CLIENT UPDATE 7 September 2010
Updated Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other Disclosure Obligations) (RG 168) Yesterday (6 September 2010), ASIC re-released RG 168 which updates and consolidates ASIC guidance in relation to PDSs and other disclosure obligations. The updated RG 168 is expected to assist product issuers, including superannuation fund trustees and insurers, to make more effective disclosure in their PDSs and other disclosure documents. RG 168 also includes the recent reforms to the Corporations Act and Regulations relating to shorter, simpler PDSs. However, it does not cover the tailored PDS regimes for superannuation and simple managed investment products introduced by the Corporations Amendment Regulations 2010 (No 5) (Cth). Those regimes will commence on 22 June 2011 for new products, as well as for existing products where a supplementary PDS would be required and on 22 June 2012 for all other PDSs. In this regard, ASIC has said that further amendments may be made to RG 168 in due course that provide guidance about the tailored PDS regimes.
Paul Cleary has considerable expertise in the provision of specialist ďŹ nancial services and would be pleased to offer strategic superannuation legal advice.
For more information, please contact: Paul Cleary Partner T: 02 8257 5760 M: 0407 052 170 paul.cleary@turkslegal.com.au
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