SMC welcomes ASIC’s proposed changes to portfolio holdings disclosure and RG97 with a full review in 2026

The Super Members Council welcomes ASIC’s consultation on interim changes to stamp duty and portfolio holdings disclosure requirements and a planned full review of Regulatory Guide 97 (RG97) in 2026.

Following consultation, ASIC proposes to amend stamp duty disclosure by averaging it over seven years. It also proposes to make transparency obligations consistent for both internally and externally managed private debt.

The proposed changes are a good first step on regulatory simplification and reducing barriers to efficient investment to generate the strongest possible long-term risk-adjusted returns for members.

Yet they do not fully resolve all issues of consumer comparability and competitive neutrality.

That is why a full review of RG97 is crucial to identify further streamlining to facilitate investment in growth assets such as property, infrastructure, and venture capital to deliver the strongest long-term returns to grow the retirement savings of millions of everyday Australians.  

As part of the broader work, the review should consider the fact that stamp duty is a tax, levied by State Governments, rather than a negotiable investment fee.

The Council looks forward to participating in the consultations and working constructively with ASIC on a comprehensive review of RG97 in 2026 – which should get underway as swiftly as possible.

“We value ASIC’s willingness to listen carefully to stakeholder feedback. Addressing regulatory barriers can unlock more investment in growth sectors that can deliver the strongest long-term returns for millions of Australians with super,” said Super Members Council CEO Misha Schubert.

“A thorough review of RG97 will help ensure the rules support strong investment returns for members, innovation, and further capital deployment in areas like private equity and venture capital where that can deliver the best possible retirements to everyday Australians.”