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Issue 565, 30 April 2015 

In this issue: 


Consultation on Regulator Performance Framework: feedback required 

In late 2014, the government established the Regulator Performance Framework to assess regulators’ performance when interacting with businesses, the community and individuals while carrying out their functions. The Framework seeks to improve the way regulators operate, reduce the costs incurred by businesses, individuals and the community from the administration of regulation, and to increase the public accountability and transparency of regulators. 

The Framework establishes six outcomes-based key performance indicators (KPIs) of best practice performance and administration. Regulators are required to develop and consult on a range of evidence metrics that they will use to conduct an annual self-assessment of their performance against the KPIs and to identify areas for improvement. These self-assessments will be externally validated and published. 

AUSTRAC, ASIC and APRA have now each developed a set of proposed evidence metrics, and have asked ASFA, and our members, to provide feedback. 

The following consultation documents are provided for your information: 

If you, or others in your organisation, have any feedback that you would like ASFA to consider including in our submissions to AUSTRAC, ASIC and/or APRA, please forward your comments to us in writing by close of business Wednesday, 13 May 2015. 

ASFA will be preparing separate submissions in respect of each of the regulators. As such, please direct your feedback to the relevant ASFA staff member(s) below: 


Updated and draft APRA reporting standards, plus extension of quarterly reporting timeframe 

APRA released 31 reporting standards earlier this week (28 April 2015) for the superannuation industry. Of these, 26 reporting standards have been updated and are now final. The remaining five reporting standards are being released for consultation. 

Between 2013 and 2015, APRA released a number of final reporting standards for superannuation. Since the release of those standards, APRA has continued to receive feedback from industry on a range of implementation issues, and there have also been a number of developments in the superannuation regulatory framework. As a result, over this time APRA has publicly released on its website 95 frequently asked questions (FAQs) with additional information relating to superannuation reporting. 

APRA is proposing material changes to the following five reporting standards released this week for industry consultation: 

The changes to these standards relate to the reporting of investment data and data that is otherwise required to be included in product disclosure statements for MySuper products. 

APRA is seeking comments on the five reporting standards by Friday, 19 June 2015. 

If you have any feedback on issues you would like ASFA to consider including in our submission, please provide your comments to Tony Keir by Monday, 8 June 2015. 

The other 26 (final) reporting standards released this week incorporate minor changes from the material covered in these FAQs. These final standards commence on either 30 June 2015 or 1 July 2015, as specified in each standard. APRA has also deferred the reporting of some investment performance data until the legislative requirements relating to the choice product dashboard have been finalised. 

In addition, APRA has extended the transition relief for lodgement of quarterly returns for a further two years, allowing quarterly returns to be submitted within 35 (rather than 28) calendar days after the end of the reporting period until mid-2017. However APRA encourages registrable superannuation entity (RSE) licensees to continue to submit well within this timeframe wherever possible. 

The discussion paper and the 31 reporting standards, including the five reporting standards APRA is consulting on, can be found on the APRA website. 


Extension to long-term performance reporting requirements 

ASIC Corporations (Amendment No. 3) Instrument 2015 (the instrument) was registered on 28 April 2015. The instrument extends the operation of ASIC Class Order [CO 10-630], which varied 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. 

Importantly, [CO 10-630] excluded exit statements from the long -term performance reporting regime for a transitional period. This period has been extended a number of times, and was due to expire on 19 July 2015. ASIC has now, through the instrument, extended the relief provided by [CO 10-630] until the commencement of any amendments to regulation 7.9.20AA, or 31 December 2015, whichever is earlier. 

The instrument can be downloaded here. 


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