Superannuation - what's new
- New legislative instruments
ASIC has deferred the start date for the consistency requirements in s29QC of the Superannuation Industry (Supervision) Act 1993 until 1 February 2017 to align with the extension to the fee and cost transition for PDSs: see ASIC Superannuation (Amendment) Instrument 2015/1098, which modifies Class Order [CO 14/541] RSE licensee s29QC SIS Act disclosure exemption.
ASIC has also issued ASIC Corporations (Amendment) Instrument 1073/2015 to extend the period of operation of Class Order [CO 10/630] Long-term superannuation returns indefinitely.
ASIC reviews transparency information on super websites
ASIC has recently surveyed superannuation websites to check industry compliance with the new executive officer remuneration and systemic transparency disclosure requirements introduced as part of the Stronger Super reforms. 15-245MR. 7 September
- Responsible entities that are also a registrable superannuation entity – adequate resources and adequate risk management systems
On 26 June 2013, Parliament amended subsection 912A(1) of the Corporations Act 2001 to improve governance arrangements for responsible entities of registered managed investment schemes.
- Further guidance and relief from ASIC - January 2015
ASIC has released a letter to all trustees to update them about activities at ASIC, including relief and other regulatory material available, and ASIC's new liaison plan.
- Dual regulated entities - changes for 1 July 2015
ASIC and APRA have written to all trustees who are also responsible entities of managed investment schemes to outline the changes that will apply to them as of 1 July 2015 regarding adequacy of resources and risk management.
We have released a consultation paper aimed at improving the comparability of information about superannuation products for consumers. 14-346MR. 19 December
- ASIC class order clarifies fee and cost disclosure requirements (refer: 14-334MR. 12 December 2014)
- ASIC updates guidance on MySuper product dashboards
ASIC has revised the guidance set out in Information Sheet 170 MySuper product dashboard requirements for superannuation trustees (INFO 170).
- ASIC varies Class Order [CO 14/509] Keeping RSEs’ superannuation websites up to date
ASIC has varied its class order [CO 14/509] to make minor drafting changes, to allow the redaction of personal information form certain documents and to defer the s29QB requirements by one year in relation to some sub-plans (and provide time for further consultation on the appropriateness of the disclosure regime where there are commercial sensitivity concerns in the disclosure of the information).
- ASIC updates Stronger Super FAQs
We have updated our Stronger Super FAQs. The new FAQs focus on executive officer remuneration and systemic transparency disclosure requirements, including an extension of our facilitative compliance message for s29QB.
- ASIC Insights on Super
Read a summary of material presented at, and view slides from, our seminars on superannuation in June 2014.
- ASIC releases information sheet on super fees and costs disclosure and defers s29QC
We have released an information sheet on fee and cost disclosure requirements for superannuation trustees. 14-132MR. 17 June 2014
- ASIC guidance for disclosure on superannuation websites
We have modified the law by ASIC Class Order [CO 14/509] Keeping RSEs’ superannuation websites up to date to provide a safe harbour by defining what 'up to date, at all times' means and released guidance to help superannuation companies disclose information about superannuation funds and their trustees on their websites. 14-129MR. 16 June 2014