ASIC has delayed the start date for Portfolio Holding Disclosure reporting and Choice Product Dashboards until 30 June 2017.
Both these measures, part of the Stronger Super regime, were due to start on 1 July 2016.
ASIC says the deferral was “aimed at providing the superannuation industry with certainty around the start dates for key superannuation reforms” and to “allow time for the Superannuation Legislation Amendment (Transparency Measures) Bill 2016 to pass and the Federal Government further time to consult on the detail of the requirements”.
The Superannuation Legislation Amendment (Transparency Measures) Bill 2016 lapsed when the Parliament was prorogued and has yet to be reintroduced. It is unlikely to pass before the election, which could be called in a matter of days – with a likely election date of the 2nd of July.
“Additionally, ASIC has extended previous relief that allows registrable 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.”
“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 new requirements.”
ASIC issued the following instruments:
- ASIC Superannuation (Amendment) Instrument 2016/351, which amends ASIC Class Order [CO 14/443]
- ASIC Corporations (Amendment) Instrument 2016/364, which amends ASIC Class Order [CO 14/443] and ASIC Class Order [CO 13/1534]
- ASIC Superannuation (Amendment) Instrument 2016/345 which amends ASIC Class Order [CO 14/509]