Superannuation Alert 7.9.18
Financial Services - 7 September 2018
Federal Parliament - Superannuation Industry (Supervision) Act 1993 Regulations - Deferral of sunset date
On 30 August 2018, the Legislation (Deferral of Sunsetting - Superannuation Industry (Supervision) (Transitional Provisions) Regulations) Certificate 2018 (Certificate) was registered on the Federal Register of Legislation. The primary purpose of the Certificate is to defer the sunsetting date for the Superannuation Industry (Supervision) (Transitional Provisions) Regulations 1993 (Regulations) from 1 October 2018 to 1 October 2019.
According to the Certificate, "[t]he Treasurer has advised that it is likely that the Government will introduce minor technical amendments to the Superannuation Industry (Supervision) Act 1993 within the next 12 months which will result in the Regulations needing to be repealed and remade. Even if these amendments were to pass before 1 October 2018, there would not be sufficient time for the making of replacement regulations before 1 October 2018."
A deferral of the sunsetting date for the Regulations will avoid the need to remake the Regulations for the period between the sunset date and the date the replacement regulations commence.
Royal Commission - Super entities respond to Royal Commission closing submissions
Following the release of the Royal Commission's closing submissions on 31 August 2018 in relation to the superannuation round of hearings, the Commission has published the 13 submissions it received in response to its closing submissions.
The submissions of various trustee entities largely refute the findings about misconduct open to the Commissioner to make, citing, among other things, internal processes as well as insufficiency of evidence in relation to the findings. Despite no findings being made in relation to APRA, the regulator's submission highlights the need to consider each alleged breach of entities' obligations on a case by case basis.
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