ASIC Regulatory Guide 46 – Unlisted property schemes: Improving disclosure for retail investors

As of November 2016, with ASIC’s co-operation and support, the Property Council of Australia and the Property Funds Association were proud to announce the release of the Voluntary Practice Note to supplement ASIC’s Regulatory Guide 46– Unlisted property schemes: Improving disclosure for retail investors (RG46).

The purpose of the Practice Note is to improve the consistency and quality of RG46 disclosures by responsible entities of unlisted property schemes.


ASIC’s RG46 provides guidance for improving disclosure to retail investors in unlisted property schemes. RG46 sets out principles for improved disclosure to help retail investors compare risks and returns across investments in the unlisted property sector.

The Practice Note provides responsible entities and retail investors with greater clarity over some of the RG46 disclosure principles.


The Practice Note aids consistent application of RG46 by unlisted property funds. A higher degree of standardisation in reporting increases the comparability amongst Australian real estate managed investment schemes for investors. Widespread adoption of the Practice Note enhances clarity and meaning in reporting thus boosting confidence for prospective investors, financial advisers and government in Australia’s unlisted property funds sector.


A copy of the Practice Note can be downloaded below. The Practice Note covers the following areas:

  • Gearing Ratio
  • Interest Cover Ratio
  • Scheme Borrowing
  • Portfolio Diversification
  • Related party Transactions
  • Distribution practices
  • Withdrawal Arrangements
  • Net Tangible Assets

For further information, please contact:

Andrew Mihno, Executive Director, International & Capital Markets |

Zerlin Ahmed, Senior Policy Advisor |