ASIC issues updated disclosure guidance for shorter PDSs

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On 27 November 2013, the Australian Securities and Investments Commission (ASIC) released its updated Information Sheet 155, ‘Complying with requirements for superannuation products and simple managed investment schemes’ (INFO 155). The updated INFO 155 follows an ASIC industry review of shorter PDSs issued since the commencement of the shorter PDS regime in June 2012 and provides some useful comments as to how ASIC interprets and intends to regulate some of the more technical requirements and lodgement protocols of this regime.

The updated INFO 155 does not signal any substantive changes in ASIC’s approach or to the content requirements; however, it provides a timely reminder of the following areas of concern for the regulator…

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