A. A Product Disclosure Statement (PDS) is a document required under the Corporations Act 2001 to be issued to prospective investors which must contain sufficient information so that a retail investor may make an informed decision about whether to invest.
B. Retail funds are required to be registered with ASIC and a PDS must be issued to prospective investors.
C. There are exemptions from the requirement to provide a PDS to a ‘retail investor’:
These exemptions permit investors who are ‘retail investors’ to invest in a wholesale unregistered fund without having been provided with a PDS. The exemptions enable a fund to have an array of investors who do not otherwise meet the definition of a ‘wholesale investor’. Note that the exemptions are from the requirement to provide the ‘retail investor’ with a PDS; they are not exemptions from the requirement to have an AFS licence.
D. Wholesale funds are not required to be registered with ASIC and a PDS is not required to be issued to prospective investors in unregistered ‘wholesale funds’. However, the common law and provisions in the Corporations Act 2001 dealing with false and misleading statements dictate that it is commercially-sensible to issue an Information Memorandum (IM).
E. An IM:
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