ASIC today provided an update about the start dates for key superannuation reforms relating to the choice products and the portfolio holdings reporting requirements under the Corporations Act.
At this time, the legislation and regulations to effect the choice products and portfolio holding reporting requirements have not yet been finalised. ASIC is therefore extending these start dates to enable the relevant legislation and regulations to pass by issuing a legislative instrument.
The product dashboard requirements for choice products and the portfolio holdings disclosure requirements will be deferred for two years, that is, until 1 July 2019 and from 31 December 2019 respectively.
In addition, ASIC will extend previous relief that allowed registrable superannuation entities (RSE) licensees to provide a product dashboard with a periodic statement by including a website address for the latest product dashboard, rather than requiring a hard copy of the dashboard to be included with the periodic statement. ASIC anticipates that this relief will be extended to align with the choice product dashboard timeframes.
The deferrals will provide industry with certainty about the commencement dates of the requirements, reduce the administrative burden on industry and provide it with time to finalise their preparation for the introduction of the requirements.
ASIC proposes to finalise the instruments to effect the deferrals shortly.
Relief from sub-plan disclosures under s29QB Superannuation Industry (Supervision) Act 1993
In light of stakeholder feedback, the Government is also giving more consideration to the practical implications of applying s29QB of the SIS Act to employer sub-plans.
ASIC will extend relevant Class Order relief for 12 months so that up to 30 June 2018, superannuation trustees will not have to publicly disclose information relating to sub-plans.
Background
The choice product dashboard obligations will require RSE licensees to publish key information about choice investment products on the fund’s website. Under section 1017BA of the Act, an RSE licensee must ensure that a product dashboard for each of the fund's MySuper and choice products is publicly available at all times on the fund's website. The product dashboard requirements for choice products were due to take effect on 1 July 2017 but under ASIC's proposals, will be extended until 1 July 2019.
Under reg 7.9.20(1)(o) of the Corporations Regulations 2001, a product dashboard must be included as part of a periodic statement if the RSE licensee is required to make publicly available a product dashboard for the investment option under section 1017BA of the Act.
The portfolio holdings disclosure obligations will require RSEs licensees to publish information about the fund’s portfolio holdings on the fund’s website. The first reporting date was due to be 31 December 2017 but under ASIC's proposals, will now be extended until 31 December 2019.
Download:
- Class Order [CO 14/443] Deferral of choice product dashboard and portfolio holdings disclosure regimes (amended 24/6/2017 by 2017/569)
- Class Order [CO 13/1534] Deferral of Stronger Super amendments in relation to PDS and periodic statement disclosure (amended 24/6/2017 by 2017/569)
- ASIC Superannuation (RSE Websites) Instruments 2017/570 (commenced 24/6/2017)