RegTracker 28 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 – this breach reporting consultation tool helps financial firms navigate the labyrinth of assessing a breach for reportability. Please get in touch with us to find out more.

Key developments

With the passage of the CCIV Bill, amendments have now taken effect which require licensee to consider breach reporting for breaches of their representatives of provisions that don’t apply directly to the licensee.

Legislation for changes to superannuation contribution rules have been enacted but may not have immediate effect. Regulation to allow concessional and non concessional contributions from persons from 67 to 74 (and up to day 28 of the calendar month in which they turn 75) without the work test applying are yet to be made. This may affect disclosures by Trustees.

Last Week

21 February– ATO released a draft instrument on Payment summary deferrals for ETPs and departing super payments.

21 February– Productivity Commission issued a call for submission on productivity performance.

21 February – Public hearing held on  Australian Commission for Law Enforcement Integrity Inquiry.

22 February Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 received Royal Assent including the retirement income covenant and provisions on breach reporting for breaches by representatives.

22 February Corporations Amendment (Meetings and Documents) Act 2022 received Royal Assent.

22 February Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Act 2022 received Royal Assent with provisions affected contributions to superannuation.

23 February – Amendments for document execution in Corporations Amendment (Meetings and Documents) Act 2022 commenced.

24 February – APRA published updated FAQs in relation to the outcomes assessment.

25 February – Submissions closed for the ALRC’s Interim Report A on the Review of Legislative Framework for Corporations and Financial Services Regulation.

25 February – Consultations closed for Business eInvoicing Right  adoption.

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

Upcoming soon

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

11 March – Submissions close for consultation on SPS 310 proposed amendments on annual performance test for new financial reporting an d audit requirements.

11 March – Consultations close for 2022 Foreign Investment Reforms Discussion Paper.

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

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