media release (12-173MR)

Helping industry implement stronger super

Published

ASIC today announced initiatives to help industry understand their regulatory obligations under the Stronger Super reforms. This follows the recent release of exposure draft legislation on the reforms.

ASIC’s announcement includes:

  • a new superannuation page on the ASIC website

  • a timeline of regulatory documents, and

  • an industry roadshow.

    As one of the regulators of superannuation, ASIC has developed a program to inform, educate and help industry through the implementation of the Stronger Super regime.

    ‘The new Stronger Super reforms are a major focus for ASIC, and our close interaction with industry through this process will help drive better outcomes for industry and their clients’, ASIC Commissioner, Greg Tanzer said.

    ASIC’s new dedicated super webpage will help industry and others understand ASIC’s role in superannuation, provide information about the reforms and detail new requirements. This is in addition to extensive information available on ASIC’s MoneySmart website.

    Regulatory guidance timeline

    ASIC is proposing to release guidance to help industry to comply with the Stronger Super reforms. ASIC will consult directly with stakeholders at this time as well as seeking industry feedback through its usual formal consultation process.

    Depending on the final passage of legislation, ASIC expects to consult by the end of 2012 on a range of issues including guidance on disclosure requirements for MySuper, on self-managed super fund (SMSF) reforms and, where appropriate, on governance reforms and SuperStream changes.

    ASIC will amend existing regulatory guidance and ASIC relief to reflect the Stronger Super reforms where necessary. These consequential amendments to existing regulatory guidance may not all occur before commencement of the Stronger Super reforms.

    View the Regulatory guidance timeline

    Industry roadshows

    Roadshows to discuss, face to face, the Stronger Super reforms with industry are being planned for 2012/2013. This will allow people to hear from ASIC experts about the reform’s regulatory requirements. It is anticipated the roadshows will focus on the reform’s central issue of disclosure changes. Importantly, it will also allow people to ask questions directly to the ASIC staff responsible for implementation.

    Details about the dates, venues and RSVP process will be announced in coming months, and will also be included on ASIC’s super page

    SMSF auditor registration

    ASIC’s enhancements to its webpage follows the release of exposure draft legislation about self managed superannuation fund auditor registration and ASIC welcomes the release of this exposure draft legislation.

    SMSF auditor registration was one of the key recommendations from the Super System Review, supported by Government in their Stronger Super Reforms. It sees ASIC take on the responsibility for the registration of SMSF auditors.

    The following exposure draft legislation was released for consultation, closing on 3 August 2012:

    • Superannuation Legislation Amendment (Stronger Super and Other Measures) Bill (No2) 2012: SMSF auditor registration and the draft Explanatory Memorandum; and

    • Superannuation (Self Managed Superannuation Fund Auditors) Fees Imposition Bill 2012 and draft Explanatory Memorandum.

    The first draft Bill introduces a new registration regime for SMSF auditors. ASIC will be responsible for an SMSF auditor register and for setting competency standards for approved SMSF auditors. Registration is intended to ensure SMSF auditors have a minimum standard of competency and knowledge of the relevant laws.

    Mr Tanzer welcomed these reforms, noting ASIC will ensure the delivery of a register by

    31 January 2013. Mr Tanzer also acknowledged the vital role SMSF auditors play as gatekeepers in protecting the retirement benefits of thousands of Australians and in helping secure the Australian superannuation system.

    Applicants will be able to apply for online registration as an approved auditor with ASIC from 31 January 2013.

    From 1 July 2013 auditors must be registered with ASIC to be engaged by trustees as an approved SMSF auditor and to sign SMSF audits. ASIC’s public register of SMSF auditors will make it easier for SMSF trustees to find an appropriate auditor.

    More information

    Media enquiries: Contact ASIC Media Unit