A shorter form of disclosure?: Update March 2010

On 21 December 2009, the Hon Chris Bowen MP released, for public comment, draft Corporations Amendment Regulations 2009 (draft Regulations) and an example PDS for superannuation funds and managed investment schemes. The draft Regulations and example PDS were the products of a Financial Services Working Group charged with examining, among other things, financial services disclosure.

Unlike a superannuation PDS produced under the current regime which, subject to the prescriptive content requirements, remains open to tailoring for a particular superannuation fund (or interest in the fund), the proposed regime aims to produce a ‘one size fits all’ short-form superannuation PDS.

While a number of aspects of the current regime will be retained, including the issuer bearing responsibility for the PDS and the requirement for content to be up-to-date and ‘clear, concise and effective’, much is up for change.

To view the full Update, please download PDF.