Point of View

Infrastructure

ASIC recently released RG 231, which sets out disclosures which need to be made by Infrastructure Entities in disclosure documents if the Infrastructure Entity offers securities to retail investors. The infrastructure sector is broadly defined in the regulatory guide and will capture both listed and unlisted funds that offer securities to retail investors.

The disclosure requirements mandated by RG 231 are significant and will require a number of changes to the way that Infrastructure Entities capture information in order to meet these new disclosure obligations.

RG 231 will be applicable for any new disclosure from 1 July 2012. Whilst the guide predominantly relates to disclosure in a prospectus or PDS, the Guide recommends Infrastructure Entities make ongoing disclosures at least annually. In addition, any Product Disclosure Statement or Prospectus which spans the date, 1 July 2012 (including those for open funds), will need to be supplemented.

The PwC Point of View summarises the key considerations and the impact on clients.

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