By Mark Bland, Partner and Geoffrey McCarthy, Special Counsel 

This update is designed to help superannuation trustees track and manage regulatory change. We look ahead to forthcoming developments and look back at recent changes.

We have collaborated with Argos Reg-Tech to create Argos, an online platform where subscribers can find detailed analysis of regulatory reforms, updated on a daily basis. Contact us if you would like to learn how Argos can help your firm manage the risks of regulatory change.

Key developments

Capital concentration and common ownership, and its potential for consumer harm has continued to be in the spotlight. Following the close of submissions and another public hearing into the implications, trustees should expect further industry focus in the coming weeks and months.

APRA has made its new suited of Superannuation Reporting Standards and opened APRA Connect.  Submissions will be due 30 September.

Last week

13 September – Treasury sought comments on a Bill and EM on financial and auditing requirements for superannuation funds.

13 September – APRA opened its product environment for APRA Connect.

13 September – Submissions were due on the House Standing Committee on Economics inquiry into the implications of common ownership on Australia’s legal framework and consumer harms. Public Hearings were held on 9 and 10 September 2021.

13 September – The Reserve Bank introduced new eligibility criteria for securities to be accepted as collateral in the Reserve Bank’s market operations.

16 September – Comments were due on a draft Bill and EM on using technology to sign and send documents.

16 September – The Standing Economics Committee held a hearing into the implications of capital concentration and common ownership in Australia. Witnesses included ASFA, Graeme Samuel AC, SAFAA and a number of academics.

17 September – Comments were due on a draft Bill and EM on transitional provisions for the Financial Accountability Regime.

17 September –  APRA registered a suite of new financial reporting standards including those concerning fees and costs and investment performance as part of its Superannuation Date Transformation.

This week

20 September – Comments due on a draft Bill and EM on amendments to the unfair contracts regime.

20 September – Hearing of Standing Economics Committee – Inquiry into the implications of capital concentration and common ownership in Australia. Witnesses include Hostplus, Australian Super, Aware Super, Prime Super and IFM Investors.

21 September – Hearing of Standing Economics Committee – Inquiry into the implications of capital concentration and common ownership in Australia. Witnesses include CBUS Super, AIST, RBA, Vanguard Investments, ACSI and AIRA.

23 September – The Standing Economics Committee is scheduled to hold a hearing into the review of the four major banks and other financial institutions. Witnesses will include ANZ and CBA.

23 September – The Finance and Public Administration Legislation Committee is scheduled to hold a hearing into the  Corporations (Aboriginal and Torres Strait Islander) Amendment Bill 2021.

24 September  – Comments due on draft Bills and EMs on the regulatory and tax frameworks for a Corporate Collective Investments Vehicle.

27 September – Trustees of funds that have failed the Annual Performance Test will have had to give notice regarding the underperformance assessment to members by this date if not before.