SuperReg

“SuperReg is purpose-built for superannuation trustees and senior executives. It addresses the specific obligations of these key roles and provides essential knowledge and skills to help meet those obligations. It is also suitable for internal legal teams, responsible managers under an AFSL and responsible officers under an RSE licence, as well as those supporting the trustee function. Professional development requirements for the superannuation industry aim to ensure superannuation funds are managed effectively and in the best interests of members. The obligations for trustees and senior executives come from a combination of legislative requirements, regulatory guidelines, and industry standards. APRA Prudential Standard SPS 520 outlines fit and proper requirements for superannuation trustee directors. These standards require trustee directors to have the competence, character, diligence, experience, honesty, integrity, and judgement to perform their duties effectively. Ongoing professional development is an implicit part of meeting these standards. ASFA has designed SuperReg with these standards a foremost consideration. Other legislative requirements SuperReg helps trustees and senior executives meet include: – ASIC RG 105: AFS licensing: Organisational competence, by updating the knowledge and skills of ‘responsible persons’ – SIS regulation 4.14, by having the educational or technical qualifications, knowledge and skills relevant to the duties and responsibilities of an RSE licensee – Corporations Act 2001 – s912A(1)(e), by maintaining the competence to provide financial services.”