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CS 38 Proposed relief for disclosure of private debt arrangements

simple consultation – 38

Released 28 November 2025. Comments close 20 February 2026.

ASIC is seeking feedback on a proposal to grant class order relief to superannuation trustees from certain portfolio holdings disclosure requirements.

ASIC proposes to modify the form of disclosure a trustee of a registrable superannuation entity must use to report portfolio holding information under Schedule 8D Corporations Regulations 2001 (Cth) (the Regulations), to require superannuation trustees to disclose only the total value and portfolio weighting for internally managed assets. View the draft legislative instrument.

The proposal is a result of ASIC’s targeted review of superannuation investment disclosure requirements announced in August this year.

A consultation paper was not issued for this consultation.

Providing feedback

We invite feedback on our proposal. You should send your submission to rri.consultation@asic.gov.au by 5pm AEDT on 20 February 2026.

You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous we will not be able to contact you to discuss your feedback should we need to.

We will not treat your feedback as confidential unless you specifically request that we treat the whole or part of it (such as any personal or financial information) as confidential.

Please see our privacy policy for more information on how we handle personal information, your rights to seek access to and correct personal information, and your right to complain about breaches of privacy by ASIC.

Background

The portfolio holdings disclosure requirements in the Regulations require superannuation trustees to publish detailed information about their portfolio holdings semi-annually.

As part of its targeted review of superannuation investment disclosure requirements, ASIC sought to understand whether class order relief should be granted in relation to these requirements.

ASIC established a Superannuation Investment Working Group which consisted of representatives from superannuation funds, the investment management sector, consumer advocates, and government and regulatory bodies, to discuss this issue and provide ASIC with expert advice.

For fixed income assets (which includes private debt assets) that are internally managed, Schedule 8D of the Regulations requires disclosure of the total values and weighting aggregated by the issuer or counterparty for the asset (rather than on an asset-by-asset basis). Where trustees have only one private debt transaction with a counterparty or issuer, the value of the transaction will be publicly known. This risk does not arise for externally managed private debt assets because value disclosure is aggregated by fund manager.    

The Working Group agreed that this could distort investment decisions as trustees are incentivised to interpose an entity or outsource the management of their private debt assets to avoid compromising disclosure.

To remedy this, ASIC proposes to make a legislative instrument providing class order relief to all superannuation trustees. The proposed legislative instrument would:

  • Apply to all superannuation trustees.
  • Allow trustees to disclose only the total aggregated value and weighting of internally managed private debt.
  • Protect commercially sensitive transactions and maintain confidentiality of private arrangements.
  • Continue to ensure members have access to meaningful information about the fund’s investment strategy, asset allocation and risk profile.

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