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.

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Key developments

APRA’s discussion paper on trustee resilience, which includes discussion of the problem facing many trustees resulting from the SISA amendments to trustee indemnity provisions is welcome.  However, it is not timely given that issue have been long identified and will apply from 1 January 2022.  Further, APRA is largely seeking information rather than providing guidance.

ASIC’s proposed guidance on remediation will be of significant interest to trustees especially as the proposal is to give additional guidance beyond financial advice.

The potential for increased consistency and flexibility for superannuation forecasts may be welcomed in ASIC’s new consultation on superannuation calculators and projections, although proposed requirements will need careful assessment.

Trustees need to watch the progress of the contribution rule changes before Parliament because of the need for updating disclosures that may apply.

Last week

15 November – The Government released the Critical Technology Supply Chain Principles.

15 November – The ASIC (Supervisory Cost Recovery Levy-Annual Determination) Instrument 2021/0936 was issued.

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

17 November – ASIC released a  consultation paper and draft consumer remediation regulatory guide seeking feedback from industry. Submissions close on 11 February 2022.

18 November – The Economics Legislation Committee published its report in relation to the Corporations Amendment (Meetings and Documents) Bill 2021.

18 November – ASIC released a draft regulatory guide in relation to superannuation calculators and forecasts and an accompanying consultation paper for comments by 28 January 2022.

19 November – The exposure drafts of the Treasury Laws Amendment (Modernising Business Communications) Bill 2021 and associated regulations, explanatory memorandum and explanatory statement were published for consultation with submissions due on 10 December 2021.

19 November – APRA published a discussion paper on Strengthening Financial Resilience in Superannuation seeking comments by 22 March 2022.

This week

22 November – The Security Legislation Amendment (Critical Infrastructure) Bill 2021 is scheduled to be debated in the Senate.

22 November – The Corporations Amendment (Meetings and Documents) Bill 2021 scheduled to be debated in the House of Representatives.

22 November – The Investment Funds Legislation Amendment Bill 2021 is scheduled to be debated in the House of Representatives.

23 November – The Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021 is scheduled to be debated in the House of Representatives.

24 November – The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 to be debated in the HoR.

25 November – The Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021 is scheduled to be introduced in the Senate.

25 November – The Treasury Laws Amendment (2021 Measures No. 5) Bill 2021 is scheduled to be debated in the Senate.