ASIC extends super PDS deadline
Trustees of superannuation funds have been given an extra year by the corporate regulator to provide Product Disclosure Statements (PDS) to members detailing different investment strategies contained within relevant superannuation funds.
Originally required to be submitted by June 30 2005, trustees will now have until 30 June 2006 to get the PDSs to the Australian Securities and Investments Commission(ASIC).
According to ASIC the requirement is relevant to any superannuation entity that allows members to choose between different investment strategies within the same super fund, like superannuation master trusts for example.
Trustees can fulfil these requirements either by preparing a PDS themselves or by supplementing their own PDS with one prepared by the issuer of the particular products included in the investment strategy.
This is the most recent of a series of extensions to the deadline, with trustees originally required to submit the documents in mid 2004.
Last November ASIC released a policy proposal paper which outlined the requirements. ASIC director of policy Mark Adams said the final version of its policy position, which has been influenced by industry feedback to the original proposal paper, would be released by August 2005.
He said the extension was granted to give trustees “enough transition time” to comply with the finalised requirement.
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