RegTracker 4 April 2022

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By Mark Bland, Partner, Stephen Putnins, Partner, Geoffrey McCarthy, Special Counsel, Ashley Kasner, Lawyer 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

APRA’s publications leveraging heatmap data continue to have a focus on pressing smaller and poorer performing superannuation funds to merge.

Systemic, sustained and shameful, the Senate Economics References Committee Report on Unlawful underpayment of superannuation, contained a number of significant recommendations, including super on all earnings, payment of super to align with the payment of wages and consideration of giving unions and trustees a right to take action for unpaid super.  The Government senators dissented.

The significant unfair contracts amendments were not prioritised for enactment by the current Parliament.

The new ATO supplementary guide on reliance on third party data for superannuation and managed funds will be an important reference.

Last Week

28 March – ASIC registered the Corporations (Repeal and Transitional—Relief for Providers of Retirement Estimates) Instrument 2022/204.

28 March – ASIC rolled over the ASIC Corporations (Describing Debentures—Secured Notes) Instrument 2022/61, allowing use of the term “secured notes” category.

28 March – APRA member Margaret Cole delivered a speech to the Investment Magazine Chair Forum on sustainability in the superannuation industry.

28 March – ASIC released its Enforcement Update for July to December 2021.

28 March – Submissions were due for ASIC Consultation Paper 359 to update RG263 Financial Services and Credit Panel.

29 MarchFederal Budget 2022-23 delivered by the Treasurer.

29 March – APRA published an analysis of the sustainability metrics in the 2021 MySuper and Choice heatmaps.

29 March – APRA announced executive changes within leadership team.

29 MarchTreasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Bill 2022 with unfair contract amendments was considered by the House of Representatives on 29 March 2022 but has not passed 2nd reading.

30 March – The Senate Legal and Constitutional Affairs Committee reported on the efficacy of the AML/CTF regime.

30 March – Senate Standing Committee on Economics Inquiry reported into unlawful underpayment of employees’ remuneration.

30 March – ASIC released the internal dispute resolution (IDR) data reporting requirements.

30 March – PJC completed tabling its report into oversight of ASIC noting that ASIC had now moved to a model where the Commissioners sit as a non-executive board.

30 MarchSecurity Legislation Amendment (Critical Infrastructure Protection) Bill 2022 passed the Senate with Government amendments.

31 MarchPortfolio Holdings disclosures were due.

31 March – AML/CTF Reporting entities’ compliance reports for 2021 were due.

31 March – ASIC issued a media release on the extension of the relief for retirement estimates.

31 MarchCorporations and Other Legislation Amendment (Corporate Collective Investment Vehicle Framework) Regulations 2022 and associated fee regulations were registered.

31 MarchSecurity Legislation Amendment (Critical Infrastructure Protection) Bill 2022 passed the Parliament with government amendments.  It was assented to on 1 April 2022.

31 March – APRA published a discussion paper on measures to transform the collection of data in the APRA regulated industries.

1 AprilSuperannuation (Government Co-contribution for Low Income Earners) Regulations 2022 commenced.

1 April – Amendments for meetings scheduled under the Corporations Amendment (Meetings and Documents) Act 2022 took effect.

1 April – ASIC released the ASIC Corporations (Existing Providers) Instrument 2022/241.

1 AprilForeign Acquisitions and Takeovers Amendment Regulations 2022 registered.

1 AprilSuperannuation Legislation Amendment (Superannuation Drawdown) Regulations 2022 were registered to effect the extension to 2023.

1 April – ATO released Supplementary Guide for large superannuation funds, managed funds and insurance companies on third-party data tax controls.

1 AprilTreasury Laws Amendment (Allowing Commutation of Certain Income Streams) Regulations 2022 registered.

4 April 2022 – APRA consults on cross industry changes affecting superannuation in relation to the definition of a Significant Financial Institution.

4 April – Treasury consults on corporate control transactions in Australia: options to improve schemes of arrangement, takeover bids, and the role of the Takeovers Panel.

Upcoming soon

5 April – A DIN is required before a person who wasn’t a director before is appointed.

14 April – CCIV Consultation close for Consultation Paper 360 – CCIV: ‘Preparing for the commencement of the new regime’.

15 April – ASIC COVID-19 related financial advice relief scheduled to end.

15 April – Comments on APRA Consultation paper on Superannuation Data Transformation – Publications and confidentiality due.

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

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    Financial Services

    RegTracker – Super – 21 August 2020