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

Major interest this week surrounded the introduction of the CCIV Bill, particular for the ‘Other Measures’ which included the new retirement incomes covenant.

APRA’s new CPG 229 should engage trustees to refocus on addressing the associated risks of climate change affecting them and the funds, including through meeting investor desires for disclosure.

It will be interesting to see how AFCA implements the recommendations accepted in the Government’s response to the Review of AFCA recommendations which can have significant impact on the ability to use legal representatives and the funding model.

Last week

22 November – The ASIC Chair, Joe Longo, delivered a speech regarding superannuation and wealth.

22 November – The Deputy Chair of APRA, Helen Rowell, delivered a speech to the Super and Wealth Summit regarding better post-retirement outcomes.

22 November – The Investment Funds Legislation Amendment Bill 2021 debated in the House of Representatives

22 November – The Security Legislation Amendment (Critical Infrastructure) Bill 2021 passed by Parliament

23 November – APRA released a publication on its website outlining recent cyber security issues and the role that boards have to play.

23 November – The Parliamentary Joint Committee on Corporations and Financial Services (Committee) released its report on the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021.

23 November – APRA released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the September 2021 quarter.

23 November – The Head of the RBA’s Domestic Markets Department, Marion Kohler, delivered a speech to the Australian Securitisation Forum in relation to recent experiences within the securities markets.

24 November – The final report ‘Review of the Australian Financial Complaints Authority’ tabled in Parliament and Government’s response to the review was released.  AFCA responded.

24 November – APRA Member Margaret Cole delivered a presentation to the Fund Executives Association Limited Members’ Discussion Forum.

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

25 November – The Treasury Laws Amendment (2021 Measures No. 5) Bill 2021 including Consequential and transitional matters arising from corporate insolvency reforms debated in the Senate.

25 November – The  Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 including provisions about the retirement incomes covenant, a supervisory levy correction and breach reporting for breach be representatives introduced into the House of Representatives.

25 November – The Corporations Amendment (Litigation Funding) Regulations 2021 was registered.

26 November – APRA released its final Prudential Practice Guide CPG 229 Climate Change Financial Risks.

26 November – APRA’s Deputy Chair Helen Rowell delivered a speech to the 2021 Financial Services Assurance Forum acknowledging industry’s progress in uplifting standards of governance, culture, remuneration and accountability.

26 November – The Treasury Laws Amendment (KiwiSaver Scheme) Regulations 2021 were registered.

This week

29 November – The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 debate to resume in House of Representatives.

29 November – The Corporations Amendment (Meetings and Documents) Bill 2021 debate to resume in House of Representatives.

30 November – The first Interim Report of the ALRC Review of the Legislative Framework for Corporations and Financial Services Regulation focusing on the use of definitions and concepts including examples from across the Corporations Act (and key related statutes) is due.

30 November – The Corporations Amendment (Meetings and Documents) Bill 2021 to be debated in the Senate.

30 November – The Investment Funds Legislation Amendment Bill 2021 debate to resume in the House of Representatives.

1 December – Comments due on consultation on FASEA Code Standard 3 amendments.

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

1 December – The Investment Funds Legislation Amendment Bill 2021 is scheduled for debate in the Senate.

2 December – The Treasury Laws Amendment (2021 Measures No. 7) Bill 2021 covering SCT wind up to be debated in the Senate.

2 December – The Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 debate to resume in House of Representatives.