ASIC has extended several deadlines for large superannuation funds to meet disclosure requirements of the Stronger Super regime.
These requirements were set to commence from 1 July 2015. This date has been pushed back to 1 July 2016 following the issue of several legislative instruments by ASIC.
“The start date for portfolio holdings disclosure reporting and choice product dashboard requirements will be deferred until 1 July 2016 to allow the Federal Government further time to consult on the detail of the requirements. These requirements were due to start on 1 July 2015,” said ASIC.
Another Stronger Super reform subject to the extended deadline is the requirement to provide a hard copy of the product dashboard with the periodic statement.
“The start date for certain disclosures required pursuant to subsection 29QB(1) of the Superannuation Industry (Supervision) Act for standard employer-sponsored sub-plans has also been deferred until 1 July 2016.” This section required public disclosure of remuneration of executive officers or individual trustees of large superannuation funds.
“This will provide further time for consideration of the commercial sensitivity issues that arise in the context of these types of sub-plans,” said ASIC.
“The deferrals will reduce the administrative burden on industry and provide it with time to prepare for the introduction of the new requirements.”
The three legislative instruments issued by ASIC are:
- ASIC Superannuation (Amendment No. 1) Instrument 2015, which amends ASIC Class Order [CO 14/509]
- ASIC Corporations (Amendment No. 2) Instrument 2015, which amends ASIC Class Orders [CO 13/1534] and [CO 14/443]
- ASIC Corporations (Amendment No. 3) Instrument 2015 which amends ASIC Class Order [CO 10/630]
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