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31.03.2020

News

How to update your PDS for COVID-19

The COVID-19 pandemic may have impacted the disclosures made in your fund's PDS so you may need to amend your PDS to ensure it remains up-to-date during these rapidly changing times. Here, partner Langton Clarke outlines the options.


Options for updating your PDS

You can update your PDS by issuing either a new PDS or a supplementary PDS, unless your products are covered by the short PDS regime, in which case you must issue a new PDS (you cannot issue a supplementary document).

Another option is to rely on relief provided by ASIC and update your PDS by posting a notice on your fund's website. You can only do this if the new information is not 'materially adverse' from the perspective of a reasonable investor and you satisfy other conditions of the relief, including providing a hard copy of the update free of charge upon request. As responsible entity, you must make your own decision about whether the new information or change in circumstances is materially adverse. However, you may take legal advice into consideration in reaching your decision.


How can we help you?

We can provide you with advice on your best option and assist you to satisfy other conditions of the ASIC relief.

We can also assist you to prepare or review your new PDS, supplementary PDS or website update.


Authors

Langton Clarke

Langton Clarke

Partner

Contact McMahon Clarke

Brisbane
T +61 7 3239 2900
A Level 7, 100 Creek Street, Brisbane Qld 4000

Melbourne
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A Level 2, 696 Bourke Street, Melbourne Vic 3000