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Design and Distribution Obligations (DDO)
A framework to promote a consumer-centric approach to the design and distribution of products intended to help consumers obtain appropriate financial products.
As the Responsible Entity (issuer) for more than 130 managed investment schemes, Perpetual Corporate Trust (PCT) has developed a framework to promote a consumer-centric approach to the design and distribution of products intended to help consumers obtain appropriate financial products.
If you are a distributor of a product issued by PCT, it is important that you:
- understand PCT’s due diligence, appointment and monitoring requirements described below;
- understand the target market as defined in the relevant Target Market Determination (TMD), and take reasonable steps to ensure that the product is distributed in accordance with the TMD;
- understand and adhere to any distribution conditions as set out in the TMD;
- keep adequate records to demonstrate you have taken reasonable steps, have adhered to the distribution conditions and to support any information provided to us;
- provide us with any additional information that we require in order for us to comply with our obligations under the law; and
- provide information in the required format and at the required frequency as described below.
To obtain a copy of one of our TMD’s, please email DDO@Perpetual.com.au
Distributor reporting requirements
Distributors of products are required to report on:
Complaints
A complaint is an expression of dissatisfaction related to our products where a response or resolution is explicitly or implicitly expected or legally required.
When to report
Within 10 business days of the end of the calendar quarter.
How to report
Complete the FSC complaints reporting template (available here) and email to DDO@Perpetual.com.au
For Further information
Refer to Regulatory Guide 271
Distributors of products are required to report on:
Dealings outside the target market
To the extent that distributors are aware of dealings outside the target market, these should be reported to PCT including the reason why the acquisition is outside of target market, and whether the acquisition occurred under personal advice.
When to report
Within 10 business days of the end of the calendar quarter.
How to report
Complete the FSC Dealings Submission template (available here) and email to DDO@Perpetual.com.au
Distributors of products are required to report on:
Significant dealings
A significant dealing report is intended to capture material or significant distribution of a product outside of its TMD. Whether or not a dealing is significant will depend on a number of circumstances including the scale of the dealing outside of the target market and the risk of harm of this dealing to the consumer.
Distributors will need to make their own assessment as to whether the dealing outside of target market is significant and needs to be reported to PCT.
When to report
As soon as possible but no later than 10 business days after you become aware of a significant dealing.
How to report
Complete the FSC DDO Dealings Submission template (available here) and email to DDO@Perpetual.com.au
For more information
Review our Target Market Determinations which provide further information on how to assess whether a dealing is significant.
Our approach to distributor due diligence.
We will undertake distributor due diligence to assess a distributor’s compliance with DDO and its ability to distribute and report in accordance with the TMD. We will consider the distributor’s governance, resources and operational control environment.
When is due diligence completed?
Due diligence is completed on material distributors upon appointment and on a periodic basis.
How is due diligence completed?
We can provide the following options:
- Complete a Distributor questionnaire issued by us or the FSC; OR
- Sign up to the Know Your Distributor system; OR
- Provide us with sufficient information to enable us to undertake the relevant assessment as required to meet the DDO obligations.
Our approach to appointing distributors
For new appointments, all material distributors will enter into tri-party agreements with the relevant Perpetual Corporate Trust entity and the Investment Manager that contain DDO provisions.
For existing appointments, DDO provisions will be included when agreements are amended.
Perpetual Corporate Trust’s responsible entity services are provided by The Trust Company (RE Services) Limited ABN 45 003 278 831 AFSL 235150 and by Perpetual Trust Services Limited ABN 48 000 142 049 AFSL 236648.
This information is believed to be accurate at the time of compilation and is provided in good faith. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information.
This page contains general information and is intended for wholesale clients only. It is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information.
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Europe
This information and the terms of use are subject to change at any time without notice. The contents of this website are intended for residents and citizens of the United Kingdom, and the European Union, and should not be relied on by residents or citizens of other jurisdictions. All investment products and services referenced in this website are managed and offered by either JOHCM or its affiliates within the Perpetual Limited group of companies ("Perpetual Affiliates"). By clicking the “Proceed” button below, you are agreeing to the Terms & Conditions of use.