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: Australian Regulatory Compliance Review

Notification requirements for Product Disclosure Statements

From 1 July 2008, the notification requirements have changed for most PDSs issued by financial services licensees: see s1015D(2) of the Corporations Act 2001 (Corporations Act) and ASIC Information Sheet 94.

From 1 July 2008, the responsible person for a PDS must tell ASIC when:

• the PDS is first given to someone in a recommendation, issue or sale situation
• fees and charges in the PDS are changed by a Supplementary PDS
• any product in the PDS ceases to be available.

Before 1 July 2008, you had to tell ASIC when any Supplementary PDS was in use. The changed requirements mean that you only need to tell ASIC about a Supplementary PDS if it changes fees and charges set out in the original PDS or in an existing Supplementary PDS.

The following forms should be used:

• Form FS88 PDS in-use notice
• Form FS89 Notice of change to fees and charges in a PDS
• Form FS90 Notice that a product in a PDS has ceased to be available.

Note: These changes do not apply to PDSs lodged with ASIC under s1015B of the Corporations Act.

Full post as published by Australian Regulatory Compliance Review on August 06, 2008 (boomark / email).