Compliance time period extended for ASIC Class Order [CO 14/1252]
11 December 2018
ASIC has extended the time periods for compliance with certain aspects of the fee and cost disclosure requirements in ASIC Class Order [CO 14/1252] for one further year to their equivalent dates in 2020.
ASIC has extended the time periods to preserve the status quo at law due to the upcoming consultation on the proposals arising out of the recommendations made in the review of the fees and costs disclosure regime in Report 581 Review of ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements.
ASIC expects to release the consultation paper in January 2019.
These dates were previously extended in December 2017 (by ASIC Corporations (Amendment) Instrument 2017/1138) to their equivalent dates in 2019 due to the expert review of RG 97.
The modifications to [CO 14/1252] were made on 7 December 2018 and can be found on the Federal Register of Legislation.
RG 97 review
24 July 2018
The external review by Darren McShane into Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97) is now complete and ASIC has published Mr McShane’s report.
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