Superannuation Alert 10.03.17

Financial Services eBulletin - 10 March 2017

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.

Type Subject matter Source Description
Legislative updates Bill to allow sharing of confidential information between ASIC and ATO On 2 March 2017, the Treasury Laws Amendment (2017 Measures No 1) Bill 2017 was passed by the House of Representatives without amendment and now moves to the Senate. According to the Explanatory Memorandum, the Bill proposes to amend the Australian Securities and Investments Commission Act 2001 to allow ASIC to use and disclose confidential information with the ATO. The amendment applies to information "whether ASIC obtained the information before, on or after that commencement" of the proposed Act.
  ASIC Class Order CO 02/246 extended ASIC Corporations (Offers over the internet) Instrument 2017/181 On 6 March 2017, the ASIC Corporations (Offers over the internet) Instrument 2017/181 was registered on the Federal Register of Legislation. The Instrument will continue the effect of ASIC Class Order [CO 02/246] past the date of its sunset on 1 April 2017. The purpose of the Class Order was to provide ongoing relief for people outside Australia from the PDS and advertising obligations in the Corporations Act, if they make offers for financial products over the internet which may be accessible by people in Australia.
ATO Date extended for compliance with contribution standard v2.0 Superannuation CRT Alert 017/2017
On 3 March 2017, the ATO announced that although it will commence paying Government contributions to super funds in the SuperStream standard from May 2017, it has "extended the compliance date for business-to-business (B2B) contributions v2.0 from 1 May to 31 August 2017". The ATO stated that "the date for implementing B2B error response messaging will not be extended further and non-compliance will be considered a reportable breach after 31 August 2017".
ASIC ASIC enforcement outcomes REP 513 On 8 March 2017, ASIC released its report outlining results from its enforcement activity during the period from 1 July to 31 December 2016". ASIC has stated that, among other things, it will focus its enforcement activities on the superannuation industry due to the "risk from misalignment between people’s understanding of financial products and how these products are designed, disclosed and marketed to them".
APRA Opening statement of APRA Chairman Wayne Byres at Senate Economics Legislation Committee Opening statement On 2 March 2017, in an opening statement to the Senate Economics Legislation Committee, APRA Chairman Wayne Byres conveyed to the Committee that despite "many supervisory challenges at present" the regulator is proactively seeking to improve the standard of superannuation governance across the industry. Mr Byres made note of a number of examples in the superannuation sector of good governance in practice, however, he stated that "there are equally cases where more can be done to ensure members' interests are paramount".
AUSTRAC No relevant items this week.
Case law update No relevant items this week.

 

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