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.
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Major interest will focus on the consultation on the new retirement income covenant that is to apply to RSEs (but not SMSFs).
The focus on capital concentration and common ownership has continued, with numerous superannuation funds, the RBA and other stakeholders providing submissions at Standing Economics Committee hearings.
Consultations closed in relation to the draft bills and explanatory materials in relation to both the unfair contracts regime, and the regulatory and tax frameworks for a Corporate Collective Investments Vehicle.
20 September – Comments were due on a draft Bill and EM on amendments to the unfair contracts regime.
20 September – Hearing of Standing Economics Committee held a hearing regarding the inquiry into the implications of capital concentration and common ownership in Australia. Witnesses included Hostplus, Australian Super, Aware Super, Prime Super and IFM Investors.
21 September – Hearing of Standing Economics Committee held a hearing regarding the inquiry into the implications of capital concentration and common ownership in Australia. Witnesses included CBUS Super, AIST, RBA, Vanguard Investments, ACSI and AIRA.
23 September – The Standing Economics Committee held a hearing into the review of the four major banks and other financial institutions. Witnesses were ANZ and CBA.
23 September – The Finance and Public Administration Legislation Committee held a hearing into the Corporations (Aboriginal and Torres Strait Islander) Amendment Bill 2021.
24 September – Comments were due on draft Bills and EMs on the regulatory and tax frameworks for a Corporate Collective Investments Vehicle.
27 September – Trustees of funds that have failed the Annual Performance Test will have had to give notice regarding the underperformance assessment to members by this date if not before.
27 September – Government releases draft exposure bill and explanatory materials regarding the retirement income covenant for consultation. Submissions are due by 15 October 2021.
28 September – Finance and Public Administration Legislation Committee is scheduled to hold a hearing regarding the Investment Funds Legislation Amendments Bill 2021 [Provisions].
30 September – New superannuation reporting standards data is to be provided under APRA Connect.
1 October – Commencement of new Breach Reporting and Remediation requirements.
1 October – Commencement for mandatory reference checking of authorised representatives and credit representatives.
1 October – Close of consultation in relation to the review of the insolvent trading safe harbour.