Superannuation and Managed Investment Scheme Disclosure - Public Consultation |
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Date: |
Monday, 21 December 2009 | ||
Content ID: |
1695 | ||
Abstract: |
The Hon Chris Bowen MP has released for public comment draft regulations and an example Product Disclosure Statement (PDS) for superannuation and managed investment product disclosure. On 5 February 2008, the Government announced the formation of the Financial Services Working Group (the Working Group) dedicated to looking at the key issues associated with financial services advice and disclosure. The Working Group is a Better Regulation Ministerial Partnership between the Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP and the Minister for Finance and Deregulation, the Hon Lindsay Tanner MP and comprises senior officials from the Department of Treasury, the Department of Finance and Deregulation and the Australian Securities and Investments Commission. The Working Group was tasked with developing short, standardised and easy to understand superannuation and managed investment product disclosure documents. The approach has been developed in close consultation with industry and consumer representatives through the Financial Services Working Group Industry and Consumer Advisory Panel. These reforms complement those released previously for margin lending products and First Home Saver Accounts, and represent another milestone in the Government’s better regulation agenda. Under the proposed regimes, Product Disclosure Statements (PDSs) will be limited to six A4 pages of key information presented in a clear and uncomplicated manner. These documents will be supported by more detailed or frequently updated information provided online so that businesses can enjoy greater flexibility without compromising investor protection. The Working Group requests comments on the draft regulations and example PDSs by 26 February 2010 to assist in helping the Government to finalise the superannuation and managed investment scheme disclosure regimes. Making a submissionInterested parties are invited to comment on the paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted. All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission. Closing date for submissions: Friday, 26 February 2010 Address written submissions to: |
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Documents Available: |
 Acrobat (PDF)Managed Investment Schemes - Commentary 78.88kbManaged Investment Schemes - Product Disclosure Statement 141.99kb Managed Investment Schemes - Regulations 95.25kb Superannuation - Commentary 74.76kb Superannuation - Product Disclosure Statement 165.00kb Superannuation - Regulations 107.93kb  Microsoft Word (RTF)Managed Investment Schemes - Commentary 211.87kbManaged Investment Schemes - Product Disclosure Statement 153.63kb Managed Investment Schemes - Regulations 514.42kb Superannuation - Commentary 226.26kb Superannuation - Product Disclosure Statement 150.00kb Superannuation - Regulations 558.24kb |
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