Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 (40 of 2019)

Schedule 6   Portfolio holdings disclosure

Corporations Act 2001

2   Subsections 1017BB(4) and (5)

Repeal the subsections, substitute:

Full exemption

(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

(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.

(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