The Assistant Treasurer has announced that from 22 June 2012, Product Disclosure Statements for all superannuation products and simple managed investment schemes regulated by the Corporations Act 2001 must be eight pages in length, and meet new content requirements.

Transitional arrangements will apply between 22 June 2011 and 22 July 2012 under which providers of these regulated products can either:

• remain in the old regime until 22 June 2012;or
• continue to issue supplementary PDSs until 22 June 2012; or
• opt into the new regime from 22 June 2011 if they are ready to.

A number of other changes are also being made, to clarify or refine the operation of the requirements. These refinements include:

•Changes to confirm that pure risk products are excluded from the regime (irrespective of whether they are provided through a superannuation fund or not)
•Changes to clarify that combined defined benefit and accumulation products are included in the regime
•Amending the regulations to allow for situations where applications are electronically lodged.

Draft regulations for these amendments will be available shortly for public comment.

Further changes to apply the shorter disclosure requirements to areas such as platforms and multi-funds are not currently contemplated by the Government.