In October, the Economic Development Group of the Ministry of Business, Innovation and Employment (MBIE) released an exposure draft of the proposed KiwiSaver (Periodic Disclosure) Regulations 2012 for consultation.
The regulations will require all retail KiwiSaver schemes to report information on returns, fees and costs, assets and portfolio holdings, liquidity and liabilities, and key personnel, along with any conflicts of interest, in a standardised manner for each fund.
Under the regulations, KiwiSaver providers will have to publish five disclosure statements per year for each fund. This comprises:
one comprehensive disclosure statement, relating to the tax year (known as the annual disclosure statement, or ADS), to be made publicly available within 60 working days after the end of the tax year; and,
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), to be made publicly available within 10 working days after the end of each quarter of the tax year.
MBIE anticipates that the regulations will be in force by the end of the year, with the:
first quarterly disclosure statement, relating to the 12-month period ended 30 June 2013, to be due on 12 July 2013; and
the first annual disclosure statement, relating to the 2013-2014 tax year, to be due on 30 June 2014.