A new relief instrument ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941 (the Instrument) continues the relief previously provided under ASIC Class Order [CO 14/541] which is due to expire on 1 January 2024.

The Instrument provides an exemption to RSE licensees from complying with subsection 29QC(1) of the Superannuation Industry (Supervision) Act 1993 (the SIS Act) for a further two years.

Background

Section 29QC(1) of the SIS Act requires that information given to the public (e.g. in disclosure documents) be calculated in the same way that the information is reported to the Australian Prudential Regulation Authority (APRA) under an APRA reporting standard. The Instrument provides relief from section 29QC(1) of the SIS Act.

ASIC granted the exemption in CO 14/541 because of uncertainty about how to achieve the disclosure requirements in subsection 29QC(1), which make reference to consistency with the data that must be reported under APRA’s reporting standards. APRA’s reporting standards have been evolving as part of APRA’s superannuation data transformation project.

Particularly in the absence of regulations, ASIC has assessed that the exemption in CO 14/541 is operating effectively and efficiently, and continues to form a necessary part of the legislative framework. This relief has been in place since 13 June 2014.

ASIC decided to continue the relief following a consultation which ended on 4 December 2023. No feedback was provided to ASIC through the consultation process.

ASIC is Australia’s corporate, markets and financial services regulator.