The changes were previously announced by the Government on 8 June 2011, which aim to facilitate the introduction and transition to the 8 page PDS regime for regulated superannuation products and simple managed investment schemes.
The recently released draft regulations complement the Corporations Amendment Regulations 2010 (No 5) (Cth) made last year which introduced the shorter and simpler PDS regime for certain regulated financial products. In particular, they address a number of concerns related to the timeframe available for PDS providers to transition to the new regime by allowing providers to:
- remain in the old regime until 22 June 2012;
- continue to issue supplementary PDSs until 22 June 2012; or
- opt in to the new shorter PDS regime if they are ready to do so.
The draft regulations also provide clarity to other elements of the regulations to facilitate compliance by providers.
See draft Corporations Amendment Regulations 2011 (Cth) and commentary, released 28 July 2011.
Companies should be aware of the new PDS requirements and consider opting in the new regime early as a differentiation in the market.