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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The first superannuation product performance assessments have attracted much attention, however there are a range of important events that will impact on operations and investments. These include CPS 511 on remuneration and the exposure draft of legislation for the CCIV. The exposure draft legislation on unfair contracts is significant, including because of the potential civil penalty exposure for trustees.
With new corporate plans, both ASIC and APRA have signalled a continuing enforcement focus on superannuation, while easing off in other areas in response to the Government’s Statement of Expectations.
With the final date for comments on the portfolio holding disclosure regulations due, the regime will soon be in operation and trustees need to be prepared to comply.
30 August – Treasury consults on exposure draft legislation for using technology to hold meetings and sign and send documents.
30 August – APRA issued the first superannuation product performance assessments.
30 August – The Government released the final report of the Payment Systems Review on the regulatory architecture for the system.
30 August – The Government announced reduced levies for each financial advisor for years ending 2021 and 2022.
27 August – The PJC tabled its report on ASIC’s Annual Report for 2019-20.
27 August – The Government released draft legislation for public consultation in relation to the Corporate Collective Investment Vehicles (CCIVs) regime.
27 August – APRA released its final version of Prudential Standard CPS 511 remuneration, along with the updated Response Paper.
27 August – APRA Executive Board member, Margaret Cole, delivered a speech discussing recent reforms.
27 August – APRA published additional FAQs on Phase 1 Reporting Standards.
27 August – ASIC issued a letter about disclosures to trustees expecting to receive an underperformance notification.
27 August – ASIC appeared before the PJC on Corporations and Financial Services and gave an opening statement
27 August – Submissions close date for Government discussion paper – Strengthening Australia’s cyber security regulations.
26 August – Treasury Laws Amendment (2021 Measures No. 6) Bill 2021 including procedures for getting superannuation information in family law proceedings passed the House of Representatives.
26 August – Corporations (Aboriginal and Torres Strait Islander) Amendment Bill 2021 was referred to the Finance and Public Administration Legislation Committee for inquiry.
26 August –Treasury Laws Amendment (2021 Measures No.7) Bill 2021 including provisions for transition from SCT to AFCA was referred to the Economics Committee for report by 14 October 2021.
26 August – ASIC released its Corporate Plan for 2021-25 including the Government’s Statement of Expectations and ASIC’s Statement of Intent.
26 August – APRA published its 2021-2025 Corporate Plan.
25 August – The PJC tabled its report on ASIC’s Annual Report for 2019-20.
25 August – ASIC issued CP 347 on Payment for Order Flow Amendments.
25 August –Investment Funds Legislation Amendment Bill 2021 was introduced to the House of Representatives concerning the Futures Fund and other Government funds.
25 August – APRA published its FAQs in relation to the performance test.
24 August – APRA released statistics for the year ending 30 June 2021.
23 August – The RBA and ASIC published a summary of an independent expert review of the outage that occurred on 16 November 2020 during a major upgrade to ASX’s equity trading platform.
23 August – The Federal Court imposed penalties on the two Westpac/BT defendants relating to its superannuation consolidation service, totalling $10.5 million.
23 August – Treasury published an exposure draft bill and EM for amendments to the unfair contracts regime.
31 August – 2 September – Parliament is sitting
31 August – Treasury is seeking submissions for the released revised draft regulations and explanatory statement on Superannuation Portfolio Holding Disclosure by 31 August 2021.
3 September – Treasury Laws Amendment (2021 Measures No. 5) Bill 2021 which includes provisions addressing superannuation implications of the new insolvency regime is scheduled to be debated in the Senate on 3 September 2021 subject to tabling of Senate Environment and Communications Legislation Committee Report.
3 September – Parliamentary Committees, including the Inquiry into the prudential regulation of investment in Australia’s export industries.