Superannuation funds have been granted another 12 months’ grace on portfolio reporting holdings disclosure simply because the regulations necessary to underpin the new regime have not yet been made.
The Australian Securities and Investments Commission (ASIC) has announced that it has deferred the reporting date for superannuation funds to disclose their portfolio holdings to 31 December, 2021.
It noted that the relief from portfolio holdings disclosure was originally set to expire on 31 December, this year, with disclosure about a fund’s holdings required on its website no later than 90 days from its report date.
“ASIC’s deferral allows additional time for the Government to make regulations,” the regulator’s announcement said.
“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.”
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
Add new comment