By Mark Bland, Partner, Stephen Putnins, 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

Legislation to implement the FAR and COLR has been introduced to the House of Representatives as well as legislation to give effect to Budget announced changes in contribution rules.

Regulators have stated their expectations developed from thematic reviews or surveillance on governance and strategic planning (APRA) and surveillance of insider switching (ASIC.

The commencement of the provisions to staple new employees to a single default account this week will have significant implications over time in fund inflows.

Last week

25 October – The Standing Committee on Tax and Revenue published its report on inquiry into the Development of the Australian Corporate Bond Market.

25 October – APRA published updated FAQs regarding outcomes assessments.

25 October – The House of Representatives Standing Committee on Tax and Revenue published a report on its inquiry into the development of the Australian Corporate Bond Market.

26 October – APRA published its thematic review report, discussing SPS 515 implementation benchmarking, RSE licensee expenditure, and unlisted assets valuation.

27 October – Consultation closed for the exposure draft for the Trusted Digital Identity Bill 2021 and related legislative instrument.

27 October – Treasury appeared before Senate Estimates.

27 October – ASIC published a media release on its surveillance of investment switching by super fund executives.

27 October – ASIC released its quarterly update for 1 July 2021 to 30 September 2021 summarising its regulatory guidance and enforcement action.

27 October – The Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021 was introduced.

27 October – The Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021 was introduced including changed to contribution rules.

27 October – APRA clarified the trustee directed products performance assessment by issuing new FAQs.

28 October 2021 – New superannuation reporting standards data required to be provided under APRA Connect.

28 October 2021 – APRA published choice section performance Information Paper.

28 October 2021 – The Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Act 2021 was enacted.

28 October 2021 – The Financial Accountability Regime Bill 2021 was introduced to Parliament.

28 October 2021 – The Financial Services Compensation Scheme of Last Resort Levy Bill 2021 and associated legislation was introduced to the House of Representatives.

28 October 2021 – APRA appeared before Senate Economics Legislation Committee.

28 October 2021 – The Parliamentary Joint Committee on Corporations and Financial Services inquiry into mobile payment and digital wallet financial services published its report.

29 October 2021 – Submissions of data for APRA 2021 Heatmap closed.

29 October 2021 – ASIC released its guidance on crypto-asset related investment products.

This week

1 November 2021 – Stapling reforms under the Treasury Laws Amendment (Your Future, Your Super) Act 2021 to apply for new employees.

3 November 2021 – Comments due in response to ASIC CP 347 which proposes rule amendments to further restrict payments for order flow.

5 November 2021 – Submissions to close in relation to the PJC on Corporations and Financial Services inquiry into the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021.