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ARTICLE · 20 JUNE 2012

ASIC provides shorter PDS relief for superannuation platforms and multi-funds

Hall & Wilcox
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ASIC class order will relieve superannuation platforms and multi-funds from having to comply with a shorter PDS regime.

AustraliaFinance and Banking
Pamela McAlister
Pamela McAlister
Adrian Verdnik
Adrian Verdnik

The Australian Securities & Investments Commission (ASIC) has finally released the class order to relieve superannuation platforms and multi-funds from having to comply with the shorter PDS regime. The relief, contained in Class Order 12/749 (Class Order), makes good on the commitment from Minister Shorten in December 2011 that superannuation platforms and multi-funds would not have to issue shorter PDSs, which become mandatory for most other superannuation products and simple managed investment schemes from this Friday 22 June 2012. The Class Order also covers hedge funds and 'fund of hedge' funds, which are considered to be complex products and therefore not suitable for a shorter PDS.

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