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.