Minister of Commerce Craig Foss, has released newly promulgated KiwiSaver disclosure regulations - the KiwiSaver (Periodic Disclosure) Regulations 2013. The Regulations implement policy decisions approved by Cabinet in March 2012 and consulted on in October 2012. The purpose of the Regulations is to enable investors to compare KiwiSaver funds and make more informed and effective investment decisions by requiring standardised reporting of fund performance and fees. The Regulations also fit into the Government's wider Business Growth Agenda which aims to build high performing capital markets.
The core requirement of the new Regulations is for providers to publish quarterly and annual disclosure statements in a downloadable data file. This is to ensure easy comparison through websites such as www.sorted.org.nz. The final form of the Regulations rescinds earlier decisions relating to disclosure of portfolio turnover rate and historical annual fees and costs.
The Regulations will come into force on 1 July 2013. The full Regulations are available online here.