Are You Producing The Correct Type Of Product Disclosure Statement?
Last week, the Australian Securities & Investments Commission (ASIC) announced that it is extending an existing form of regulatory relief for three types of financial product: multi-funds, superannuation platforms and hedge funds. Businesses which offer these financial products will continue to be exempt from the requirement to produce shorter product disclosure statements (shorter PDSs) until (at least) June 2018. By Dr. Drew Donnelly, Compliance Quarter As a key tool for protecting consumers, it is essential that any business offering financial products is complying with product disclosure requirements. Today we ask: what is a standard PDS, what is a shorter PDS, which businesses are required to produce the shorter PDS, and which are exempt? The standard PDS Recently, we looked at new client money protections for retail clients investing in off-the-counter…