A technical correction has been made to fix a grammatical error in the definition of [Schedule 2, item 235, ‘responsible person’. subsection 1013A(3)] Content requirements for PDSs PDSs for foreign passport fund products must include the same content as for other financial products. Foreign passport fund products are taken to have an investment component and, accordingly, the PDS must also state whether the fund considers any labour standards or environmental, social or ethical considerations when making investment decisions. [Schedule 2, item 236, subsection 1013D(2A)] The PDS does not need to include any of the general information required under existing sections 1013D, 1013E or 1013F if the right to acquire the foreign passport fund interest is a continuously quoted security and the information is included in the most recent financial report (prepared in accordance with the home reporting economy’s requirements), the accompanying report or a continuous auditor’s disclosure notice lodged before the date of the PDS. If the preparer of the PDS seeks to rely on this exemption, the PDS must state that regular reporting requirements apply to the fund and inform people of their right to request a copy of the relevant document free of charge. [Schedule 2, items 237 to 239, paragraphs 1013FA(2)(a) and (aa) and subparagraph 1013FA(2)(b)(ii)] In addition to the general content requirements applying to other financial products, PDSs for foreign passport fund products must also state: the home economy; fund’s that the fund, the operator of the fund and the fund custodian are regulated by the home economy laws and that fund’s rights and remedies may differ from those members’ available to members of registered schemes; that information may be posted on the website and fund’s details about how this information can be accessed by members; rights and remedies under the home members’ main fund’s economy laws. [Schedule 2, item 240, section 1013GA] An issue may only be made on the basis of an application form that is accompanied by a PDS.. This is achieved by amending the definition of financial so that it includes foreign ‘relevant product’ passport fund products. [Schedule 2, item 246, paragraph 1016A(1)(aa)]
A technical correction has been made to fix a grammatical error in the definition of ‘responsible person’. [Schedule 2, item 235, subsection 1013A(3)] Content requirements for PDSs PDSs for foreign passport fund products must include the same content as for other financial products. Foreign passport fund products are taken to have an investment component and, accordingly, the PDS must also state whether the fund considers any labour standards or environmental, social or ethical considerations when making investment decisions. [Schedule 2, item 236, subsection 1013D(2A)] The PDS does not need to include any of the general information required under existing sections 1013D, 1013E or 1013F if the right to acquire the foreign passport fund interest is a continuously quoted security and the information is included in the most recent financial report (prepared in accordance with the home economy’s reporting requirements), the accompanying auditor’s report or a continuous disclosure notice lodged before the date of the PDS. If the preparer of the PDS seeks to rely on this exemption, the PDS must state that regular reporting requirements apply to the fund and inform people of their right to request a copy of the relevant document free of charge. [Schedule 2, items 237 to 239, paragraphs 1013FA(2)(a) and (aa) and subparagraph 1013FA(2)(b)(ii)] In addition to the general content requirements applying to other financial products, PDSs for foreign passport fund products must also state: the fund’s home economy; that the fund, the operator of the fund and the fund custodian are regulated by the fund’s home economy laws and that members’ rights and remedies may differ from those available to members of registered schemes; that information may be posted on the fund’s website and details about how this information can be accessed by members; members’ main rights and remedies under the fund’s home economy laws. [Schedule 2, item 240, section 1013GA] An issue may only be made on the basis of an application form that is accompanied by a PDS.. This is achieved by amending the definition of ‘relevant financial product’ so that it includes foreign passport fund products. [Schedule 2, item 246, paragraph 1016A(1)(aa)]
Exposure%20Draft%20Explanatory%20Materials.docx