Information about ‘regulated offers’ must be disclosed in a product disclosure statement (PDS) and on the Disclose Register. Together, this information must include all material information about the offer of a financial product and be up-to-date, accurate and understandable. The purpose of the information is to assist investors with their investment decisions.
Product disclosure statement (PDS)
The PDS is aimed at prudent but non-expert investors. It is required to be prepared in a clear, concise and effective manner and has a prescribed format and content to make offer information accessible.
A compulsory key information summary (KIS) at the front of the PDS gives investors an overview of key characteristics and the specific risks of the financial product.
A PDS must comply with prescribed length limits. These limits are the maximum allowed – issuers are encouraged to use less where possible. The maximum limits are:
| Product type |
Page limit
(printed A4 pages) |
Or, word limit |
| Debt security |
30 |
15,000 |
| Equity security |
60 |
30,000 |
Managed investment scheme:
• managed fund
• other MIS |
12
60
|
6,000
30,000
|
| Derivative |
30 |
15,000 |
More information about PDS's can be found on our FAQs section.
The Disclose Register
Material information about a regulated offer not included in a PDS needs to be uploaded to the Disclose Register. It also has online registers for managed investment schemes split into managed funds and other managed investments schemes.
The Disclose Register provides supporting information for investors, and enables advisers and analysts to carry out more in-depth research and analysis. We published guidance on the content and form of the Disclose Register information.
More information
