Superannuation Alert - 12.07.13

Financial Services eBulletin - 12 July 2013

Summary

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry and is in addition to our Superannuation Update, which analyses the main developments of interest in more detail.

  • On 28 June 2013, the following Bills received Royal Assent:
  • On 28 June 2013 the following APRA Prudential Standards, commencing on 1 July 2013, were registered on the Federal Register of Legislative Instruments. APRA released a letter to all RSE licensees on the same day informing them of the changes implemented to the three standards since the November 2012 consultation period.
  • On 28 June 2013 the following legislative instruments were registered with the Federal Register of Legislative Instruments:
  • On 28 June 2013, ASIC released Class Order [CO 13/797]. According to the Explanatory Statement, the class order "modifies section 1015C of the Corporations Act 2001 to allow platform operators and trustees of superannuation entities to deliver a PDS using an agent who is an Australian financial services licensee (AFS licensee) or an authorised representative of a licensee."
  • On 29 June 2013, the following Bills received Royal Assent:
  • On 1 July 2013, APRA released a letter to all RSE licensees requesting public consultation on the MySuper amendments made to the following draft reporting standards:
  • On 4 July 2013 ASIC published a media release which welcomes the Stronger Super reforms and outlines the deferral dates for certain reforms, including product dashboards (31 December 2013) and PDS content requirements for super and managed investments (31 December 2013 and 1 July 2014 respectively). The release also announces that ASIC has published responses to FAQs including:
    • Information Sheet 168 Giving and collectively charging for intra-fund advice (INFO 168)
    • Information Sheet 167 Disclosure requirements for superannuation trustee: s29QC (INFO 167)
    • Information Sheet 169 Notifying members about superannuation transfers: Accrued default amounts (MySuper transition) (INFO 169)
    • Information Sheet 90 Notifying members about superannuation transfers without consent (INFO 90)

 

Further information

All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.

Find Publications

Keyword
Topic