Issue 586, 23 November 2015
Long-term performance reporting requirements: relief extended
ASIC has advised ASFA that it intends to extend its relief from the operation of the long-term superannuation performance reporting requirements in regulation 7.9.20AA of the Corporations Regulations 2001.
In broad terms, these reporting rules require a superannuation fund trustee to provide, in a member’s periodic statement, prescribed details regarding the five and ten year returns for the options in which the member was invested.
In 2010, ASIC issued Class Order [CO 10/630], providing relief from several aspects of the long-term performance reporting rules. In particular, [CO 10/630] excluded exit statements from the reporting rules for a transitional period. This period has been extended a number of times (most recently in April 2015—see ASFA Action issue 565), and was due to expire on 31 December 2015.
ASIC has now indicated that it intends to amend [CO 10/630] so that the relief in relation to exit statements will continue to apply indefinitely. ASFA will advise, via an ASFA Action, when the amendment has been finalised.
