Australia: Superannuation & Funds Management - What's News - 9 July 2013

Last Updated: 15 July 2013
Article by Jenny Willcocks

Most Read Contributor in Australia, September 2016

In the media

Stronger Super is here - ASIC – 04 July 2013 - On 1 July 2013, ASIC welcomed key Stronger Super reforms intended to make the Australian superannuation system stronger and more efficient, and to help maximise superannuant retirement income. Stronger Super is here

Industry funds and accountants welcome infrastructure plan
– MEDIA – 04 July 2013 - Infrastructure Australia's National Infrastructure Plan has been welcomed by the Industry Super Network (ISN) and the Institute of Chartered Accountants (ICAA). The "50-year plan" recommends the establishment of a single national infrastructure fund. More...

Industry welcomes national infrastructure plan – MEDIA – 3 July 2013 - An Infrastructure Australia (IA) report has backed Industry Super Networks (ISN's) call to reform bid processes to encourage private investment into Australia's infrastructure assets. More...

MySuper to address executive pay – MEDIA – 02 July 2013 - Not-for-profit super funds will be required to better disclose the remuneration of their directors and trustees as part of the MySuper regulations registered in Parliament last week. More...

ASIC increases NTA requirements for custodians – MEDIA – 01 July 2013 - ASIC has introduced new regulations over the amount custodians are required to hold in net tangible assets (NTA). Under the new regulations, custodians must hold 10% of average annual revenue in NTA, with a lower limit of $10 million. Previous regulations stipulated custodians put aside a flat $5 million in NTA. More...

New Era in Financial Advice – Ban on Commissions and Conflicted Advice – MEDIA – 01 July 2013 - New laws commencing on 01 July 2013 usher a new era of fairness in the provision of financial advice The new laws on financial advice will ban hidden fees and commissions meaning more people will receive more affordable financial advice that's in their interest. More...

Court rules Storm founders will face trial – MEDIA – 28 June 2013 - The Federal Court in Brisbane has ordered that a trial go ahead against the former directors of Storm Financial. The Townsville-based investment company collapsed five years ago wiping more than $1 billion from the portfolios of thousands of investors. More...

Suncorp forced to improve compliance after ASIC review – MEDIA – 27 June 2013 - The Suncorp Group has been forced to make changes to its compliance process across its life and general insurance businesses following after a review by the ASIC over breaches that affected more than 849,000 customers. More...

Super tax concessions methods 'misleading and biased' – SPAA – 27 June 2013 - The SPAA has called for more "appropriate" methodologies to be used when measuring superannuation tax concessions, claiming the current system is "fatally flawed" and claims it ignores the retirement income purpose of superannuation. Read More

New Laws Will Strengthen Superannuation, Boost Confidence – MEDIA – 25 June 2013 - The increase in the Super Guarantee from July 1 combined with the reforms passed through the Parliament last night are some of the most significant since compulsory super was established over 20 years ago, the Industry Super Network said today. More...

Super bills pass Parliament and mark completion of reform agendas – TREASURY – 25 June 2013 - The passage of four Bills through the Senate last night marks the completion of Labor's superannuation reform agenda. More...

ASFA calls for Superstream cost inquiry – APRA – 24 June 2013 - The peak body for the superannuation industry in Australia has called for an independent review of SuperStream costs. More...

ASIC: Stronger Super implementation
The MySuper and Governance reforms started largely on 1 July, but with deferrals to the implementation dates of the following measures: product dashboard for MySuper products (until 31 December 2013), and new content requirements, particularly fees, for Product Disclosure Statements for super and managed investments (until 31 December 2013 and 1 July 2014 respectively) (04 July 2013). More...

APRA: Draft Reporting Standards for Superannuation
APRA has released for consultation three draft reporting standards, reporting forms and instructions for APRA-regulated Superannuation (01 July 2013). More...

ASFA: Changes to super start 01 July 2013, are you ready
The Association of Superannuation Funds of Australia (ASFA) has released new fact sheets for consumers regarding the raft of changes to super which start on 1 July 2013. These include the increase in the Superannuation Guarantee, the changes to super for older workers and the launch of MySuper. For further information, visit here. (28 June 2013)

ASIC: New financial requirements for custodians
ASIC have strengthened the financial requirements for custodial and depository service (custody) providers. The changes are outlined in updated Regulatory Guide 166 Licensing: Financial requirements ( RG 166) and implemented through a class order. (28 June 2013) New financial requirements for custodians

ASIC: guidance for platforms a boost for investors
ASIC have moved to require investment platform operators to explain how they choose the different products on offer to investors through their platforms. The revised guidance is contained in Regulatory Guide 148 Platforms that are managed investment schemes ( RG 148) and accompanied by new class orders. (28 June 2013) New ASIC guidance for platforms a boost for investors

FOFA conflicted remuneration grandfathering regulation
The Corporations Amendment Regulation 2013 (No.5) contains the final exceptions to the FOFA ban on conflicted remuneration (in addition to Section 1528 Corporations Act) which commences on 1 July 2013.

