KiwiSaver investment reporting out for consultationCommerce
Proposed rules around the reporting of KiwiSaver funds have gone out for public consultation announced Commerce Minister Craig Foss today.
The draft KiwiSaver periodic disclosure regulations would require KiwiSaver schemes to report information on returns, fees and costs, assets and portfolio holdings, liquidity and liabilities, and key personnel.
The changes to disclosure rules were announced in Budget 2012 to further improve KiwiSaver and lift investor confidence.
"At the moment, it is difficult for KiwiSaver members to make direct comparisons between funds," says Mr Foss.
"This is the next step in continuing to improve investor confidence in the financial sector. It is imperative that KiwiSaver providers offer transparent information for investors.
"Ensuring reporting standards are consistent will allow members to make better informed decisions about where to invest.
"The regulations were developed after an initial round of consultation. There is now an opportunity to make submissions on the draft regulations," says Mr Foss.
Under the regulations, KiwiSaver providers will have to publish five disclosure statements per year for each fund, including:
- one comprehensive disclosure statement, relating to the tax year (known as the annual disclosure statement or ADS)
- four briefer disclosure statements, relating to the 12-months preceding the end of each quarter of the tax year (known as the quarterly disclosure statement or QDS)
The draft regulations are available at http://www.med.govt.nz/business/business-law/current-business-law-work/kiwisaver/period-disclosure
Submissions close on 5 November 2012.