CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE, SALE AND PURCHASE OF FINANCIAL PRODUCTS  

Division 3 - Other disclosure obligations of the issuer of a financial product  

SECTION 1017BB   TRUSTEES OF REGISTRABLE SUPERANNUATION ENTITIES - OBLIGATION TO MAKE INFORMATION RELATING TO INVESTMENT OF ASSETS PUBLICLY AVAILABLE  

Obligation to publicise investment information

1017BB(1)  


The trustee, or the trustees, of a registrable superannuation entity (the reporting entity ) must make the following information about each of the entity ' s investment options publicly available on the entity ' s website no later than 90 days after each reporting day:


(a) sufficient information to identify each investment item (a disclosable item ) allocated to the investment option at the end of the reporting day that:


(i) is held by the reporting entity, an associated entity of the reporting entity or a pooled superannuation trust; and

(ii) is neither an investment in an associated entity of the reporting entity, nor an investment in a pooled superannuation trust;


(b) sufficient information to identify the value, and the weighting or exposure, at the end of the reporting day of each disclosable item;


(c) the total value, and the total weighting or exposure, at the end of the reporting day of all disclosable items.

1017BB(1A)  
However, the regulations may provide that subsection (1) applies for a prescribed kind of disclosable item so that:


(a) paragraphs (1)(a) and (b) need not be complied with for each item of that kind; and


(b) instead, only the following need be disclosed:


(i) the name of that kind of item;

(ii) the total value, and the total weighting or exposure, at the end of the reporting day of all items of that kind.

1017BB(2)  
Information made publicly available under subsection (1) in respect of a reporting day must continue to be made publicly available on the registrable superannuation entity ' s website until information relating to the next reporting day is made publicly available under subsection (1).

1017BB(3)  
If the regulations prescribe the way in which information made publicly available under subsection (1) must be organised, the information must be organised in accordance with the regulations. Full exemption

1017BB(4)  


Subsection (1) does not apply to the trustee, or the trustees, of a registrable superannuation entity if the entity is:


(a) a pooled superannuation trust; or


(b) a single member fund; or


(c) a small APRA fund.

Partial exemptions

1017BB(5)  


Subsection (1) does not apply to the trustee, or the trustees, of a registrable superannuation entity for:


(a) an investment option of the entity that has been closed to new members for at least 5 years; or


(b) an investment item that is not a material investment in accordance with regulations prescribed for the purposes of this paragraph; or


(c) an investment item invested solely to support a defined benefit interest (within the meaning of the Income Tax Assessment Act 1997 ); or


(d) an investment item invested in a life policy, or investment account contract, of a kind described in subparagraph 1017BA(4)(a)(i) , (ii) or (iii); or


(e) an investment item of a kind prescribed by the regulations for the purposes of this paragraph.

Note: An investment item covered by any of paragraphs (b) to (e) will not be a disclosable item.

1017BB(5A)  


Subject to subsection (1A), subsection (1) does not apply to the trustee, or the trustees, of a registrable superannuation entity for up to 5% of the investment items (other than derivatives) referred to in paragraph (1)(a) for the investment option if:


(a) those investment items are commercially sensitive; and


(b) making information publicly available about those investment items would be detrimental to the interests of the entity ' s members.

The trustee, or the trustees, of the entity may determine which investment items make up that 5%.

Note: Regulations under subsection (1A) may require the disclosure of the total value of all investment items of this kind.

Definitions

1017BB(5AA)  


A person contravenes this subsection if the person contravenes subsection (1) or (2), or regulations made for the purposes of subsection (3).

Note: This subsection is a civil penalty provision (see section 1317E ).

1017BB(6)  


In this section:

investment item
means an asset or a derivative.

investment option
, for a registrable superannuation entity, means:


(a) an investment pool maintained within the entity; or


(b) a financial product made available to a member of the entity:


(i) that is a managed investment scheme or other pooled investment; and

(ii) in respect of which section 1012IA applies if there is, or will be, a regulated acquisition of the product (within the meaning of that section).

member
, in relation to a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ), has the same meaning as in that Act.

MySuper product
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

pooled superannuation trust
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

reporting day
means 30 June and 31 December each year.

small APRA fund
means a regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) with less than 5 members.


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