ASIC flags probe of tremendous fund non-public market | Australian Markets
Superannuation funds have been positioned on discover by the Australian Securities and Investments Fee (ASIC) that it intends intently scrutinising the appropriateness of their exposures to personal markets.
The regulator is already conducting surveillances of a quantity of superannuation funds.
Noting that more than $400 billion of superannuation belongings are actually invested in non-public markets, ASIC commissioner, Simone Constance, has advised a discussion board of senior superannuation fund executives and trustees that the regulator can be analyzing valuations and liquidity.
She flagged that ASIC can be kicking off the method through the publication of a dialogue paper within the first half of this 12 months questioning whether or not the present market settings are applicable.
Constance stated ASIC didn’t simply need superannuation fund trustees and chairs to inform it was they have been doing however needed them to display as nicely.
“We are conducting surveillances of the financial reporting and auditing of targeted super funds, with a particular focus on expenses and valuations,” she stated. “This is the first time super funds have been subject to scrutiny of this kind.”
“We want to be sure that trustees can back up what they’re saying with evidence. That their members are protected from risky investments. So that their money will be there for them when they retire.”
Constance stated that the ASIC method was half pursuing consistency and transparency throughout markets.
“This reflects the changing dynamic between public and private markets and emerging impacts – including to superannuation members,” she stated.
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