Superannuation Alert - 5.12.13
Financial Services eBulletin - 5 December 2013
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 25 November 2013 ASIC launched the MAI (Market Analysis Intelligence), its new market surveillance system.
- On 27 November 2013, ASIC registered Class Order [CO 13/1473] to amend the Class Order [CO13/1420] introduced on 15 November 2013 regarding the Mineral Resources Tax Repeal and Other Measures Bill 2013. The amending class order provides clarity by stating that the total amount can be referred to as a "Co-contribution" or a "Government co-contribution" to reflect industry practice.
- On 27 November 2013 ASIC released an update to its Information Sheet 155: Shorter PDSs: Complying with requirements for superannuation products and simple managed investment schemes.
- On 28 November 2013, the Assistant Treasurer, Arthur Sinodinos, released a discussion paper titled Better regulation and governance, enhanced transparency and improved competition in superannuation. The purpose of the paper is to seek feedback on governance and transparency issues ahead of the possible release of further legislation on these topics. The paper addresses the composition of the boards of superannuation trustees, the content of product dashboards for choice products, portfolio holdings disclosure and default funds in modern awards. Submissions are due by 12 February 2014.
- On 28 November 2013, ASIC released Consultation Paper 219 Keeping superannuation websites up to date and is seeking feedback from registrable superannuation entities on how superannuation websites can be kept up to date under section 29Q of the SIS Act.
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.