Lack of regulations delivers super funds relief on portfolio holdings

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.

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“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.”