Superannuation Alert 01.03.17

Financial Services eBulletin - 1 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 Draft legislation for ASIC Cost-recovery model
On 22 February 2017, the Federal Government released draft legislation for the proposed cost-recovery model for ASIC for public consultation. According to the explanatory materials, the legislation would enable the recovery of ASIC's regulatory costs via an industry funding model by establishing annual levies and fees-for-service for "leviable entities". The legislation, if passed, would commence on 1 July 2017. Submissions close Friday 10 March 2017.
  Data Breaches Bill given Royal Assent Privacy Amendment (Notifiable Data Breaches) Bill 2016 On 22 February 2017, the Privacy Amendment (Notifiable Data Breaches) Bill 2016 received Royal Assent and became Act No 12 of 2017. The commencement date of the Act will be fixed by proclamation within 12 months.
  Registration of instrument for reporting of all new member accounts and closed member accounts to ATO Legislative Instrument On 22 February 2017, the "Reporting of all new member accounts and closed member accounts by superannuation providers in relation to superannuation plans (other than self managed superannuation funds) in accordance with the Taxation Administration Act 1953" instrument was registered on the Federal Register of Legislation. The instrument sets out that superannuation funds (other than SMSFs) are to disclose both new and closed member accounts to the Tax Office daily from 31 March 2017 "or as soon as practicable after the event, but no later than five business days after the event".
      On 22 February 2017, ASIC released an updated edition of Regulatory Guide RG 245 (Fee disclosure statements) (FDS) in order to take into account legislative and regulatory developments since the guide was initially released.
ASIC Updated version of Regulatory Guide RG 245 Regulatory Guide RG 245 (Fee disclosure statements)
According to ASIC, RG 245 has been updated to: 
  • "reflect technical amendments to the [Future of Financial Advice] legislation since the previous version of RG 245 was released"; and
  • "clarify that the three limited no-action positions that were previously taken by ASIC in respect of the obligations to prepare and give an FDS, are no longer available".
APRA No relevant items this week.
AUSTRAC No relevant items this week.
Case law update No relevant items this week.  

 

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