Issue 563, 13 April 2015
In this issue:
- APRA defers reporting for SRS 702.1
APRA defers reporting for SRS 702.1
APRA recently contacted superannuation industry associations with a summary of the reporting related consultation and release package that will be made public before the end of April, as well as advice about the deferral of the commencement of Reporting Standard SRS 702.1 Investment Performance (SRS 702.1). APRA advised that they will shortly provide this information to registrable superannuation entity (RSE) licensees directly.
Importantly, following significant additional feedback regarding SRS 702.1 (for select investment options), APRA has decided to defer the commencement of SRS 702.1 until after further consultation with the industry, to ensure that the content of the form can be reported to APRA in a practical and appropriate manner.
As a result, RSE licensees are requested to stop working on the current version of SRS 702.1, as it will no longer commence on 1 July 2015. The new commencement date for SRS 702.1 will be discussed as part of the future consultation on the content of the standard. It is hoped that this consultation will take place in the coming months.
APRA intends to release for consultation four draft reporting standards:
- Reporting Standard SRS 702.0 Investment Performance and Reporting Standard SRS 703.0 Fees Disclosed (both applying in respect of MySuper products): these standards are being updated, in close consultation with ASIC, to ensure alignment with fees and costs disclosure requirements in the Corporations Regulations (as modified by class order 14/1252) and APRA’s reporting obligations.
- Reporting Standard SRS 534.0 Derivative Financial Instruments: this standard has been significantly updated, as foreshadowed in APRA’s recent letter to industry, to minimise unnecessary reporting and respond to specific industry feedback.
- Reporting Standard SRS 532.0 Investment Exposure Concentrations: this standard is being updated to reflect the content of FAQ #123 relating to determining the basis for identifying large exposures.
The package also contains a number of final reporting standards, containing minor amendments that reflect the frequently asked questions or rectify minor drafting errors in the documents.
