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Wednesday 19 December 2018

18-386MR ASIC temporarily extends disclosure related relief for superannuation funds

The Australian Securities and Investments Commission (ASIC) has extended an ASIC relief instrument to allow additional time to consider the policy position in relation to a disclosure-related obligation of superannuation trustees.

The relevant instrument is ASIC Class Order [CO 14/541]. The relief instrument was due to expire on 1 January 2019. This extension will maintain the status quo.

ASIC will adjust or revoke the relief once policy positions in relation to the aspects of disclosures by superannuation funds are settled.

The new expiry date specified in the instrument aligns with the usual 10-year sunsetting period for legislative instruments under the Legislation Act 2003. It should not be assumed that the relief instrument will continue in force for that length of time.

CO 14/541 provides relief from section 29QC of the Superannuation Industry (Supervision) Act 1993.

Section 29QC provides that if a superannuation fund trustee gives information to Australian Prudential Regulation Authority (APRA) under an APRA reporting standard, and the trustee gives the same or equivalent information to another person, or on a website, the fund trustee must ensure that the information is calculated in the same way as the information given to APRA.

The ASIC relief is to help facilitate the ongoing consideration and finalisation of aspects of policy relating to disclosures by superannuation funds, and which may impact APRA reporting standards. This includes the consideration of government policy in relation to the requirements for superannuation funds to publishing product dashboards, and the consideration of fees and costs disclosures.

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Last updated: 19/12/2018 12:00