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.
