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Issue 824, 15 September 2021 
In this issue: 

 

Further amendments for the DDO: ASIC consultation 

Treasury has released an updated statement setting out the Government’s intention to make further amendments to the application of the design and distribution obligations (DDO) regime, that commences on 5 October. This follows Treasury’s initial announcement in August setting out the Government’s initial intention to make amendments to the DDO (see ASFA Action issue 818 for background). 

ASIC is currently considering making further interim measures consistent with the Government’s stated policy intention in the updated statement and is seeking comment on a draft legislative instrument that will, in the interim, give effect to the following proposed amendments as outlined in the updated statement: 

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 Helena Gibson or Maggie Kaczmarska by close of business Friday 17 September. 

 

Modernising execution of deeds and statutory declarations: consultation 

The Government has launched a consultation on how technology can be used to streamline the way statutory declarations and deeds are executed, to provide insights on these important documents are used in the everyday transactions of Australians and inform advice to Treasurers and Attorneys General on a common approach to their execution. 

This consultation may be of interest to superannuation funds, particularly given their reliance on deeds to formalise governing rules, and the use of statutory declarations as a means to verify information provided by fund members/beneficiaries. 

Attorney-General, Michaelia Cash, said the consultation provides an opportunity to establish a common approach to document execution. 

The Government has released a consultation paper, Modernising Document Execution: Consultation on a common pathway for digital execution of statutory declarations and deeds, and is seeking submissions by close of business Friday 8 October. 

The consultation is being conducted as part of the Government’s broader ‘modernising business communications’ project, under its deregulation agenda. 

 

Financial Regulator Assessment Authority: members appointed 

The Government has appointed Nicholas Moore (Chair), Gina Cass-Gottlieb and Craig Drummond as the inaugural members to the Financial Regulator Assessment Authority (FRAA). 

The FRAA was established as part of the Government’s response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, with the sole purpose of reviewing and reporting on the effectiveness and capability of ASIC and APRA. 

The Government has indicated that in its first year the FRAA “will assess the effectiveness and capability of ASIC to assist recently appointed ASIC Chair Joseph Longo in ensuring ASIC is operating effectively and consistently with the Government’s Statement of Expectations”. 

Legislation to implement the FRAA was passed by Parliament in late June (see ASFA Action issues 811, 807 and 697 for background. 

 

APRA Super Data Transformation: FAQs 

As reported in recent ASFA Actions, APRA recently finalised ten reporting standards under phase 1 of its Superannuation Data Transformation project. APRA has been publishing frequently asked questions (FAQs) for registrable superannuation entity (RSE) licensees ahead of the first submission of data under the standards on 30 September. 

Yesterday APRA published additional frequently asked questions (FAQs) in relation to the phase 1 standards.
 

 

 

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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