The design and distribution obligations (DDO) are intended to help consumers obtain appropriate financial products by requiring issuers and distributors to apply a consumer-centric approach to the design and distribution of their financial products. As an issuer of funds to retail investors, a number of Pendal funds are subject to DDO requirements, including the requirement to issue a Target Market Determinations (TMD) for each of those funds.
Below are the TMDs of the Pendal funds which set out who the fund is appropriate for, and any restrictions relating to the sale and distribution of the fund.
Pendal has issued Version 1 of TMDs for its funds, with an effective date of 3 September 2021.
The following section is for distributors of Pendal funds and sets out Pendal’s expected reporting requirements. Distributors include AFS licensees or authorised representatives who conduct retail product distribution or provide financial product advice.
Please send all reports or questions to us at firstname.lastname@example.org. You can also contact your Pendal Sales Representative.
|Reporting requirement||Reporting period||Applicable distributors|
|Complaints relating to the product design, product availability and distribution. The distributor should provide all the content of the complaint, having regard to privacy.||As soon as practicable but no later than 10 business days after the end of calendar quarter.||All distributors who have received a complaint in the relevant quarter|
|Significant dealing outside of the target market.||As soon as practicable but no later than 10 business days after distributor becomes aware of the significant dealing.||All distributors|
|To the extent a distributor is aware, dealings outside the target market, including reason why the acquisition is outside of target market, and whether the acquisition occurred under personal advice.||As soon as practicable but no later than 10 business days after the end of calendar quarter.||All distributors|
This guidance applies to all TMDs issued by Pendal on this website.
Pendal will rely on notifications of significant dealings from its distributors to monitor and review its funds, TMDs, distribution strategies, and to meet its obligation to report significant dealings to ASIC.
Dealings outside Pendal’s TMDs may be significant because :
In each case, a distributor should have regard to:
Objectively, a distributor may consider a dealing (or group of dealings) outside the TMD to be significant if: