The Australian Government has released a new consultation paper which identifies key proposals around enhanced data collection to improve regulatory visibility of the managed investment scheme (MIS) sector. In Australia, the MIS sector has grown rapidly with at least $2.9 trillion in assets under management. With the collapse of large MISs (notably the First Guardian Master Fund and the Shield Master Fund) there is consensus amongst key stakeholders for a new MIS data collection framework to exist. The proposals are, however, silent on funds that are not considered ‘managed investment schemes’ (such as Corporate Collective Investment Vehicles (CCIV), other companies and incorporated limited partnerships). A significant change includes potential data collection on both registered and unregistered MISs.
Need to know:
Three key proposals
- More data at point of registration of a registered MIS.
- Quarterly data collection from registered MISs for increased transparency.
- Collection of data for unregistered MISs to mitigate risks of retail investors who are exposed to unregistered MISs through cross-investments.
Background
In response to failures of large MISs such as the First Guardian Master Fund and the Shield Master Fund, the government undertook public consultation in February 2026 on reforms to enhance regulatory oversight and governance of MISs. The 2026–27 Federal Budget announced $17.8 million in new funding over four years to strengthen governance, supervision and enforcement in relation to MISs. The Treasury’s consultation paper, titled “Consultation on proposals to improve regulatory visibility of the managed investment scheme sector through enhanced data collection” which was released 23 September 2026 (the CP), forms a part of this commitment.
Key issues identified
The CP identifies that ASIC has limited visibility of the MIS sector and reinforces the importance of adequate, timely and reliable data collection for supervision. Data collected by ASIC on registered MISs at the responsible entity (RE) level through annual financial reports made retrospectively for the previous financial year is of limited value, particularly where a single RE operates multiple registered MISs. ASIC intends to undertake a data-gathering pilot in 2026-27 to help inform potential reform options including MIS data collection on a recurrent basis and enhanced data sharing arrangements between government agencies including ASIC, APRA, the ATO and the ABS. Improved data will support regulators with enhanced visibility and earlier identification of risks. The CP outlines how the current data collection on registered MISs is piecemeal and fractured, as summarised below:
- Data collected by the ABS is aggregated for reporting by type of MIS with scope of coverage limited to retail facing MISs only, meaning other segments of the MIS sector remain not captured by ABS surveys.
- Data collected by APRA under the Financial Sector (Collection of Data) Act 2001 is for the purposes of assisting APRA to perform its functions and powers. Data is collected indirectly from MISs that are also Registered Financial Corporations and does not provide comprehensive MIS level information on MISs. Any data on related party interactions of APRA regulated superannuation funds through Reporting Standard SRS 332 is conducted on a look through basis and does not capture an entity not connected to the trustee.
- Data collected by the ATO covers managed investment trusts (MITs) and attribution managed investment trusts (AMITs), rather than the MIS regime as a whole. Further, the ATO must not disclose information on unregistered MISs to ASIC unless a limited circumstance under Div 355 of Schedule 1 to the Taxation Administration Act 1953 applies.
- Data collected by ASIC provides only a point-in-time snapshot of newly registered MISs offered to retail investors and fails to capture ongoing changes in risk exposure and market developments over time.
Guiding principles
The CP proposes recurrent quarterly data collection for registered MISs to establish ongoing regulatory visibility, to support proactive early intervention for identified risks and to reduce harm to investors.
The CP sets out guiding principles for regulatory improvements to data collection requirements for MISs. These guiding principles include:
- Cost: data collection requirements should minimise industry compliance burdens and implementation costs for the government and use existing reporting channels where appropriate.
- Regulation agenda: reforms should be consistent with the principles of the better regulation agenda for proportionate, targeted regulatory intervention.
- Use case: data should only be collected with a clear policy or regulatory use case.
- Measurability and review: data collection regimes should include mechanisms to assess effectiveness to ensure continued relevance and value over time.
- Consistency and common definitions: any reforms should adopt standardised definitions.
- Co-design with industry: any reforms to MIS data collections should be developed in close consultation with the industry.
- Scalability: any reforms should be capable of adaptation without fundamental redesign.
Key proposals
The CP identifies proposals to improve the visibility of the MIS sector, including:
Proposal 1: More data fields collected at the initial point of registration of a MIS.
This proposal would provide ASIC a clearer view of a MIS’s intended risk profile and support a more targeted approach to supervision. An enhanced data set could, amongst others, include: scheme name, description of the scheme’s 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, unit class terms and conditions, withdrawal conditions, publicly listed, compliance obligations, environmental, social and governance commitments, borrow or hold derivatives, board composition, auditor details and director declarations (in line with Corporations Act requirements). REs may also be subject to an ongoing disclosure obligation to update on any material changes to the information provided at registration (which reflects the ongoing disclosure requirements for product disclosure statements contained in ASIC Regulatory Guide 168).
Proposal 2: Collect recurrent quarterly data for registered MISs and streamline existing reporting arrangements.
This proposal would provide enhanced regulatory visibility through the collection of data from registered MISs on a quarterly basis by one regulatory agency, which is then shared with other government agencies where appropriate.
Proposal 3A and 3B: Collect data on unregistered MISs, capturing wholesale funds and certain foreign MISs marketed to Australian wholesale investors.
This proposal acknowledges that a comprehensive understanding of risk across the MIS sector requires a level of visibility over both registered and unregistered MISs. This is particularly relevant through cross-investment linkages, where retail investors can be indirectly exposed to unregistered MISs through fund-of-fund or feeder fund arrangements. The introduction of data collection for unregistered MISs, including notification to ASIC at time of commencement and cessation, is intended to support a complete government dataset, trend analysis and reconciliation quality across the MIS sector.
In balancing regulatory objectives with operational feasibility, the government seeks stakeholder views to design a new MIS data collection framework that addresses key information gaps.
Submissions can be made until 23 October 2026 to inform the development of future reforms in the MIS sector. Please let us know if you would like our assistance in preparing your submission.
For more information, please contact Erik Setio and Michelle Huo.
