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Tuesday 8 December 2020

20-315MR ASIC extends relief from portfolio holdings disclosure

ASIC has deferred the first reporting date for superannuation funds to disclose their portfolio holdings because the regulations supporting the requirements have not yet been made.

The relief from portfolio holdings disclosure was originally set to expire on 31 December 2020, with disclosure of information about a fund’s holdings required on its website no later than 90 days from its reporting date (either 31 December or 30 June). ASIC’s deferral allows additional time for the Government to make the regulations.

ASIC has implemented the deferral by amending the first reporting day in ASIC Class Order [CO 14/443] for superannuation funds to disclose their portfolio holdings to 31 December 2021.

Depending on when regulations are made, ASIC may shorten the period of the relief by a further legislative instrument. In doing so, ASIC will take into account the fact that industry will need an appropriate transition time to implement the regime.

ASIC supports greater transparency about funds’ portfolio holdings and welcomes the move by some funds to proactively increase transparency about their portfolio holdings in the absence of legislative obligations.

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Background

The portfolio holdings disclosure obligations are set out in s1017BB of the Corporations Act.

Under the obligations, trustees must make publicly available information identifying each investment item allocated to an investment option and information regarding the value of the investment items.

On 14 April 2020, ASIC notified industry of its intention to defer the first portfolio holdings disclosure reporting date.

Last updated: 30/03/2021 09:23