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

APRA has given some more guidance about the performance assessment including how it will apply for trustee directed products, benchmark RAFE and publication of more detailed measurements from the performance test.

APRA and RBA have given a pledge as member of the Network of Central Banks and Supervisors for Greening the Financial System about taking into account climate risks in the macro and micro work.

ASIC has taken a step as part of its work to promote affordable advice by giving guidance on use of records of advice.

Last week

1 November – Stapling reforms under the Treasury Laws Amendment (Your Future, Your Super) Act 2021 to apply for new employees.

3 November – Comments due in response to ASIC CP 347 which proposes rule amendments to further restrict payments for order flow.

3 November – APRA published new FAQs on publication of the performance test results and benchmark RAFE.

3 November – FASEA issued a consultation paper on amendments to the Code of Ethics on conflicts seeking comments by 1 December 2021.

4 November – APRA and RBA published a combined statement about steps to address climate risk.

4 November – APRA published updated FAQs on Phase 1 Reporting Standards.

5 November – Submissions closed to the PJC on Corporations and Financial Services inquiry into the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021.

5 November – ASIC released its guidance and examples for Records of Advice.

This week

8 November – Submissions close for inquiry on Corporations Amendment (Meetings and Documents) Bill 2021.

9 November – Senate Committee public hearing on the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.

10 November – Senate Committee public hearing on the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.

12 November – Parliamentary Joint Committee public hearing on Corporations and Financial Services: Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021