The corporate regulator expressed reservations about potential changes to RG97 just days before committing to a review into the controversial guidance relating to superannuation fund investments in real estate. 

Internal ASIC documents – released to Investment Magazine under freedom of information laws – demonstrate some reluctance about lobbyist requests to amend the regulatory guide to exempt funds from disclosing stamp duty costs, which can make some investment options appear more expensive than peers. 

“RG97 was a challenging regulatory guide to settle,” said a briefing note prepared by ASIC officials for other government agencies the day before the Treasurer’s fifth Investor Roundtable with super and asset management leaders on 6 August. 

“We needed to draw lines somewhere. Since settling it, there have been a range of requests to revise it.” 

The briefing note identifies the “really contentious” feature of RG97 as the fact that the data super funds disclose under it is fed into APRA reporting standards and the annual performance test, as well as being presented publicly as part of the APRA heatmap and ATO YourSuper comparison tool. 

It argued that changes to RG97 would require “significant ASIC resourcing” and explained ASIC’s position that “for the purpose of the roundtable, we support a posture of listening, but not committing to any review”.

However, just a week later ASIC committed to examining the requirement to disclose stamp duty as part of “a targeted review that may help boost investment in property by Australia’s superannuation funds”.

When contacted for comment as to why it ultimately decided to review aspects of RG97, an ASIC spokesperson directed Investment Magazine to a 13 August media release where Longo called the review “the sort of actionable idea to address regulatory issues ASIC is open to testing”.

“If the review finds appropriate changes will deliver benefits without undermining disclosures, then ASIC will act,” Longo said in the release.  

As part of its review, ASIC established the Superannuation Investment Working Group (SIWG) – consisting of representatives from super funds, the investment management sector, government and regulatory bodies – to advise it.

The SIWG was set to be convened in August 2025, with ASIC intending to finalise the outputs of the review in October 2025 and report on it by 30 November 2025.

The briefing note identified the Property Council of Australia as one of the more active lobbyists for changes to disclosure of stamp duty under the regulatory guide. 

However, it is understood a number of super fund industry leaders have also privately lobbied the treasurer and other ministers on RG97.  AustralianSuper trustee director Sally McManus, who is secretary of the Australian Council of Trade Unions, has publicly made the case for changes to the way super funds can invest in housing.

‘Regulatory problems arise’   

In the wake of the investor roundtable, a letter penned by outgoing ASIC chair Joe Longo and sent to Treasurer Jim Chalmers and Finance Minister Katy Gallagher outlined the steps the corporate regulator would take to “reduce compliance burdens on industry, enhance productivity and ensure our regulatory settings support long-term growth”.

These include the previously disclosed review of whether stamp duty should be excluded from RG97 reporting obligations, but also a move to reduce data requests and reporting requirements.

“ASIC understands that the collection of data and other reporting obligations can impose a significant regulatory burden on Australian businesses,” Longo wrote.

“For thematic surveillance activities ASIC is committing to reducing data collection through information requests. We will take steps to determine the best way to do this while continuing to ensure our thematic surveillances appropriately identify, understand and assess emerging issues and potential regulatory problem areas.”

Under those changes, ASIC has also committed to halving the volume of internal dispute resolution reports that small banks need to lodge with ASIC each year, and will support consideration of changes to thresholds for when a company is defined as a large proprietary company – a definition that triggers the need to lodge audited financial reports with ASIC, as well as climate reports.

Longo also said that ASIC would move to streamline the Financial Accountability Regime.

“Stakeholders have raised that the reporting requirements associated with this regime – which include keeping detailed accountability maps up to date – are burdensome. ASIC and APRA will be starting new work in September aimed at streamlining the operation of the Financial Accountability Regime and considering how it can be better embedded to promote risk management.”

The corporate regulator also said that it was working to support the health of public markets and listings, including by considering Cboe’s listing market application, expanding the approved foreign market and streamlining dual listings of foreign countries. ASIC said it would work to encourage confidence in private markets.

“Well-managed growth in private markets will help facilitate economic growth and help Australia keep pace in global capital markets,” the letter says.

“ASIC’s focus includes transparency, standardisation, access, and safety, especially for retail investors in private markets.

“Improved standardisation and transparency will encourage broader access to and participation in private credit markets, in particular, for the benefit of borrowers and investors. ASIC will continue working with industry on better practices and standards and will include work on identified barriers to a deeper domestic corporate bond market through the next phase of our public and private markets work.”

The letter was intended to supplement one sent by Longo on 1 August in response to a request for information on “substantial, material and measurable actions that ASIC can implement to bolster productivity growth in Australia”.