In the media
ASFA supports super portfolio disclosure
regulations
Media – 12 November 2021 – changes to the
superannuation portfolio holdings disclosure regulations will
achieve greater transparency for consumers, according to the
Association of Superannuation Funds of Australia.
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Superannuation portfolio holdings disclosure
TREASURY – 11 November 2021 – in a major boost
to superannuation transparency, Australians will have access to
information about how superannuation funds are investing their
money following the finalisation of new regulations dealing with
portfolio holdings disclosure by superannuation funds.
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APRA sets out framework for using macroprudential tools
to promote financial stability
APRA – 11 November 2021 – the Australian
Prudential Regulation Authority (APRA) has set out
its framework for the use of macroprudential policy measures to
promote the stability of Australia's financial system.
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APRA urges super members to prioritise their own best
financial interests
APRA – 10 November 2021 – the APRA is urging
superannuation members – especially those whose MySuper
products failed the recent performance test – to more
actively engage with their super to maximise their retirement
futures.
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ASIC releases guidance and examples on records of
advice
ASIC – 05 November 2021 – ASIC has released an
information sheet on records of advice (ROA) and
three ROA examples to provide clarity to financial advisers and
advice.
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ASIC obtains Federal Court orders against unlicensed
investment scheme A One Multi Services
ASIC – 04 November 2021 – ASIC has moved to
shut down unlicensed financial services business A One Multi
Services Pty Ltd (A One Multi), which is suspected
to be engaging in unlawful activity and protect investors.
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The Financial Accountability Regime (FAR)
progresses
FSC – 03 November 2021 – the FSC notes that
the FAR Bill is substantially the same as the exposure draft
circulated for public consultation in July 2021, although there
have been a number changes including (a) imposing legal obligations
on auditors and actuaries to assist APRA with investigations, (b)
imposing accessorial liability on accountable persons in certain
circumstances, and (c) allowing the regulator to publicly disclose
certain details of the register of accountable persons.
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'Your Super Follows You'
TREASURY – 01 November 2021 – from 1 November
2021, where an employee has an existing superannuation account,
that account will be 'stapled' and follow them when they
change jobs. This means employers will now pay super contributions
into their new employee's existing super account unless the
employee nominates a different account.
More...
Members urged to check their super as stapling
begins
AIST – 01 November 2021 – as stapling measures
come into effect, AIST has urged Australian workers to ensure
they're happy with the performance of their super fund and not
risk getting stapled to a dud for life.
More...
ASIC commences proceedings against Ferratum Australia
for charging prohibited credit fees
ASIC – 01 November 2021 – ASIC has commenced
civil penalty proceedings in the Federal Court against Ferratum
Australia Pty Ltd (Ferratum) for charging
prohibited fees and and overcharging consumers who paid off loans
early.
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Super fund trustee snouts in the trough
MEDIA – 01 November 2021 – the country's
$3.3 trillion superannuation industry has been rocked by
revelations that some could have been switching their investment
funds for personal gain. It's the latest scandal to hit the
country's $3.3 trillion investment management industry, and
this time around it has the potential to tarnish the reputation of
many of the country's industry super funds (01 November 2921).
More...
In practice and courts
ASIC Updates
10/11/2021 PF 209
Australian financial services licence conditions
(reissued)
Condition 54 amended to better align its wording with
paragraph 7.6.01(1)(na) of the Corporations Regulations and to
include an administrative requirement for licensees to maintain a
register of their related overseas financial service providers who
rely on the exemption under that paragraph.
02/11/2021 INFO
155 Shorter PDSs – complying with
requirements for superannuation products and simple managed
investment schemes (reissued)
Miscellaneous technical amendments to update, re-order and
simplify guidance including: Removal of introductory Stronger Super
content; insertion of a new Table 1 and insertion of a new column
in the former Table 1 (now Table 2) outlining the products to which
the shorter PDS warnings listed are applicable; and the addition of
a new section titled 'What is a simple managed investment
scheme?' moved from INFO 133.
Withdrawn: INFO 133 Shorter PDS
regime – superannuation managed investment schemes and margin
lending (relevant information has been incorporated into INFO 155).
ASIC Industry funding: 2020-21 Cost
Recovery Implementation Statement (CRIS)
The statement details ASIC's estimated levies by industry
sector and subsector. ASIC released the draft CRIS in July 2021
(ASIC
MR21-185) for industry feedback. The final statement summarises
the feedback we received. The actual levies will be published in
December 2021 and invoiced in January 2022 (11 November 2021).
More...
ASIC Corporations (Amendment) Instrument 2021/381
Amends the ASIC Corporations (Auditor Independence) Instrument 2021/75
and ASIC Corporations (Parent Entity Financial Statements)
Instrument 2021/195
to change the repeal dates from April 2026 to April 2024.
APRA publishes additional FAQs on the Superannuation
Data Transformation Phase 1 reporting standards
The APRA has published 4 additional frequently asked
questions (FAQs) to provide further guidance to
RSE licensees on the reporting standards for Phase 1 of the
Superannuation Data Transformation project.The
FAQs are available on the APRA website at:Frequently Asked
Questions – Superannuation Data Transformation (04
November 2021).
APRA publishes new frequently asked questions on Your
Future, Your Super performance test
The APRA has published two new frequently asked questions
(FAQs) to provide further general guidance on the
Government's Your Future, Your Super performance
test. The FAQs are available on the APRA website
at: Your Future, Your Super
Frequently Asked Questions (03 November 2021).
AIST Legislation updates
Stay up to date with the status of legislation in
Australia's parliament
Superannuation Legislation update – 11 November
2021
Superannuation Legislation update – 4 November 2021
Legislation
Commonwealth
Corporations
Amendment (Portfolio Holdings Disclosure) Regulations
2021
11/11/2021 – this instrument amends the Corporations
Regulations 2001 to provide how information made publicly available
under the portfolio holdings disclose regime is to be
organised.
Auditing
Standard ASA 2021-5 Amendments to Australian Auditing
Standards
08/11/2021 – this instrument amends ASA (Australian
Auditing Standards) 101, 200, 240, 330, 502, 540, 550, 560, 570,
610, 620, 710 and ASRE (Auditing Standard on Review Engagement)
2415. The amendments represent editorial corrections to revise
minor inaccuracies, including misspellings and numbering or
grammatical mistakes.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.