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

The Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Bill 2021 also passed in Parliament without amendment The Security Legislation Amendment (Critical Infrastructure) Bill 2020 passed the House of Representatives with Government amendments.

APRA released its final guidance on CPG 511 Remuneration, and also published revisions to FAQs on its website regarding Putting Members’ Interests First, and the Superannuation Data Transformation.

A substantial civil penalty of $20 million was imposed on a superannuation trustee for misleading members.

Last week

18 October –  Superannuation Guarantee (Administration) Amendment Bill 2021 was introduced to House of Representatives by a private member (Mr Craig Kelly) which will exclude certain occupations from the stapled fund provisions.

18 October – The Treasury Laws Amendment (2021 Measures No. 7) Bill 2021 with AFCA changes passed the House of Representatives.

18 October – The Investment Funds Legislation Amendment Bill 2021 was debated in the House of Representatives.

18 October – APRA released Prudential Practice Guide CPG 511 Remuneration (CPG 511).

19 October – Colonial First State ordered by the Federal Court to pay $20 million penalty for misleading communications with its members.

20 October – Corporations Amendment (Meetings and Documents) Bill 2021 introduced in the House of Representatives and was referred to the Senate Economics Legislation Committee.

20 October – Margaret Cole, APRA Executive Board Member, delivered a speech to the Financial Services Council webinar.

20 October – FASEA released a statement regarding the strong progress by financial advisers in raising their educational standards.

20 October –  The Security Legislation Amendment (Critical Infrastructure) Bill 2020 was passed by the House of Representatives with Government amendments.

20 October – The Senate Select Committee on Australia as a Technology and Financial Centre published its final report.

20 October 2021 – The Australian Government response published to the Parliamentary Joint Committee on Corporations and Financial Services report: Litigation Funding and the Regulation of the Class Action Industry and the Australian Law Reform Commission report: Integrity, Fairness and Efficiency – An Inquiry into Class Action Proceedings and Third-Party Litigation Funders.

21 October 2021 – APRA published revisions to FAQs on Treasury Laws Amendment (Putting Members’ Interests First) Act 2019.

21 October 2021 – The Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Bill 2021 passed in Parliament without amendment.

22 October 2021 – APRA published updates to the Superannuation Data Transformation FAQs on its website for RSEs regarding the use of 4 decimal points.

This week

25 October – The Standing Committee on Tax and Revenue published its report on inquiry into the Development of the Australian Corporate Bond Market.

27 October – Consultation closes for the exposure draft for the Trusted Digital Identity Bill 2021 and related legislative instrument.

27 October – Treasury to appear before Senate Estimates.

28 October 2021 – New superannuation reporting standards data is to be provided under APRA Connect.

29 October 2021 – Submissions of data for APRA 2021 Heatmap close.