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Consultation - Draft Changes to the Shorter PDS Regulations – Draft Corporations Legislation Amendment Regulations 2011

Date:

Thursday, 28 July 2011

Content ID:

2112

Abstract:

The Assistant Treasurer and Minister for Financial Services and Superannuation, the Hon Bill Shorten has released for public comment draft regulations which will provide options for PDS providers moving to the shorter PDS regime.

These changes to the shorter PDS regime were announced on 8 June 2011 (Media Release No. 090) to facilitate the introduction and transition to the 8 page PDS regime for regulated superannuation products and simple managed investment schemes.

The draft regulations complement the Corporations Amendment Regulations 2010 (No 5) made last year which introduced the shorter and simpler PDS regime for certain regulated financial products.  In particular, they address a number of concerns related to the timeframe available for PDS providers to transition to the new regime by allowing providers to:

  • remain in the old regime until 22 June 2012;
  • continue to issue supplementary PDSs until 22 June 2012; or
  • opt in to the new shorter PDS regime if they are ready to do so.

The draft regulations also provide clarity to other elements of the regulations to facilitate compliance by providers.

Comments on the draft regulations are requested by COB 12 August 2011 and will assist the Government to further refine the superannuation and simple managed investment scheme disclosure regimes.

Making a submission

Interested parties are invited to comment on the exposure draft package. 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, 12 August 2011

Address written submissions to:
Ms Sue Vroombout
General Manager
Retail Investor Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: (02) 6263 4471

Email: financialservices@treasury.gov.au

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Comentary for Exposure Draft Regulations  44.96kb
Consultation Draft Regulations  39.19kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Comentary for Exposure Draft Regulations  100.50kb
Consultation Draft Regulations  420.50kb

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