The relief from portfolio holdings disclosure was set to expire at the end of the year, 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).
The obligations will require trustees to publicly disclose each investment item allocated to an investment option and its value.
The measure had been deferred in April, among other eased restrictions for the industry amid the COVID crisis.
The first reporting day in the ASIC Class Order will now see super funds being required to disclose from 31 December 2021.
ASIC’s deferral will allow the government additional time to develop the regulations. Depending on when the rules are formed, the regulator may shorten the period of relief with another legislative instrument.
It has promised to account for transition time for the industry to implement the regime.
ASIC has indicated it supports greater transparency about funds’ portfolios, applauding the funds that have already made the move to disclose ahead of legislation.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
