ASIC again delays Stronger Super disclosure start dates

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ASIC has further pushed back the starting date of superannuation disclosure requirements from the Stronger Super reforms.

ASIC announced that two parts of the Stronger Super reform package, the product dashboard requirements for choice products and portfolio holdings disclosure requirements, would start two years later than previously planned – on 1 July 2019. This means that the first portfolio holding disclosure date would be 31 December 2019.

This is the latest in a series of delays made by ASIC to the start dates of these disclosure requirements. ASIC delayed the 1 July 2015 start date to 2016, then 2017 and now 2019.

Announcing the extended start dates, ASIC said: “At this time, the legislation and regulations to effect the choice products and portfolio holding reporting requirements have not yet been finalised. ASIC is therefore extending these start dates to enable the relevant legislation and regulations to pass by issuing a legislative instrument.”

“The deferrals will provide industry with certainty about the commencement dates of the requirements, reduce the administrative burden on industry and provide it with time to finalise their preparation for the introduction of the requirements.”

In May 2015, announcing the then deferral to July 2016, ASIC said: “The deferrals will reduce the administrative burden on industry and provide it with time to prepare for the introduction of the new requirements.”

ASIC says that it proposes to finalise the instruments to give effect to the deferred start dates “shortly”.

“In addition, ASIC will extend previous relief that allowed superannuation entities (RSE) licensees to provide a product dashboard with a periodic statement by including a website address for the latest product dashboard, rather than requiring a hard copy of the dashboard to be included with the periodic statement. ASIC anticipates that this relief will be extended to align with the choice product dashboard timeframes.”

The Stronger Super legislation for product dashboards and portfolio holding disclosures, the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012, received Assent in December 2012.

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