Further relief for hedge funds in shorter PDS regime
The Australian Securities and Investments Commission (ASIC) has extended interim class order relief from the short product disclosure statement (PDS) regime for multi-funds, superannuation platforms and hedge funds.
Initially set to expire on 22 June next year, the new class order will extend the relief offered to these investment products to 22 June 2014.
According to the regulator, the relief has been extended pending a future Government decision on the application of the shorter PDS regime to superannuation platforms, multi-funds and hedge funds.
A number of hedge funds had issued shorter PDSs despite being excluded from the new PDS standards which came into effect on 22 June this year. Hedge funds that have issued a short PDS before 18 June 2012 may continue to use that short PDS until 31 January 2013, ASIC stated.
From 22 June hedge funds must prepare and give a full PDS, as outlined in the class order (12/749).
The regulator added that the transitional period for hedge funds will align with the commencement of new disclosure obligations for hedge funds under Regulatory Guide 240 'Hedge funds: Improving disclosure'.
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