The new shorter PDS regime for superannuation products and simple managed investment schemes commences fully on 22 June 2012.

The regulations require prescribed headings, a restricted maximum page length for the primary document and prescribed content, as well as an ‘incorporation by reference mechanism’ which permits additional information to be given to consumers and is deemed to form part of the PDS.

ASIC has published Shorter PDSs: Complying with requirements for superannuation products and simple managed investment schemes (INFO 155) to provide concise guidance for industry on technical issues related to implementation of the new shorter PDS regime.

ASIC has also updated Shorter PDS regime: Superannuation, managed investment schemes and margin lending (INFO 133) to reflect the amendments to the transition period implemented by the Corporations Legislation Amendment Regulations 2011 (No.2).

ASIC will provide interim class order relief from the shorter PDS regime for multifunds, superannuation platforms and hedge funds.