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

As compliance dates in October approach, industry will be keen to review ASIC’s finalised RG 78 and the feedback on IDR that ASIC is giving based on its industry survey.

Important consultations include changes to the unfair contracts regime.

Trustees should expect continuing attention from Parliament arising from the inquiries into the impact of prudential regulation on exports industries and on common ownership.

Last fortnight

31 August – Treasury was seeking submissions for the released revised draft regulations and explanatory statement on Superannuation Portfolio Holding Disclosure.

2 September – The Corporations (Aboriginal and Torres Strait Islander) Amendment Bill 2021 second reading moved in the Senate having passed the House.

2 September – The Treasury Laws Amendment (2021 Measures No. 6) Bill 2021 including provisions to facilitate parties to family law matters getting access to superannuation information passed both Houses.

2 September ­– Treasury issued draft Financial Accountability Regime (Consequential Amendments and Transitional Provisions) Bill 2021 and EM for comment by 17 September 2021

2 September – Treasury published a consultation paper for review of occupational exclusions in default insurance offered through MySuper products for comment by 14 October 2021.

2 September – ASIC published a media release indicated superannuation trustees need to do more work to meet IDR requirements under RG 271.

3 September – The PJC inquiry into the prudential regulation of investment in Australian export industries had a public hearing.

3 September – APRA released an information paper on the Client Vulnerability Assessment underway with Australian Banks.

6 September – Treasury issued a consultation paper for the review of the insolvent trading safe harbour for directors for comment by 1 October 2021.

7 September – ASIC published a new version of RG 78 on breach reporting.

7 September  – APRA released biennial stakeholder survey.

8 September – The Select Committee on Australia as a Financial and Technology Centre held a public hearing.

8 September  – Federal Court declares Colonial First State liable for misleading and deceptive conduct.

8 September –  Under the ASIC Corporations (Extension of Time to Hold AGMs) Instrument 2021/770, public companies with balance dates between 21 February 2021 and 7 July 2021 will have an extra 2 months to hold their AGM.

9 September – Deputy Governor of the RBA spoke on Global FX Code of Conduct.

9 September –  Federal Court gives reasons for the amount of civil penalty for Westpac entities for breaches of personal advice obligations being 75% of the maximum then applying.

10 September –  Members of the Financial Regulator Assessment Authority appointed.

10 September – Treasury was seeking comments on ongoing amendments to facilitate corporate and scheme meetings and document execution.

10 September  – The House Standing Committee on Economics held public hearings into the Annual Reports for 2020 of ASIC and APRA.

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

13 September – APRA scheduled to open its product environment for APRA Connect.

13 September – Submissions 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 are to be 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.

Next fortnight

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

16 September – The Standing Economics Committee is scheduled to hold a hearing into the implications of capital concentration and common ownership in Australia. Witnesses will include ASFA and SAFAA.

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

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

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