RegTracker 4 October 2021

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By Mark Bland, Partner, Geoffrey McCarthy, Special Counsel, Ashley Kasner, Lawyer and Donica Dieng, 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.

Key developments

Major interest will focus on the commencement of the new Breach Reporting and Remediation, Hawking, reference checking and internal dispute resolution requirements.

Consultations also commenced in relation to the retirement income covenant, regulations for the Better Advice Bill, class action proceeds for litigation funders and SPS 530 Investment Governance.

Last Week

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 released the draft exposure bill and explanatory materials regarding the Retirement Income Covenant for consultation. Submissions are due by 15 October 2021.

27 September – Registration of ASIC Corporations (Amendment) Instrument 2021/754, preserving relief from the short selling prohibition for certain deferred settlement trading arrangements involving ASX quoted products.

27 September – Registration of ASIC Corporations (Securities Lending Arrangements) Instrument 2021/821, providing relief to persons engaged in securities lending in relation to the substantial holding provisions of Ch 6C of the Corporations Act 2001.

27 September – APRA published additional FAQs for Superannuation Data Transformation Phase 1 Reporting Standards.

28 September – Finance and Public Administration Legislation Committee held a hearing regarding the Investment Funds Legislation Amendments Bill 2021 covering the futures fund.

28 September – ASIC amended the internal dispute requirements by implementing ASIC Corporations, Credit and Superannuation (Amendment) Instrument 2021/753.

29 September – Council of Financial Regulators issued Climate Change Stocktake 2021 Paper.

29 September – Treasury published exposure draft regulations for consultation, that address breach reporting for civil penalty contraventions that would apply under Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021. Consultation to close on 15 October 2021.

29 September – Treasury released the exposure draft Corporations (Relevant Providers—Education and Training Standards) Determination 2021 for consultation. Consultation to close on 15 October 2021.

29 September – Treasury released the exposure draft regulations, instrument, and relevant explanatory documents in relation to the Better Advice Bill for consultation. Consultation to close on 15 October 2021.

29 September –  The RBA released the 2021 Assessment of the ASX Clearing and Settlement Facilities, concluding that ASX’s clearing and settlement (CS) facilities have conducted their affairs in a manner that promotes overall stability in the Australian financial system.

29 September –  The Parliamentary Joint Committee on Intelligence and Security released the Advisory report, recommending critical infrastructure measures be split in to two steps.

29 September –  APRA releases draft SPS 530 Investment Governance for consultation. Consultation to close on 16 February 2022.

30 September – Government released the draft exposure Treasury Laws Amendment (Measures for Consultation) Bill 2021: Litigation funders for consultation in relation to promoting a fair and reasonable distribution of class action proceeds in proceedings involving a litigation funder. Consultation to close on 6 October 2021.

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.

1 October – Registration of ASIC Corporations (Amendment) Instrument 2021/785 and the ASIC Corporations (Design and Distribution Obligations Interim Measures) Instrument 2021/784, implementing interim measures foreshadowed by Treasury.

This week

5 October – Commencement of RG 271 Dispute Resolution requirements.

5 October – Commencement of the Design and Distributions Obligations.

5 October – Commencement of the Hawking Prohibition reforms.

6 October – Consultation close for draft exposure Treasury Laws Amendment (Measures for Consultation) Bill 2021: Litigation funders.

8 October – Consultation close for Modernising Document Execution.

 

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

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