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ARTICLE · 05 DECEMBER 2013

ASIC updates disclosure guidance for shorter Product Disclosure Statements

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ASIC INFO 155 aims to clarify guidance on technical issues related to the implementation of the shorter PDS regime.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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NEED TO KNOW

On 27 November 2013, ASIC released updated ASIC Information Sheet 155 Shorter PDSs: Complying with requirements for superannuation products and simple managed investment schemes (ASIC INFO 155) to clarify guidance on technical issues related to the implementation of the shorter Product Disclosure Statement regime (shorter PDS regime).

BACKGROUND

The Corporations Regulations 2001 (Cth) (Corporations Regulations) were amended by the Corporations Amendment Regulations 2010 (No 5) (Cth) to establish a shorter PDS regime for superannuation products (other than risk-only products) and simple managed investment schemes. The shorter PDS regime commenced fully on 22 June 2012 and requires a PDS to be a maximum of 8 A4 pages and to comply with heading and content requirements.

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