Australian Securities & Investments Commission issues interim stop orders on TruePillars Investment Trust PDSs for Pooled and Loan Units

The Australian Securities & Investments Commission (ASIC) has made interim stop orders on the product disclosure statements for two classes of units in the TruePillars Investment (the Fund), a registered managed fund promoted by T.P.R.E. Ltd. The orders prevent T.P.R.E. Ltd from offering, issuing, selling or transferring interests in the Fund’s Pooled Unit and Loan Units, after ASIC formed concerns that the PDSs may be defective and not presented in a clear, concise and effective manner. ASIC’s concerns include potential omissions about the Fund’s investments and investment terms, inadequate disclosure of expected conflicts of interest and how they are managed, insufficient disclosure of significant risks including liquidity, withdrawals and valuation, and inadequate disclosure of fees and costs. ASIC also flagged potentially misleading statements about income distributions, loss reserves, liquidity, risk and withdrawals. The stop orders followed ASIC’s retail private credit surveillance focused on transparency, governance, valuation practices, conflicts management and fair treatment of investors; the Fund invests in notes issued by a related party that provides credit across multiple purposes, and had net assets attributable to members of approximately AUD 14.6 million at 30 June 2025. ASIC will consider making final stop orders if the concerns are not addressed in a timely manner, and T.P.R.E. Ltd will have an opportunity to make submissions before any final decision.