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Issue 791, 25 January 2021 
In this issue: 

 

Insurance in Superannuation prudential standard and guidance: further consultation 

APRA has commenced a second round of consultation on revisions to Prudential Standard SPS 250 Insurance in Superannuation (SPS 250). 

APRA is re-consulting on draft SPS 250, following queries raised and guidance sought in response to the November 2019 consultation (see ASFA Action issue 728 for more details). 

APRA is also consulting on a draft revised Superannuation Practice Guide SPG 250, which provides guidance on the new proposed requirements. 

The principal areas of focus for the consultation relate to: 

APRA is seeking in particular views on the independent certification requirements and contractual terms that provide a priority or privilege. 

If you have any feedback you would like ASFA to consider in relation to APRA’s further consultation on SPS 250 and SPG 250, please forward it to Byron Addison by close of business Friday 26 February. 

 

Remuneration requirements for APRA-regulated entities: CPS 511 consultation – reminder 

As reported in ASFA Action issue 783, APRA has released a revised draft remuneration prudential standard for a second round of consultation (see ASFA Actions 734 and 717 for background). 

If you have any feedback you would like ASFA to consider in responding to APRA’s revised draft remuneration prudential standard, please forward it to Maggie Kaczmarska by close of business Friday 5 February. 

 

Derivatives transaction reporting rules: further details re ASIC consultation 

As advised in ASFA Action issue 786 ASIC has added a new page to the section of its website dealing with over the counter derivative trade reporting and released Consultation Paper 334 Proposed changes to simplify the ASIC Derivative Transaction Rules (Reporting): First consultation (CP 334), requesting feedback by 1 March. 

Further to ASIC’s release of CP 334, ASIC has advised that the European Securities and Markets Authoritywas released on 17 December 2020. 

ASIC mentions in a number of places in CP 334 its in-principle intent to align as closely as practically possible with the rules of other jurisdictions. Consequently, ASIC will consider changes, from those originally proposed in the final EU rules, for adoption in the next version of proposed ASIC rules for consultation. ASIC has indicated that it will be useful if any feedback to CP 334 takes into account ASIC’s intentions for in-principle alignment. 

ASIC has also published on the web page a word version of the list of proposals and questions in CP334 with a view to assisting in compiling feedback on the consultation. 

ASIC has indicated that is keen to meet with stakeholders to discuss CP 334 ahead of the formal submission close date of 1 March 2021. If you would be interested in meeting with ASIC regarding this, please contact Fiona Galbraith. 

 

Design and Distribution Obligations – ASFA Working Group 

As reported in ASFA Action issue 788, ASIC released RG 274 Product design and distribution obligations (DDO) in December. See also ASFA Action issues 757, 754, 732, 731, 704 and 686 for background on the DDO regime. 

The DDO regime commences on 5 October. 

ASFA facilitates a working group that is considering implementation challenges and/or concerns with the DDO as it applies to registrable superannuation entity licensees. 

If you would be interested in joining the ASFA DDO Working Group, please contact Maggie Kaczmarska. 

 

Coronavirus early release initiative: ATO update on application files 

With the application period for the Coronavirus early release initiative having closed on 31 December, the ATO has advised that it will cease issuing payment approvals to funds via the Bulk Data Exchange. 

According to CRT Alert 002/2021, the last approval file will be issued on 29 January and funds can stop checking the BDE for approval files after that date. The ATO does not anticipate there will be any further approvals to send to fund post-January but will contact funds directly if any are required. 

 

 

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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