ASIC has issued its final guidelines to assist retail investors with improved disclosure for unlisted mortgage and property schemes.
Under the new arrangements, ASIC has modified aspects of the benchmarks, disclosure principles and advertising guidance, as a result of industry consultation and submissions.
The regulator has also clarified the method of communication of the information to retail investors, and modified the implementation timetables.
ASIC now plans to work with various industry stakeholders, to implement the enhanced disclosure regime for the benefit of retail investors and the sector, ASIC chairman Tony D’Aloisio said.
The regulator would be encouraging responsible entities to effectively communicate the enhanced disclosure of information to investors, through existing investor communication channels.
It would also be encouraging responsible entities, compliance committees and compliance plan auditors to engage with this guidance in a timely manner.
The $42 billion under management in the unlisted mortgage scheme sector, and the $28 billion unlisted property scheme sector are part of the $1.6 trillion total unconsolidated funds under management.
