ASIC’s RG 97 review welcomed by industry

The regulator invited industry feedback on stamp duty and private debt disclosure reforms following its targeted review of investment reporting.

The Australian Securities and Investments Commission (ASIC) has invited the superannuation and investment management sectors to provide feedback on proposed changes to stamp duty reporting and portfolio holdings disclosure, following its targeted review of investment disclosure settings announced in August 2025.

The regulator has proposed that stamp duty be disclosed as an average amount calculated over seven years, rather than an annual sum, within fees and costs summaries.

Implementing this change would require amendments to ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.

ASIC has also proposed to align portfolio holdings disclosure requirements for internally managed private debt with the rules applied to externally managed private debt, enhancing consistency across the sector.

A working group made up of superannuation funds, investment managers, consumer advocates, government representatives and regulators met twice (in September and October 2025) to assess whether current disclosure settings were distorting investment decisions.

ASIC said broader consultation is now needed to test the proposals.

ASIC Commissioner Simone Constant said the proposals responded to feedback from the Treasurer’s Investor Roundtable.

“The proposals are about promoting regulatory balance and addressing problems without compromising on essential disclosure for consumers,” Constant said. “The proposed approach promotes transparency and disclosure outcomes that can inform good consumer investment allocation decisions. We thank the working group members for their time on this.”

Industry bodies welcome the consultation

The Financial Services Council (FSC) welcomed ASIC’s consultation, describing it as a constructive step toward refining fee and cost disclosure rules.

FSC chief executive Blake Briggs said: “The FSC appreciates the regulator’s consultative approach to proposals to change the treatment of stamp duty disclosure for superannuation products. We support ASIC’s prioritisation of maintaining the transparency of the superannuation system for consumers.

“RG 97 plays a central role in maintaining confidence in the superannuation and managed funds sectors by promoting clear and reliable disclosure for investors.

“The FSC acknowledges that stamp duty transaction costs make the reported costs for property investments fluctuate from year to year given it is a large, one-off expense, however stamp duty has a genuine impact on consumers’ superannuation balances and should be transparently reported so that consumers can compare investment options.

“The FSC has recommended refinements to reduce the disproportionate impact of stamp duty disclosures while maintaining transparency, and we support ASIC continuing consultation on this option.

“Smoothing stamp duty over a longer time horizon would better reflect the long-term underlying cost profile of assets, while recognising the inherent variability in when stamp duty is incurred.”

The Super Members Council (SMC) also welcomed ASIC’s interim proposals and the planned full review of Regulatory Guide 97 in 2026, calling the changes a positive step toward regulatory simplification.

The SMC said the proposals would help reduce barriers to efficient investment and improve long-term risk-adjusted returns for members, but warned that comparability and competitive neutrality issues remain unresolved.

It said the full RG 97 review would be critical in identifying further streamlining to support investment in growth assets such as property, infrastructure and venture capital.

The review should also take into account that stamp duty is a state tax rather than an investment fee.

“We value ASIC’s willingness to listen carefully to stakeholder feedback. Addressing regulatory barriers can unlock more investment in growth sectors that can deliver the strongest long-term returns for millions of Australians with super,” said SMC chief executive Misha Schubert.

“A thorough review of RG97 will help ensure the rules support strong investment returns for members, innovation, and further capital deployment in areas like private equity and venture capital where that can deliver the best possible retirements to everyday Australians.”

The SMC said it looked forward to contributing to the consultation and urged ASIC to initiate the full review as swiftly as possible.

Some stakeholders have argued that stamp duty should be removed entirely from transaction costs.

ASIC acknowledged the concerns but said a range of other fees and costs had also been raised, prompting its commitment to a broader review of RG 97 during the 2026–27 financial year.

Under current rules, superannuation funds and investment managers must disclose all transactional and operational costs — including stamp duty — under Instrument 2019/1070 and Regulatory Guide 97.

ASIC is assessing whether these requirements influence investment decisions or conflict with the objectives of the superannuation system.

Superannuation trustees must also publish detailed information about their investment options. For private debt, trustees must disclose the value of each individual asset, even where only one transaction exists, which may create confidentiality concerns.