Compliance time period extended for ASIC Class Order [CO 14/1252]
Due to the expert review of RG 97 that is currently underway, ASIC has decided to preserve the status quo at law by extending the time periods for compliance with certain aspects of ASIC Class Order [CO 14/1252] in relation to periodic statements and superannuation PDSs by one year. Accordingly ASIC has modified [CO 14/1252].
The modifications were made after ASIC received a request from representative industry bodies in the superannuation and managed investments industry. The modifications address concerns about industry incurring costs to prepare to implement new disclosure requirements while the outcome of expert review is unknown.
The modifications to [CO 14/1252] were made on 21 December 2017 and can be found on the Federal Register of Legislation.
ASIC appoints expert to review fees and costs disclosure settings
ASIC has appointed Darren McShane, who has extensive experience in the superannuation and managed investments industry, to conduct a review of the fees and costs disclosure requirements under RG 97. The review is expected to be completed in the first half of 2018.
ASIC has released a report about our review of key aspects of consumer engagement with their super funds, focusing on the experience of less-engaged superannuation fund members. 17-217MR. 30 June
ASIC has extended to 30 June 2018 relief excluding multifunds, superannuation platforms and hedge funds from the shorter PDS regime. 17-216MR, 29 June