RegTracker 21 February 2022

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By Mark Bland, Partner, Stephen Putnins, Partner, Geoffrey McCarthy, Special Counsel and Vijay Adithya, 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.

Argos Breach Consult – we are excited to the announce the launch of this breach reporting consultation tool that helps financial firms navigate the labyrinth of assessing a breach for reportability. Please get in touch with us to find out more.

Key developments

Legislation to impose financial reporting and auditing requirements under the Corporations Act similar to public companies that will be administered by ASIC and contain director penalties are a step towards heightened focus and enforcement of disclosure by superannuation trustees.

In similar view, APRA’s consultation concerning make more information publicly disclosed from APRA data standards are important and trustee should engage to assess implications for the way their fund may be portrayed in the media and Parliament.

Last Week

14 February 2022  – Government opened submissions from the public on options to enhance Australia’s foreign investment framework.

14 February 2022 – ASIC released an update regarding compensation for financial advice related misconduct as at 31 December 2021.

15 February 2022 – The Senate Economics Legislation Committee tabled its report recommending the Financial Accountability Regime Bill 2021 and  be enacted.

16 February 2022 – Proposed revisions to SPS 530 Investment Governance Consultation closed.

16 February 2022 – ATO released its statistical overview for 2019-20 regarding SMSFs.

16 February 2022 – Government tabled its response to the Senate Economics Legislation Committee’s report regarding the Better Advice Bill, commenting on 2 specific recommendations.

16 February 2022 – Treasurer discusses deregulation on the Regulatory Reform Conference.

16 February 2022Security Legislation Amendment (Critical Infrastructure Protection) Bill passed the House of Representatives.

16 February 2022 – On 16 and 17 February 2022, the Senate Economics Legislation Committee held an additional Estimates hearing of Treasury including discussion of unpair SGC.

17 February 2022 – Aware Financial Services Australia Limited (Aware FS) ordered by the Federal Court to pay a $20 million penalty

17 February 2022 – APRA provides the opening statement to the Senate Economics Legislation Committee.

17 February 2022Crimes Legislation Amendment (Ransomware Action Plan) Bill 2022 was introduced to the House of Representatives.

17 February 2022Treasury Laws Amendment (Modernising Business Communications) Bill 2022 was introduced to the House of Representatives.

17 February 2022Treasury Laws Amendment (Streamlining and Improving Economic Outcomes for Australians) Bill 2022 was introduced to the House of Representatives including financial reporting and audit requirements for RSEs as well as exemptions for foreign financial services providers.

18 February 2022  – APRA proposed a major increase in superannuation data transparency for comments by 15 April 2022.

18 February 2022 – ASIC is seeking industry feedback on proposals to remake relief contained in seven legislative instruments relating to financial services disclosure requirements through Consultation Paper 358.

18 February 2022 – ASIC and RBA update MoU with European Securities and Markets Authority.

21 February 2022 – APRA publishes additional FAQs on the Superannuation Data Transformation Phase 1 reporting standards.

Upcoming soon

25 February – Submissions close for the ALRC’s Review of Legislative Framework for Corporations and Financial Services Regulation.

25 February – Consultations close for Business eInvoicing Right (BER) adoption.

25 February – Consultations close for 2022 Foreign Investment Reforms – Exposure Draft Regulations.

28 February – Confidential treatment discussion paper on Superannuation Data Collection Changes to be published by APRA.

1 MarchSecurity Legislation Amendment (Critical Infrastructure Protection) Bill 2022: submissions to the PJCIS review due.

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

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