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 

Major interest has focussed on the commencement of the Design and Distribution Obligations, the RG 271 Dispute Resolution guidance, and the Hawking Prohibition reforms.

The House Economics Committee inquiry on common ownership and capital concentration had an interesting public hearing on 11 October.

RBA’s October 2021 Financial Stability Review publication includes some focus on cyber risk and climate risk which remain of ongoing importance amid the regular regulatory changes.

Last Week 

5 October – Commencement of RG 271 Dispute Resolution requirements.

5 October – Commencement of the Design and Distributions Obligations.

5 October – Commencement of the Corporations (Director Identification Numbers—Transitional Application Period) Instrument 2021, extending the time for existing directors to apply for a DIN until 30 November 2022.

5 October – Commencement of the Hawking Prohibition reforms.

6 October – Consultation closed for draft exposure Treasury Laws Amendment (Measures for Consultation) Bill 2021: Litigation funders.

6 October – Hearing in the Economics Legislation Committee for Treasury Laws Amendment (2021 Measures No.7) Bill 2021.

6 October – APRA published new FAQs on the 2021 MySuper Product Heatmap.

8 October – Consultation closed for Modernising Document Execution.

8 October – APRA published further FAQs on the Superannuation Data Transformation Phase 1 reporting standards.

8 October – The RBA issued the Financial Stability Review October 2021.

This week 

11 October –  Public hearing scheduled in Standing Committee on Economics in relation to the Review of the Four Major Banks and other Financial Institutions.

11 October –  Public hearing scheduled in Standing Committee on Economics in relation to the Inquiry into the implications of common ownership and capital concentration in Australia.

14 October –  Consultation to close for Review of occupational exclusions in default insurance offered through MySuper products.

14 October –  Consultation to close for exposure draft regarding the Retirement Income Covenant.

15 October –  Consultation to close for exposure draft regulations for the Better Advice Bill.

15 October –  Consultation to close for exposure draft Ministerial determination of educational and training standards.

15 October –  Consultation to close for exposure draft Breach Reporting regulations for Better Advice Bill.