ASIC has extended interim class order relief from the shorter PDS regime for multi-funds, superannuation platforms and hedge funds.
Class Order [CO 12/1592] extends the relief in Class Order [CO 12/749] Relief from the Shorter PDS regime for a further 12 months, to 22 June 2014. The relief was due to expire on 22 June 2013.
ASIC has extended the relief pending a future Government decision on the application of the shorter PDS regime to superannuation platforms, multi-funds and hedge funds.
A number of hedge funds had issued shorter PDSs when ASIC excluded hedge funds from the shorter PDS regime. [CO 12/749] provides that a hedge fund that has issued a shorter PDS before 18 June 2012 may continue to use that shorter PDS until 31 January 2013.
ASIC has:
- extended this transitional relief to 22 June 2013; and
- provided hedge funds who have prepared and given a shorter PDS between 18 June 2012 and 22 June 2012 with the benefit of the transitional period from the commencement of this class order.
From 22 June 2013 hedge funds must prepare and give a full PDS.
Extending the transitional period for hedge funds will align with the commencement of new disclosure obligations for hedge funds under ASIC Regulatory Guide 240 Hedge funds: Improving disclosure (RG 240).