RegTracker 15 November 2021

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By Mark Bland, Partner, Stephen Putnins, Partner, Geoffrey McCarthy, Special Counsel, Donica Dieng, Lawyer and Ashley Kasner, Lawyer

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

The PHD regulations came out providing greater latitude for some investment particulars not to be publicly disclosed in line with industry arguments that disclosure would be commercially adverse.  At the same time the Treasurer is seeking a CFR report on derivatives use in superannuation indicating surprise at the extent of use of derivatives by superannuation funds.

The final version of SPS 250 Insurance in Super and SPG 250 herald APRA increasing its scrutiny of insurance arrangements and making reference to clear and timely communications with members in common cause with ASIC.

Last week

8 November – Submissions closed for the Senate Economics Legislation Committee inquiry on Corporations Amendment (Meetings and Documents) Bill 2021.

9 and 10 November – Senate Legal and Constitutional Affairs References Committee public hearing on the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.

9 November – ATO issued draft legislative instruments in relation to the Director Identification Number data standard and disclosure framework: ABRS 2021/D1: Director Identification Number Laws (Application) Data Standard 2021 and ABRS 2021/D2: Director Identification Number Laws (Other Government Bodies) Disclosure Framework 2021.

10 November – APRA provided information about movement out of underperforming funds and urged super members to prioritise their own best financial interests.

11 November – ASIC published its 2020-21 Cost Recovery Implementation Statement for the ASIC industry funding model.

11 November – APRA issued an Information Paper on its Macroprudential Policy Framework.

11 November – The Corporations Amendment (Portfolio Holdings Disclosure) Regulations 2021 was registered.

11 November – Treasurer announced a request to CFR to review derivatives use by superannuation funds.

12 November – APRA released its final updated SPS 250 and SPG 250 to have effect from 1 July 2022.

12 November – Parliamentary Joint Committee on Corporations and Financial Services public hearing held on Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021.

12 November – Regulations were registered to cap the ASIC cost recovery per financial adviser levy for 20/21 and 21/22.

This week

16 November – Parliamentary Joint Committee on Corporations and Financial Services public hearing to be held on the Scheme for Compensation for Detriment caused by Defective Administration.

18 November – The Senate Economics Legislation Committee inquiry report on Corporations Amendment (Meetings and Documents) Bill 2021 is due to be tabled.

19 November – Parliamentary Joint Committee on Corporations and Financial Services inquiry report on Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021 is due to be tabled.

For further information, please do not hesitate to contact us.

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