The update from APRA stems from new requirements as a result of the government passing the Treasury Laws Amendment Act back in April.
The key areas updated in the form are:
- the new covenants incorporated into s.52 of the SIS Act (being s.52(9)-(13)) which require registrable superannuation entity (RSE) licensees to undertake annual outcomes assessments, and which specifically include MySuper products
- the new test in s.29T(1) of the SIS Act, which states that APRA must have “no reason to believe” that the RSE licensee may fail to comply with the enhanced trustee obligations, the fees rules and the general fees rules in relation to MySuper products
- a new section seeking information from previous applicants, or applicants seeking authority to offer an existing product, on their breach history and/or the existence of any adverse findings against them
APRA is currently updating the online form, but applications should contact their responsible supervisor to discuss the lodgement of any new product while the form is being updated.
All registrable super entities that intend to offer a product or operate as an eligible rollover fund must seek authorisation from APRA.
