LAWFUEL – Press Release Service – The Australian Securities and Investments Commission (ASIC) has extended current interim relief for superannuation trustees that delays the commencement of the product disclosure requirements in s1012IA of the Corporations Act from 30 June 2006 to 30 June 2007.
This extension is detailed in ASIC Class Order [CO 06/330] Deferral of s1012IA – Amendment.
Under s1012IA of the Act, a trustee of a superannuation fund has to provide a Product Disclosure Statement (PDS) to members and prospective members about particular financial products which may be
acquired through an investment strategy selected by a member or prospective member. This PDS needs to
be prepared by the issuer of the particular financial product accessible through an investment strategy and
is in addition to the PDS that the trustee must provide members and prospective members about the
superannuation fund itself. An example of a superannuation fund that may be subject to s1012IA for some
of its strategies would be a superannuation master trust.
The requirements under s1012IA relate to investment strategy choice not to choice of superannuation
fund.
In November 2004, ASIC issued a policy proposal paper Superannuation: Delivery of product disclosure
and investment choice and received several submissions. A final policy position is expected to be
announced in July.
‘ASIC has announced this extension to provide certainty for superannuation trustees about when they need
to comply with s1012IA,’ Director of Policy and Research, Mr Mark Adams said.
‘This extension will also provide enough transition time for superannuation trustees and issuers of
underlying investment products to comply with s1012IA taking into account our final policy planned for
release next month.’
A copy of [CO 06/330] Deferral of s1012IA – Amendment is available via the ASIC website at
www.asic.gov.au or by calling the ASIC Infoline on 1300 300 630.
For further background information, refer to:
• ASIC Policy Proposal Paper Superannuation: Delivery of product disclosure and investment
choice, 11 November 2004.
• ASIC Information Release [IR 04-57] ASIC consults on delivery of superannuation product
disclosure for investment strategy choice, 11 November 2004.
