The lead regulators have published various Product Disclosure Guidelines to assist promoters when compiling a PDS for an “offer of shares” under the ASIC Instrument. Promoters should not interpret such guidelines as prescribing a lesser standard of disclosure for such offers than the statutory provisions prescribe for registered schemes.
RNSW has published the following documents, which appear on its website (at October 2018):
- Guidelines for Promoters re Product Disclosure Statements [Jan 2017];
- Pro forma Product Disclosure Statement;
- Information for Prospective Owners – Promoters may include Management Fees in PDSs; and
- Racing NSW – Guide to Ownership Costs.
All promoters, regardless of the state or territory in which they operate, should read these documents, together with any similar documents published by their own lead regulator, before proceeding to compile a PDS for the sale of interests.