What is a PDS, a TMD and an IM - and which applies to which product?

Q: What is a PDS, a TMD and an IM - and which applies to which product?

Three documents, two audiences. PDS (Product Disclosure Statement) - the retail disclosure document: what the product invests in, its risks, its fees and how to invest TMD (Target Market Determination) - who the product was designed for, and how it may be distributed IM (Information Memorandum) - the wholesale offer document, not held to the PDS disclosure standard and often materially less complete on fees The mapping: PDS and TMD for retail products. IM for wholesale products. If you are being offered an IM, you are being treated as a wholesale investor - check that you actually meet the test.

Three documents, two audiences.

PDS (Product Disclosure Statement) - the retail disclosure document: what the product invests in, its risks, its fees and how to invest
TMD (Target Market Determination) - who the product was designed for, and how it may be distributed
IM (Information Memorandum) - the wholesale offer document, not held to the PDS disclosure standard and often materially less complete on fees

The mapping: PDS and TMD for retail products. IM for wholesale products. If you are being offered an IM, you are being treated as a wholesale investor - check that you actually meet the test.

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