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Issue 818, 10 August 2021 
In this issue: 

 

Amendments to the Design and Distribution Obligations (DDO): ASIC consultation 

Treasury has released a statement setting out the Government’s intention to make amendments to the application of the design and distribution obligations (DDO). 

To provide certainty on the application of the DDO regime in the period prior to the Government making the amendments listed in the statement, ASIC is currently considering making interim amendments consistent with the Government’s stated policy intention, using its modification and exemption powers under section 994L of the Corporations Act 2001 (Corporations Act). 

ASIC proposes to give effect to these interim amendments via legislative instrument: 

ASIC is currently seeking comment on the legislative instrument. 

If you have any feedback you would like ASFA to consider for inclusion in our submission responding to ASIC’s proposed legislative instrument, please contact Maggie Kaczmarska by close of business Friday 20 August. 

 

Royal Commission implementation: consultation on ‘single disciplinary body’ reform 

Treasury has released a policy paper seeking input on aspects of regulations to support the Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Bill 2021. 

That Bill was introduced as part of the Government’s response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, and seeks to: 

The Bill has been passed by the House of Representatives and is currently before the Senate (see ASFA Action issues 817 and 811 for background). 

The policy paper released by Treasury seeks feedback on specific elements in relation to the single disciplinary body reforms: 

Feedback on the paper will be used to inform the development of exposure draft regulations which will be released later this year for further consultation. The Government intends that the finalised regulations will come into force on 1 January (subject to passage of the Bill). 

Treasury is seeking submissions on the policy paper by Friday 20 August, to SDBconsultation@treasury.gov.au. 

 

APRA Connect: ‘go-live’ information 

As reported in recent ASFA Actions, APRA will launch its new data collection tool, APRA Connect, on 13 September. The first regulatory data collection to be introduced in APRA Connect will be those implemented under phase 1 of the Superannuation Data Transformation project. 

APRA has released further information to help regulated entities prepare for APRA Connect. APRA has noted that all regulated entities “now need to prepare for APRA Connect production go-live and nominate their initial Regulatory Reporting Administrator” via a specific form in the current reporting system, Direct to APRA (D2A): RRA_PROD: APRA Connect nomination for 13 September go-live, in readiness for production. 

 

 

ASFA REGULATORY WATCHLIST

ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations

and other regulatory announcements relevant to superannuation.

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