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Proposed transitional 'common fund' regulations

Date:

Thursday, 19 May 2005

Content ID:

981

Abstract:

As part of the Government’s ‘enhanced fee disclosure regulations’ introduced on 10 March 2005, complementary transitional arrangements are being proposed that will provide assistance to industry by more closely aligning the timeframe for ‘common fund’ disclosure with the new measures.

Specifically, the proposed regulations seek to:

  • provide temporary relief from the requirement to disclose ‘common fund’ expenses in product disclosure statements (PDSs) for non-superannuation products until 1 July 2006 to align with the relevant commencement date of the ‘enhanced fee disclosure regulations’;
  • align the timing for the requirement to compulsorily disclose ‘common fund’ expenses attributable to individual investors in periodic statements to the relevant commencement date of the ‘enhanced fee disclosure regulations’; and
  • delay the requirement for ‘investment life insurance products’ to disclose transactions in exit statements until 1 July 2006.

Importantly, the proposed arrangements do not affect the integrity of the disclosure package that supports Superannuation Choice as they do not affect upfront disclosure in superannuation PDSs.

Written submissions regarding the proposed regulations should be sent to:

The Manager – Investor Protection Unit
Corporations and Financial Services Division
The Treasury
Langton Crescent
PARKES ACT 2600
Fax (02) 6263 2770

E-mail: fsrcomments@treasury.gov.au

The closing date for submissions is 5pm on Wednesday 1 June 2005.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Commentary for Common Fund Consultation Regulations  14.83kb
Consultation Regulations Common Fund Disclosure  31.76kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Commentary for Common Fund Consultation Regulations  18.40kb
Consultation Regulations Common Fund Disclosure  176.28kb

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