Key Points:
- ASIC is extending the exemption from disclosure and reporting consistency obligations in 魅影直播 Superannuation (Disclosure and Reporting Consistency Obligations) Instrument .
- The exemption for superannuation trustees from complying with subsection 29QC(1) will continue for 2 years until 1 January 2026.
A new relief instrument ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument (the Instrument) continues the relief previously provided under ASIC Class Order [CO 14/541] which is due to expire on 1 January 2024.
The Instrument provides an exemption to RSE licensees from complying with subsection 29QC(1) of the Superannuation Industry (Supervision) Act 1993 (the SIS Act) for a further two years.
Background
Section 29QC(1) of the SIS Act requires that information given to the public (e.g. in disclosure documents) be calculated in the same way that the information is reported to the Australian Prudential Regulation Authority (APRA) under an APRA reporting standard. The Instrument provides relief from section 29QC(1) of the SIS Act.
ASIC granted the exemption in because of uncertainty about how to achieve the disclosure requirements in subsection 29QC(1), which make reference to consistency with the data that must be reported under APRA鈥檚 reporting standards. APRA鈥檚 reporting standards have been evolving as part of APRA鈥檚 superannuation data transformation project.
Particularly in the absence of regulations, 魅影直播 has assessed that the exemption in听听is operating effectively and efficiently, and continues to form a necessary part of the legislative framework. This relief has been in place since 13 June 2014.
ASIC decided to continue the relief following a consultation which ended on 4 December 2023. No feedback was provided to 魅影直播 through the consultation process.
ASIC is Australia鈥檚 corporate, markets and financial services regulator.听