News From The Regulator

Governance Requirements: APRA Letter to RSE’s

Governance Requirements: APRA Letter to RSE’s

On 26 June 2015, APRA provided correspondence to superannuation trustees alerting them to the Government’s proposed changes to the governance requirements for RSE licensees.  Changes proposed involve minimum independence requirements, effective from 1 July 2016, for trustee boards, which must put in place at least one third minimum independent directors, and an independent chair, following a three…

Helen Rowell (APRA) Calls for more Super Fund Mergers

Helen Rowell (APRA) Calls for more Super Fund Mergers

” We all suffer from change fatigue at times, but changes to the superannuation framework in one shape or form are almost inevitable as the environment in which the industry operates continues to change and evolve.”  [Helen Rowell, APRA.] The number of Australian superannuation funds supervised by APRA has fallen from 1900 to 330 during the decade…

APRA Releases New Package of Reporting Standards

APRA Releases New Package of Reporting Standards

On 28 April 2015, APRA released 31 reporting standards for the Australian superannuation industry. Of these, 26 are final reporting standards and five reporting standards are being released for consultation. Final standards will commence on either 30 June 2015 or 1 July 2015. Further material changes are anticipated to the 5 standards released for industry…

APAR Releases Reporting Requirements for Select Investment Options

APAR Releases Reporting Requirements for Select Investment Options

On 16 January 2015, APRA released its response to submissions received on four reporting standards in relation to APRA regulated superannuation funds. Select Investment Options relate to certain non My-Super investment options. The reporting standards will require certain quarterly information about investment performance, asset allocation and member flows as well as structural information about these…

ATO processes first Superstream contributions

ATO processes first Superstream contributions

The ATO has commenced processing its first Superstream contributions from August 2014, with further selected groups adopting the new procedures through to November 2014 as part of an induction process. SuperStream refers to a suite of measures designed to help make the back office operation of super funds more efficient.  It requires employers to process…

APRA Releases Quarterly Superannuation Performance (Interim Edition)

APRA Releases Quarterly Superannuation Performance (Interim Edition)

On 21 August 2014, APRA released its quarterly statistics for the period ending 30 June 2014. Australian superannuation Assets now total approx. $1.85 trillion, a 15% increase over the twelve months to 30 June 2014.  For the June quarter assets increased by 2.6%. Contributions for the June quarter totalled $27.6 billion (up 5.9% from June…

ASIC Guidance for Disclosure on Superannuation Websites

ASIC Guidance for Disclosure on Superannuation Websites

On 16 June 2014 ASIC released guidance [Regulatory Guide RG 252]  to help superannuation trustees disclose information about superannuation funds and their trustees on their websites with the intention of enabling increased transparency by the industry.  The changes form part of the Stronger Super reforms which start from 1 July 2014. From next month, superannuation…

Financial Services Inquiry – APRA Submission

Financial Services Inquiry – APRA Submission

APRA has issued its submission to the David Murray led, Financial Services Inquiry which will establish the direction of the future of Australia’s financial system.   The initial submission deadline was 31 March 2014, and the Inquiry has stated it has received over 200 submissions. Previous Financial System Inquiries have led to significant reform and this one is expected to…

APRA releases minor revisions to Reporting Standards

APRA releases minor revisions to Reporting Standards

APRA, today released minor revisions to six Reporting Standards to simplify trustee obligations. The changes will impact upon the following: Reporting Standard SRS 320.0 Statement of Financial Position; Reporting Standard SRS 330.0 Statement of Financial Performance; Reporting Standard SRS 520.0 Responsible Persons Information; Reporting Standard SRS 530.1 Investments and Investment Flows; Reporting Standard SRS 533.0 Asset…

APRA/ASIC Letter to RSE Trustees – Consistency for disclosure and reporting

APRA/ASIC Letter to RSE Trustees – Consistency for disclosure and reporting

On 21 March 2013 APRA and ASIC provided joint correspondence to all RSE Licensees to clarify how information must be consistently provided in respect of section 29QC of the SIS Act.  This means that the requirements under the relevant reporting standard and method of calculation must be the same as that disclosed to a member, particularly through a website. APRA have emphasised this requirement is…

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