Issue 592, 8 February 2016
Superannuation platforms: ASIC to extend shorter PDS relief
ASIC has advised ASFA that it intends to extend, for a further 12 months, existing relief from the shorter product disclosure statement (PDS) rules for superannuation platforms.
Class Order [CO 12/749] Relief from the Shorter PDS regime provides optional relief from the shorter PDS regime for superannuation platforms until 30 June 2016. The effect of this relief is that unless the trustee elects to prepare a shorter PDS for a platform, it must comply with the full PDS requirements until that date.
The relief in [CO 12/749] was provided pending a decision by the government regarding the application of the PDS requirements to superannuation platforms.
ASIC has now advised ASFA that a final decision on this matter has not yet been made by the government. In order to provide certainty to the industry, ASIC intends to extend the relief provided by [CO 12/749] for a further 12 months, until 30 June 2017. ASIC expects to formalise this extension shortly.
[CO 12/749] also has application to some simple managed investment schemes, specifically multi-funds and hedge funds. ASFA understands that the proposed extension of the relief will also apply to these products.
