Treasury consults on enhanced data collection for managed investment schemes
Treasury is consulting on proposals for enhanced data collection for managed investment schemes (MISs). Treasury states that recent failures in the MIS sector, including the First Guardian Master Fund and Shield Master Fund, have highlighted regulatory visibility gaps in the Australian Securities and Investments Commission’s (ASIC’s) regulation of MISs and reinforced the importance of adequate, timely and reliable data to support effective supervision. The proposals seek to address these regulatory gaps through improved data collection for managed investment schemes at MIS registration and on an ongoing basis for registered MISs and limited recurrent reporting for unregistered MISs. Submissions are due 23 October 2026.
Where things stand
On 23 September 2026, Treasury released a consultation paper entitled Consultation on proposals to improve regulatory visibility of the managed investment scheme sector through enhanced data collection (Consultation Paper). The Consultation Paper presents three proposals for consultation, which may be implemented individually or in combination. Treasury acknowledges that any new data collection framework should be proportionate, efficient and designed to reduce unnecessary duplication across existing reporting obligations.
Proposals
Description of proposal
Enhances the information collected at registration of a MIS to provide ASIC with a clearer initial view of the MIS’s intended risk profile. Responsible entities will be subject to an ongoing obligation to keep data provided at registration up to date, with updates required where there are material changes to the information provided.
Proposed data to be collected
Enhanced baseline data could include:
- scheme name and other identifying information
- description of scheme details
- investment strategy and objectives
- open or closed status
- legal and fund structure (including cross-investments)
- key counterparties and related counterparties
- expected leverage and liquidity information
- valuation approaches
- performance benchmarks
- unitised or non-unitised (including unit class terms and conditions)
- withdrawal conditions
- publicly listed status
- compliance obligations (for example, net tangible assets requirements)
- environmental, social and governance (ESG) commitments
- capacity to borrow or hold derivatives
- fees
- board composition
- compliance plan auditor
- director declarations.
Rationale
Improved information, including higher-value information at registration, will support ASIC by providing access to additional baseline data concerning newly registered MISs.
Registration-stage data alone would provide only a point-in-time snapshot and would not capture changes in risk exposures or market developments over time, and accordingly Proposal 2 is proposed.
Description of proposal
Introduces a recurrent data collection framework for registered MISs requiring registered MIS data to be collected on a quarterly basis. Data will be collected by one regulatory agency and shared with other relevant government agencies.
Similar data collection may be extended to managed accounts that are structured as unregistered MISs operating under ASIC registration relief.
Proposed data to be collected
Registered MISs
Data fields collected on a recurrent basis could include:
- scheme attributes and characteristics (including assets under management and investor attributes (for example, superannuation funds, self-managed superannuation funds (SMSFs), individuals, etc.));
- unit-level data (that is, net asset value of units or related party data)
- asset allocation level (including actual and benchmark asset allocation, domicile for underlying assets, breakdown of direct and indirect investments)
- redemptions
- leverage
- distribution channels
- income and expenses (for example, fees, commissions and investment income)
- investor flows (for example, gross applications and redemptions, distributions paid/reinvested)
- assets and liabilities by type (for example, deposits, equity, loans) and counterparty (including country splits)
- cross-investment between schemes.
Managed accounts
Data fields collected at a portfolio level for each portfolio offered could include:
- portfolio details (including funds held at the portfolio level) and platform details
- key counterparties and related counterparties
- fees paid
- client and investor attributes
- performance benchmarks and actual performance
- advice licensee-related data
- asset allocation level (including actual and benchmark asset allocation, domicile for underlying assets and breakdown of direct and indirect investments for each portfolio).
Rationale
Recurrent data collection would provide ASIC with more timely and comprehensive visibility of the sector, supporting earlier identification of emerging risks, more effective risk-based supervision and reduced reliance on ad hoc information requests. Unlike point-in-time reporting (for example at MIS registration), this proposal would provide an ongoing evidence base to inform regulatory responses.
Given the increase in size of managed accounts, collecting more granular data could help regulators better understand and supervise the sector.
Description of proposal
Proposal 3A: unregistered MISs to notify ASIC at the time of commencement and provide some baseline information. Unregistered MISs would also be required to notify ASIC of cessation of the MIS.
The notification requirement would apply to Australian unregistered MISs and certain foreign MISs marketed to Australian wholesale investors. Transition arrangements would be available for existing MISs.
Proposed data to be collected
Baseline information includes:
- MIS name
- investment manager name
- intended cross-investments;
- Australian financial services (AFS) licensees involved in the MIS’s operation or management
- fund’s intended investment strategy.
Rationale
To better understand the risks being faced by investors and have a broader understanding of the MIS sector as a whole, ASIC needs some base level information about the unregistered MIS sector. ASIC’s current information-gathering powers about unregistered MISs are, according to the Consultation Paper, inefficient and reactive.
Proposal 3A would provide regulators with visibility of cross-investment linkages to improve understanding of risk within the MIS sector.
Description of proposal
Proposal 3B: collection of limited and targeted recurrent data from unregistered MISs.
Treasury acknowledges that there may be challenges associated with collecting reliable and consistent data from certain segments of unregistered MISs, particularly where assets are illiquid or difficult to value (for example, early-stage venture capital investments, property assets, agricultural schemes and certain closed-end structures). Stakeholder feedback is sought on the viability and worth of such collections.
Proposed data to be collected
Limited and targeted recurrent data could include:
- scheme attributes and characteristics (including assets under management and investor attributes)
- unit or member interest level data (for example, net asset value of units or related party data)
- asset allocation (including domicile for underlying assets and breakdown of direct and indirect investments)
- source of distributions (for example, retained earnings, net operating income, borrowings, new investor capital flow)
- redemption information
- leverage
- income (for example, fees, commission and investment income)
- expenses (for example, investment management fees, custodian fees)
- investor flows (for example, gross applications and redemptions, distributions paid/reinvested)
- assets and liabilities by type (for example, deposits, equity, loans) and counterparty (including country splits).
Rationale
Proposal 3B would support a complete cross-government dataset, trend analysis and data reconciliation across the managed funds sector.
Publishing MIS data and framework for data collection
Treasury is also seeking feedback on what kinds of MIS data should be made available for public use, the level of granularity of such data and safeguards necessary to protect confidential and commercially sensitive information and whether a particular agency would be best placed to design and administer ongoing MIS data collection arrangements.
What’s next
Submissions close 23 October 2026. The government will consider stakeholder feedback to inform the development of future MIS enhanced data collection reforms, including understanding practical considerations to inform the design of any future framework, implementation approach, reporting timeframes and transitional arrangements.