Super portfolio disclosure draft regulations released
The Government has released its exposure draft regulations on superannuation fund portfolio holdings disclosures to members which has included changes to the way portfolio holdings are to be organised and additional requirements for the format they are to be displayed in.
The disclosure was part of the Your Future, Your Super reforms and looked to bring Australia in line with global best practice.
The changes, the Government said, were made to ensure the regime was cost-effective and in members best financial interests and included:
- Introducing a requirement that the information should be easily downloadable from the website of the fund in a delimited file format;
- Allowing cash and bank bill investments to be aggregated by the relevant institution;
- Removing the requirement to disclose maturity dates and counterparty name for derivatives; and
- Making it clear in the explanatory statement that, in addition to the mandatory disclosures, registrable superannuation entities (RSEs) were free to provide supplementary information regarding the portfolio holdings of the RSE’s products in a separate public disclosure.
Consultation on the revised exposure draft regulation and explanatory statement was open until 31 August, 2021.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.