What is a short form PDS?
Under the Short-Form PDS provisions, issuers who are required to provide a PDS have the option of giving retail clients a ‘Short-Form PDS’ (unless excluded), as long as a full PDS is available on request: see section 1017H of the Corporations Act 2001 (Corporations Act) as inserted by Schedule 10BA of the Corporations …
What must be included in a PDS?
A document that financial service providers must provide to you when they recommend or offer a financial product. It must include information about the product’s key features, fees, commissions, benefits, risks and the complaints handling procedure.
Is a prospectus a PDS?
The main difference is that for a PDS the benchmark is set by reference to a retail client whereas for a prospectus one needs to consider the needs of ‘investors and their professional advisers’. Concerns were initially voiced as to whether in practice this would lead to a difference in the language used in a PDS.
What is RG97?
What is RG97? RG97 is a new requirement for all super funds to provide additional information about the ‘indirect costs’ incurred when investing in underlying investments.
What are the benefits of a PDS?
A PDS is to contain sufficient information so that a retail client may make an informed decision about whether to purchase a financial product and to allow for comparison of financial products.
What is a supplementary PDS?
A Supplementary Product Disclosure Statement is a document by which a person who has prepared a Product Disclosure Statement (the PDS ) can: (a) correct a misleading or deceptive statement in the PDS; or. (b) correct an omission from the PDS of information it is required to contain; or.
When should PDS be given?
RG 168.41 Generally, a PDS should be given to a retail client at or before the time: (a) a recommendation is made to buy a financial product; (b) an offer is made to issue or arrange the issue of a financial product; or. (c) a seller makes an offer to sell the product if that sale requires disclosure.
What is dollar disclosure?
The dollar disclosure provisions require various costs, fees, charges, expenses, benefits and interests to be disclosed as Australian dollar amounts in Statements of Advice, Product Disclosure Statements and periodic statements, including exit statements, except when we have granted relief.
Who prepares a PDS?
A PDS is prepared by or on behalf of the issuer or seller of the financial product and must contain sufficient information so that a retail client may make an informed decision about whether to purchase a financial product: RG 168.36–RG 168.54.
What is rg175?
Issued 15 June 2021. This guide is for persons who provide financial product advice to retail clients, and their professional advisers (such as lawyers).
Who does RG 97 apply to?
PDSs
The rules apply to PDSs and periodic statements issued to retail clients of superannuation and collective investment products. This is set out in ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 and the ASIC guidance is contained in a new version of RG 97.
Do PDS need to be lodged with ASIC?
You must lodge your disclosure document with ASIC before it can be used to raise funds. For more information see Regulatory Guide 254 Offering securities under a disclosure document (RG 254).
What is the shorter PDS regime?
This information sheet (INFO 155) provides concise guidance for industry on the requirements of the shorter Product Disclosure Statement regime (shorter PDS regime) for superannuation products and simple managed investment schemes. It explains:
Which funds are still excluded from ASIC’s shorter PDS regime?
Hedge funds, multi-manager funds and superannuation platforms will continue to be excluded from ASIC’s shorter PDS regime, the regulator has announced. ASIC has extended Class Order [CO 12/749] Relief from the Shorter PDS regime, which was set to expire today, until 30 June 2018.
Should the PDS be shorter for pensions?
If, for example, the shorter PDS focuses more on accumulation than pension features, consumers may not have enough information to make informed decisions about the pension part of the product. Standard risk measure
What is the new PDS regime for managed investment schemes?
The shorter PDS regime applies to PDSs for simple managed investment schemes—that is, registered managed investment schemes that invest at least 80% of their assets: in an account or a deposit with a bank where the money is able to be withdrawn: immediately during the bank’s normal business hours, or