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Issue 587, 4 December 2015 

In this issue: 


Fees and costs disclosure: RG 97 and legislative instrument finalised 

On 24 November, ASIC finalised ASIC Corporations (Amendment and Repeal) Instrument 2015/876, which amends Class Order [CO 14/1252], and updated Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements. ASIC also releasedReport 457 Response to Submissions Disclosing fees and costs in PDSs and periodic statements. 

The amendments to the law and revised guidance follow ASIC’s review of fee and cost disclosure practices and industry consultation. ASIC has indicated that it will continue its engagement with industry during the transition period for the amended regulatory requirements and new guidance to assist industry in its implementation of the measures. 

ASIC Report 398 Fee and cost disclosure: Superannuation and managed investment products, identified the need for industry standards or guidelines that complement guidance to help improve the quality of fee and cost disclosure, also ASIC indicated it will continue to encourage industry to come together and agree on standards that complement ASIC guidance. 

As foreshadowed in ASFA Action issue 585, the amendments to the law include an extension of the transition period for the application of the new fee and cost disclosure requirements. [CO 14/1252] will now apply to: 

ASIC also intends to further defer the start date for the consistency requirements in section 29QC of the Superannuation Industry (Supervision) Act 1993 until 1 February 2017, to align with the extension to the fee and cost transition for PDSs. 


ASFA-Veda Data Benchmark: September 2015 

ASFA recently assisted Veda with the production of the 11th edition (September 2015) of the ASFA-Veda Data Benchmark. The Benchmark was established in 2010 to track industry improvements and highlight the issue of data integrity across a number of areas. 

Key points from the 11th edition include: 

The Benchmark, which is updated twice a year, is available on the ASFA website. 


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