ASIC extends relief for super trustees
Superannuation trustees will enjoy extended interim relief from product disclosure requirements, after the Australian Securities and Investments Commission (ASIC) delayed commencement of the regulations until June 30, 2007.
Under section 1012IA of the Corporations Act, a trustee of a superannuation fund has to provide a Product Disclosure Statement (PDS) to members and prospective members about particular financial products that may be acquired through an investment strategy selected by a member or prospective member.
This PDS needs to be prepared by the issuer of the particular financial product accessible through an investment strategy, and is in addition to the PDS that the trustee must provide about the superannuation fund itself.
“ASIC has announced this extension to provide certainty for superannuation trustees about when they need to comply with section 1012IA,” director of policy and research Mark Adams said.
“This extension will also provide enough transition time for superannuation trustees and issuers of underlying investment products to comply with section 1012IA, taking into account our final policy planned for release next month.”
In November 2004, ASIC issued a policy proposal paper regarding product disclosure and investment choice, and received several submissions.
A final policy position is expected to be announced in July.
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