Notification requirements for Product Disclosure Statements
If you are the responsible person for a Product Disclosure Statement (PDS) that is not lodged with ASIC under s1015B of the Corporations Act 2001, you must notify us of certain events that affect the PDS. This information sheet explains:
- when you need to notify us;
- who the responsible person is and what they must do;
- how to lodge notifications with us;
- what to do if there is more than one responsible person;
- how to make ongoing notifications; and
- what the notification requirements are for shorter PDSs.
When must ASIC be notified?
You must tell us when:
- the PDS is first given to someone in a recommendation, issue or sale situation;
- there is a change to fees and charges set out in the enhanced fee disclosure table—the templates for the enhanced fee disclosure table are set out in items 201 and 202 of Sch 10 to the Corporations Regulations 2001: see also regulation 7.9.16T); and
- a product in the PDS ceases to be available.
Telling us about these events helps us identify:
- how many PDSs are currently in the market; and
- how many products are available.
You must tell us about these events by submitting a form through one of our online portals: see ‘How are notifications lodged with ASIC?’.
Who is the responsible person?
The responsible person is an individual or a body corporate who, or on whose behalf, the PDS is prepared. In most cases, this will be the body corporate issuing the product.
The registered user of the Australian financial services (AFS) licensee portal or the company officeholder portal is the primary responsible person for the PDS. The registered user of the registered agent portal must nominate the primary responsible person for the PDS.
What must the responsible person do?
The responsible person must:
- lodge any notifications about the PDS with ASIC as required;
- keep a copy of the PDS for seven years after the date of the PDS;
- make a copy of the PDS available to us during that period if we ask; and
- comply with any reasonable request from any other person for a copy of the PDS during that period.
How are notifications lodged with ASIC?
To tell us about an event affecting a PDS, use the forms described in this table.
|Form FS88 PDS in-use notice||$38|
|Form FS89 Notice of change to fees and charges in a PDS||No fee|
|Form FS90 Notice that a product in a PDS has ceased to be available||No fee|
To lodge the forms, you must become a registered user of one of the following portals:
- AFS licensee portal: an AFS licensee can register for access to lodge forms online;
- Company officeholder portal: a company officeholder can register for access to lodge forms for their company; or
- Registered agent portal: an agent can register for access to lodge forms for companies that have appointed that agent to represent them.
Registered users can also view details of their previous PDS notifications online.
You should lodge the forms as soon as practicable; if you lodge later than five business days after the event, late fees will apply.
What if there is more than one responsible person?
If there is more than one responsible person, record details of each responsible person in Form FS88. Any additional responsible persons must give the primary responsible person or registered agent the authority to notify us about ongoing changes to the PDS or products in the PDS.
The primary responsible person for the PDS is responsible for:
- paying any lodgement and late fees; and
- notifying us as required about the PDS or products in the PDS.
On the forms, we ask you to give a reference number to identify the PDS. For any ongoing notifications, use the same reference number you used on the last Form FS88 for the PDS, or enter the ASIC document number for that notice. This helps us identify the number of PDS documents currently in the market.
Lodge Form FS89 if there is a change to fees and charges set out in an enhanced fee disclosure table contained in the shorter PDS or applied, adopted or incorporated by the shorter PDS.
For further information about shorter PDSs see our information sheet Shorter PDS regime: Superannuation, managed investment schemes and margin lending (INFO 133).
Where can I get more information?
- Read our information sheet Shorter PDS regime: Superannuation, managed investment schemes and margin lending (INFO 133).
- Call ASIC on 1300 300 630.
Please note that this information sheet is a summary giving you basic information about a particular topic. It does not cover the whole of the relevant law regarding that topic, and it is not a substitute for professional advice.
You should also note that because this information sheet avoids legal language wherever possible, it might include some generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases your particular circumstances must be taken into account when determining how the law applies to you.
This is Information Sheet 94 (INFO 94), reissued in July 2013. Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.