POWERED BY MOMENTUM MEDIA
Super funds also exposed to ASIC search warrant powers
Superannuation funds face the same likelihood as financial advice firms of being subject to an Australian Securities and Investments Commission (ASIC) search warrant under new exposure draft legislation revealed by the Government.
The draft legislation makes clear that ASIC would be able to seek a search warrant under the Superannuation Industry (Supervision) Act as well as the Consumer Credit Protection Act and the Retirement Savings Account Act.
The key change contained in the legislation is that, unlike current arrangements, ASIC will no longer be required to forewarn targeted firms or funds about its intentions by issuing a notice to produce particular documents.
According to the explanatory materials accompanying the exposure draft, “this approach gives the Australian Federal Police and/or state police, and ASIC more flexibility in executing a search warrant, particularly if evidential material that was previously unknown to ASIC is discovered at the premises”.
It said that, as a consequence, ASIC will be able to search and seize a wider range of material relevant to its investigation.
“As search warrants are often sought and issued in circumstances where there is a reasonable concern that relevant evidence will be destroyed, tampered with or not produced under a notice, there may be situations where swift action is required to ensure that the effective execution of the warrant is not frustrated,” the explanatory materials said.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
