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ARTICLE · 22 JULY 2012

ASIC releases new class order - "Relief from the Shorter PDS Regime"

Clayton Utz
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The new class order exempts superannuation platforms, certain multifunds, and hedge funds from the shorter PDS regime.

AustraliaFinance and Banking
Matthew Daley
Matthew Daley
Matt Anderson
Matt Anderson
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Key Points:

Superannuation platforms, certain multifunds, and hedge funds are exempted from the shorter PDS regime.

On 18 June 2012, the Australian Securities and Investments Commission released Class Order CO 12/749 "Relief from the Shorter PDS regime".

The Class Order, which has effect until 22 June 2012, provides that superannuation platforms and certain multifunds can be excluded from the shorter product disclosure statement (PDS) regime. The Class Order additionally exempts hedge funds from the shorter PDS regime.

What is the shorter PDS regime?

The shorter PDS regime (introduced by Corporations Amendment Regulations 2010 (No 5)), is designed to make PDS shorter and simpler and assist consumers with comparing financial products.

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