Regulatory Guide 231 - Infrastructure entities: Improving disclosure for retail investors CPD
This guide is for listed and unlisted infrastructure entities and their advisers.
It sets out ASIC’s benchmarks and disclosure principles for improved disclosure to retail investors to help investors understand and assess infrastructure entities and make better informed investment decisions.
Investment in infrastructure assets is important for the maintenance of critical systems and services for our community and has significance for capital flows in Australia.
ASIC believe retail investor confidence will be enhanced through improved disclosure that enables investors to better understand the characteristics of infrastructure entities and the risks associated with them.
ASIC have developed a set of benchmarks (see Section B) and disclosure principles (see Section C) to assist infrastructure entities in preparing disclosure documents for retail investors.
Infrastructure entities should address the benchmarks on an ‘if not, why not’ basis: see RG 231.18–RG 231.20. Disclosure against the benchmarks should be in table form: see Section D. The information outlined in the disclosure principles should be clear and prominent, and included as soon as practicable after the benchmark table.
Infrastructure entities should provide improved disclosure for retail investors by disclosing whether or not the benchmarks have been met on an ‘if not, why not’ basis.