Issue 869, 20 September 2022
In this issue:
Remuneration disclosures: consultation reminder
As reported in ASFA Action issue 859, APRA is consulting on proposed new remuneration disclosure and reporting requirements for all APRA-regulated banks, insurers and superannuation funds, to support the cross-industry Prudential Standard CPS 511 Remuneration.
If you have any feedback you would like ASFA to consider in relation to APRA’s consultation package, please forward it to Maggie Kaczmarska by close of business Friday 30 September.
Operational risk management prudential standard: consultation reminder
As reported in ASFA Action issue 862, APRA is consulting on a new prudential standard designed to strengthen the management of operational risk in the banking, insurance and superannuation industries.
Proposed new cross-industry Prudential Standard CPS 230 Operational Risk Management, will set out minimum standards for managing operational risk, including updated requirements for business continuity and service provider management.
If you have any feedback you would like ASFA to consider in relation to draft CPS 230, please forward it to Julia Stannard by close of business Friday 30 September.
WA de facto family law superannuation splitting: legislative instrument
As reported in ASFA Action issue 868, the Western Australian (WA) Parliament recently passed legislation relevant to efforts to allow separating WA de facto couples to access the family law superannuation splitting regime.
That legislation, the Family Court Amendment Act 2022 (WA), has not yet been proclaimed to commence. Proclamation of the relevant provisions will be aligned with the proclamation of related amendments in the Commonwealth Family Law Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Act 2020 and the commencement of the Commonwealth Superannuation Legislation Amendment (Western Australia De Facto Superannuation Splitting) Regulations 2021 (Commonwealth Regulations).
The Commonwealth Government has now registered an additional legislative instrument relevant to these reforms.
The Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment (No. 2) Approval 2022 (Cth) amends the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 (Cth) to ensure that references to the Family Law Act 1975 are correct. This is necessary to reflect the inclusion in the Family Law Act of specific provisions dealing with family law superannuation splits in relation to WA de facto couples.
The instrument will commence immediately after the commencement of the Commonwealth Regulations.
ASFA REGULATORY WATCHLIST
ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations
and other regulatory announcements relevant to superannuation.
