Superannuation Alert - 5.08.15
Financial Services eBulletin - 5 August 2015
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 23 July 2015, APRA released a letter addressed to all RSE licensees dealing with a number of superannuation reporting details, including due dates for quarterly reporting periods, reporting remuneration for RSE licensee directors, reporting obligations triggered by 'ad hoc' events and finalised reporting forms for the 30 June 2015 annual reporting period.
- On 27 July 2015, the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649, ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 and ASIC Corporations (Repeal) Instrument 2015/681 were registered on the Federal Register of Legislative Instruments.
- According to ASIC's media release, the changes, which follow recent consultation through Consultation Paper 224 Facilitating electronic financial services and disclosures (CP 224), were made as a response to changing consumer preferences, and mean that 'product disclosure statements and other financial services disclosure documents will be delivered to consumers digitally as the default option, unless the consumer opts out.' The media release states that ASIC has facilitated the use of digital discloses through these legislative instruments by:
- Giving relief in ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015 (15-647) to create a new method of digital delivery enabling financial services providers to publish a disclosure digitally and notify the client that it is available;
- Giving relief, also in ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015 (15-647), to enable superannuation fund trustees to meet their obligation to give a PDS and ongoing disclosures to a default fund member by using an email address provided by the member's employer; and
- Giving relief in ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015 (15-649) for the innovative use of digital media for PDSs, FSGs and SOAs.
- On 28 July 2015, ASIC released Regulatory Guide 211 Facilitating digital finance services disclosure (RG221), which explains the relief available under the legislative instruments above and also provides 'good practice guidelines' for digital delivery of financial product and financial services disclosures.
- On 31 July 2015, APRA released a letter addressed to all RSE licensees stating that it has made updates to five of its superannuation reporting standards, which will commence on 1 July 2016. The five reporting standards updated were Draft Reporting Standard SRS 532.0 Investment Exposure Concentrations (SRS 532.0), Draft Reporting Standard SRS 533.1 Asset Allocation and Members’ Benefits Flows (SRS533.1), Draft Reporting Standard SRS 534.0 Derivative Financial Instruments (SRS 534.0), Draft Reporting Standard SRS 702.0 Investment Performance (SRS 702.0) and Draft Reporting Standard SRS 703.0 Fees Disclosed (SRS 703.0).
- On 31 July 2015, the ATO issued ATO ID 2015/21 which deals with the question of whether, when determining the amount of a person's concessional contributions, the self-insurance reserve maintained by the trustee is a "reserve" for the purposes of the Income Tax Assessment Regulations 1997. The decision replaces ATO ID 2012/32.
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