ASIC consults on enhancements to training standards
ASIC have released a consultation paper proposing enhancements to the training standards for people who provide financial product advice (24 June 2013) ASIC consults on enhancements to training standards

ACCC issues updated authorisation guidelines
The ACCC has issued updated Authorisation Guidelines 2013 to reflect its current approach to assessing applications for authorisation under the Competition and Consumer Act 2010. Authorisation provides protection from court action for conduct that might otherwise breach the competition provisions of the Act (27 June 2013) More...

ASFA Submissions
04 July 2013 - Submission to Treasury: Lost and unclaimed superannuation money, Discussion Paper
05 July 2013 - Submission to APRA: Second set of draft prudential practice guides for superannuation

Australian Securities and Investments Commission v Wellington Capital Limited (No 2) [2013] FCAFC 70
COSTS – indemnification of Responsible Entity in respect of – right of indemnification out of the assets of the Fund –limitations of indemnification – breach of Fund Constitution by Responsible Entity excluded- Corporations Act 2001 (Cth) s 601FB(1). More...




Corporations and Financial Sector Legislation Amendment Act No 59 of 2013
An Act to amend the law relating to corporations and the financial sector, and for other purposes - Registered 25 June 2013; Date of Assent 21 June 2013. More...

Superannuation Supervisory Levy Imposition Determination 2013
This determination relates to a levy imposed by the Superannuation Supervisory Levy Imposition Act 1998 on superannuation entities for the financial year 2013-14 (03 July 2013). More...

ASIC Class Order [CO 13/797]
This class order modifies section 1015C of the Corporations Act 2001 to allow platform operators and trustees of superannuation entities to deliver a Product Disclosure Statement using an agent who is an Australian financial services licensee or an authorised representative of a licensee (30 June 2013). More...

ASIC Class Order [CO 13/761]
This class order sets out minimum standards for custodial or depository service providers to have available adequate financial resources to provide the financial services covered by their Australian financial services licence as discussed in Regulatory Guide 166 Licensing: Financial requirements. (30 June 2013). More...

ASIC Class Order [CO 13/762]
This class order modifies the Corporations Act 2001 as it applies to a responsible entity of an investor directed portfolio service provided through a registered managed investment scheme (IDPS-like scheme) and to a person offering or issuing accessible securities through an IDPS like scheme, as discussed in Regulatory Guide 148 Platforms that are managed investment schemes (30 June 2013). More...

ASIC Class Order [CO 13/763]
This class order revokes ASIC Class Order [CO 02/294] and amends ASIC Class Order [CO 02/295] and ASIC Class Order [CO 04/523] to update our current regulation of IDPS to address complexities existing in current regulatory settings and emerging issues, treat platform operators similarly where there is no regulatory basis for different treatment, and promote confident and informed investors, including by ensuring that they receive adequate disclosure and advice about IDPS and investments available through them (30 June 2013) More...

ASIC Class Order [CO 13/830]
This is a Class Order to exempt RSE licensees from disclosure obligations in section 29QB of the Superannuation Industry (Supervision) Act 1993 until 31 October 2013 (30 June 2013). More...

ASIC Class Order [CO 13-760]
This Class Order sets out minimum standards for responsible entities and operators of investor directed portfolio services to have available adequate financial resources to provide the financial services covered by their Australian financial services licences as discussed in Regulatory Guide 166 Licensing: Financial requirements (30 June 2013). More...

Corporations and Related Legislation Amendment Regulation 2013 (No. 1)
This regulation amends a number of principal regulations. Places remuneration disclosure requirements into the Corporations Regulations 2001 following the removal of these requirements from the relevant accounting standards; removes references to the Financial Reporting Panel (FRP) from the Corporations Regulations 2001; and changes the fees payable for the registration of a business name under the Business Names Registration Regulations 2011 (30 June 2013). More...

Corporations Amendment Regulation 2013 (No. 5)
This regulation amends the Corporations Regulations 2001 to implement regulations relating to the application of the ban on conflicted remuneration (30 June 2013). More...

Superannuation (prudential standard) determination No. 4 of 2013 0 Prudential Standard SPS 520 - Fit and Proper
This instrument determines Prudential Standard SPS 520 Fit and Proper (28 June 2013). More...

Superannuation (prudential standard) determination No. 3 of 2013 - Prudential Standard SPS 310 - Audit and Related Matters
This instrument determines Prudential Standard SPS 310 Audit and Related Matters (28 June 2013). More...

Superannuation (prudential standard) determination No. 2 of 2013 - Prudential Standard SPS 160 - Defined Benefit Matters
This instrument determines Prudential Standard SPS 160 Defined Benefit Matters (28 June 2013). More...

Superannuation Industry (Supervision) modification declaration No. 1 of 2013
This instrument revokes Superannuation Industry (Supervision) Act 1993 Modification Declaration No. 23 made on 12 January 1999 (28 June 2013). More...

Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 SLI 2013
This regulation amends various regulations to implement MySuper and governance measures announced by the Government as part of the Stronger Super reforms (28 June 2013). More..

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