Document ID: chunk:federal_register_of_legislation:F2023C01164:body:0:p3
Version: federal_register_of_legislation:F2023C01164
Segment Type: other
Provision Reference: 
Character Range: 5401–8406

Annual financial reporting
An IDPS-like scheme does not have to comply with subparagraphs 314(1)(a)(i) and 314(1)(a)(iii) of the Act on condition that the responsible entity must and for as long as the responsible entity:
(a) sends to each member on request a copy of the financial report for the IDPS-like scheme and the auditor's report on that financial report as would be required to be sent in accordance with subparagraphs 314(1)(a)(i) and 314(1)(a)(iii) of the Act; and
(b) notifies members of their right to request the information referred to in paragraph (a) in the annual report given to members in accordance with paragraph 1013DAB(13)(a) (as notionally inserted by this instrument).

Part 3—Declaration

7 Requirements for IDPS-like schemes
Part 7.9 of the Act applies in relation to a responsible entity of an IDPS-like scheme and each other person involved in the preparation of a Product Disclosure Statement for an interest in the scheme as if that Part were modified or varied by:
(a) in subsection 1010A(1), after "Divisions)", inserting "and section 1013DAB in relation to accessible securities (as defined in section 1013DAB)"; and
(b) after subsection 1012IA(9) (as notionally inserted by ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669), inserting:
"(10) A responsible entity of an IDPS-like scheme (as defined in subsection 1013DAB(19)) does not need to give a client a Product Disclosure Statement for a regulated acquisition that complies with subsection 1013DAB(8B), (8C), (8D), (8E) or (8F)."; and
(c) in Division 2 of that Part, inserting:

"1013DAB Requirements for IDPS-like schemes

Product Disclosure Statement—additional content
(1) A Product Disclosure Statement for offers of interests in an IDPS-like scheme must also include such information as a person acquiring an interest in the scheme as a retail client would reasonably require to understand the following, but does not need to include information in relation to actual or identified accessible investments:
(a) any differences between the rights of a holder of accessible investments and the rights of a member of the scheme in respect of accessible investments, including information on:
(i)  cooling-off rights; and
                      Note:  See section 1019BA (as notionally inserted by ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/XX.
(ii) voting rights; and
(iii) withdrawal rights under section 724 and section 1016E in relation to accessible securities and accessible financial products;
(b) the consequences for a member if at any time the member has not engaged a person, or a person meeting particular requirements, to provide:
(i) financial product advice to the member in relation to the scheme; or
(ii) instructions to the responsible entity in relation to accessible investments,
including the ability of the member in such circumstances to:
(iii) provide instructions in relation