Minister announces that shorter PDS regime put off until 22 June 2012

Following an announcement by the Assistant Treasurer and Minister for Financial Services and Superannuation it will no longer be necessary for fund managers to comply with the new “Shorter PDS” regime until 22 June 2012.

Previously the date of 22 June 2011 had been set, with ambiguous opt outs. However the announcement now makes it clear that the regime will be compulsory only from 22 June 2012.

Under the new regime Product Disclosure Statements for all superannuation products and simple managed investment schemes regulated by the Corporations Act 2001 must be eight pages in length, and meet new prescriptive content requirements.

A “simple managed investment scheme” is a scheme investing predominantly in assets that can be sold for market value within 10 days. Therefore, this new regime does not apply to mortgage schemes.

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