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.
“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.”
Recommended for you
Australia’s superannuation funds are becoming a defining force in shaping the nation’s capital markets, with the corporate watchdog warning that trustees now hold systemic importance on par with banks.
Payday super has passed Parliament, marking a major shift to combat unpaid entitlements and strengthen retirement outcomes for millions of workers.
The central bank has announced the official cash rate decision for its November monetary policy meeting.
Australia’s maturing superannuation system delivers higher balances, fewer duplicate accounts and growing female asset share, but gaps and adequacy challenges remain.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
