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Issue 775, 15 September 2020 
In this issue: 

 

Internal dispute resolution: ASFA working group reminder 

As reported in ASFA Action issue 773, ASFA is seeking expressions of interest for participation in a working group to consider issues in relation to internal dispute resolution (IDR). 

In particular, the working group will: 

We anticipate that the working group will meet for the first time in October. 

If you were intending to nominate a representative from your organisation to participate in the working group and have not yet had an opportunity to do so, please contact Julia Stannard by close of business Monday 21 September. Representation is available to ASFA corporate members only. 

 

COVID-19 Coronavirus: early release of super – AML/CTF exemption 

AUSTRAC has extended the duration of a customer verification exemption under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime for superannuation funds making payments under the Coronavirus early release initiative. 

In ASFA Action issue 750, we reported that AUSTRAC had registered the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2020 (No. 1), to ensure that funds making payments to their members under the Coronavirus early release initiative would not have to conduct additional customer verification under the AML/CTF regime. (Normal AML/CTF requirements around ‘suspicious matter’ reporting and ongoing customer due diligence continue to apply.)The exemption was stated to apply until 24 September 2020 – the closing date for applications under the early release initiative as it was originally legislated. 

In late July, the Government announced it was extending the cut-off date for applications under the early release initiative to 31 December 2020 (see ASFA Action issue 766). The Government subsequently registered the Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations (No. 3) 2020 to give effect to that change (see ASFA Action issue 774). 

AUSTRAC has now registered the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2020 (No. 4) to align the end date for the AML/CTF exemption with the extended cut-off date for applications under the early release initiative. 

 

COVID-19 Coronavirus: early release of super – APRA data 

APRA has made its twentieth weekly publication of industry-level data from its early release initiative data collection. 

The data covers applications made from inception of the early release initiative on 20 April. The data shows that from 20 April to 6 September: 

APRA has also published the nineteenth tranche of fund-level statistics from its early release data collection, revealing the number and value of the payments processed by each fund, as well as the time taken to make payments. 

 

Financial services regulation: review of the legislative framework 

The Government has asked the Australian Law Reform Commission (ALRC) to conduct a review of the legislative framework for corporations and financial services regulation. 

The review follows the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which (amongst other conclusions) found that the law was too complex and made recommendations about the need to simplify the law so that its intent can be met. 

The Attorney-General, Christian Porter MP, said the review is intended to “provide a principled blueprint for a more efficient, navigable and adaptive legislative framework for corporations and financial services regulation that would allow industry and consumers to more easily understand their rights, obligations and the intent and effect of the law.” 

Under the terms of reference, the ALRC is to consider whether, and if so what, changes could be made to the Corporations Act 2001 and the Corporations Regulations 2001 to simplify and rationalise the law, in particular in relation to: 

The ALRC is to provide a consolidated final report to the Attorney-General by 30 November 2023. Interim reports will be due on 30 November 2021 (Topic A), 30 September 2022 (Topic B), and 25 August 2023 (Topic C). 

 

 

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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