ASIC: Deferral of Stronger Super amendments in relation to PDS and periodic statement disclosure

ASIC has issued ASIC CLASS ORDER [CO 13/1534] to provide interim relief and exemption from compliance with new fee and cost disclosure requirements in product disclosure statements and periodic disclosure statements which were to come into effect from 31 December 2013.

The class order extends the date of compliance from 31 December 2013 to 1 July 2014, consistent with changes applying for the date for managed investment products.

ASIC stated that the purpose of the exemptions was to address compliance and administrative costs and the unreasonable burden imposed on trustees to meet the requirements by 31 December 2013.

An additional exemption has been granted in respect of where a trustee is required to make publicly available a product dashboard for the investment option. This means that the product dashboard would be required to be included as part of a periodic statement, including periodic statements when a member exits the fund. The class order provides interim relief from compliance if a trustee includes in the periodic statement, or accompanies the periodic statement with, a website address for the latest product dashboard for the investment option.

ASIC stated that the purpose of this exemption is to address the compliance and administrative costs and the unreasonable burden imposed on trustees by including hard copies of product dashboards in periodic statements. The exemption will apply to periodic statements given in relation to reporting periods ending before 1 January 2015, to allow for further consideration and consultation with industry.

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