regime relief

CO 12/749, as extended by ASIC Corporations (Amendment) Instrument 2018/473 provides relief to exclude multifunds, superannuation platforms and hedge funds from the disclosure requirements of the shorter Product Disclosure Statement (PDS) regime under Part 7.9 of the Corporations Regulations 2001.

The shorter PDS regime requires disclosure for certain financial products to be presented in a short and simple way. As multifunds, superannuation platforms and hedge funds are complex products, there are questions about the appropriate application of the shorter PDS regime to these products.

Following an announcement made by the then Government, ASIC first provided relief under the class order in 2012. Since then ASIC has extended the period of relief in successive instruments to permit the policy position in relation to operation of the shorter PDS regime to be further considered.

Under the extension issuers of multifunds, superannuation platforms and hedge funds remain subject to the full PDS requirements.

Effect of relief for website publication of employer sub-plan information

Instrument 2017/570, as extended by ASIC Corporations (Amendment) Instrument 2018/474, provides relief from section 29QB of the Superannuation Industry (Supervision) Act 1993 to the extent it requires the publication on superannuation fund websites of personal information and information about standard employer sub-plans.

ASIC first provided this relief by class order in 2014, and since then has extended the period of relief in successive instruments. This has been to facilitate Government consideration of industry feedback in relation to the operation of section 29QB to require potentially sensitive information in relation to the commercial terms negotiated with different employer sponsors.

Under the extension, the relief in relation to the operation of section 29QB to the extent it requires the publication of personal information continues unaffected.

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Last updated: 04/06/2018 12:00