POWERED BY MOMENTUM MEDIA
Shortened PDS timeframe extended
Superannuation trustees and simple managed investment scheme providers have had the timeframe for the new shortened Product Disclosure Statement (PDS) regime extended.
The Australian Securities and Investments Commission (ASIC) has released a class order that will give the Federal Government more time to implement refinements to the regime, and in the meantime, avoid disruption to retail investors and product providers, a statement said.
The Government previously announced product providers could remain in the old regime or continue to issue supplementary PDSs until 22 June 2012, or opt in to the new regime from 22 June 2011 if they were ready to.
Some super funds have already made the switch to the new regime, with Aon Master Trust announcing it would replace its 60 page PDS with a new eight-page option by 1 July 2011.
The Federal Government also announced a number of other changes to clarify the operation of the shorter PDS regime, including confirming that pure risk products are excluded, confirming that combined defined benefit and accumulation products are included, and amending regulations to allow for electronic lodgement of applications.
AUTHOR
Ashleigh McIntyre
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
