ASIC will consider submissions from industry to refine the definition of ‘hedge fund’ due to concerns the current definition affected a number of funds that do not exhibit the same risks to investors as ‘true’ hedge funds. In June 2012 ASIC released Class Order [CO 12/749] Relief from the Shorter PDS regime which excludes hedge funds from the shorter product disclosure statement (PDS) regime.

[CO 12/749] was at the Minister’s request and is a temporary exclusion (until 22 June 2014) to allow the Government to develop a permanent solution. However, under the class order if an issuer had issued a shorter PDS for a hedge fund on or before 22 June 2012, it can continue to use the shorter PDS. Following industry feedback, ASIC had decided to extend until 1 February 2014 the transitional relief to hedge fund issuers under [CO 12/749].