Outlining the changes, the Australian Securities and Investments Commission (ASIC) said the product dashboard for MySuper products had been deferred until 31 December 2013.
New content requirements, particularly fees, for Product Disclosure Statements for super and managed investments have been deferred until 31 December 2013 and 1 July 2014 respectively.
ASIC has also deferred a measure requiring registrable super entities (RSEs) to make executive officer and trustee remuneration publicly available. RSEs now have until 31 October this year to comply with that measure.
The portfolio holdings disclosure requirements have also been delayed until mid-2014.
ASIC anticipated issuing its information sheet on product dashboard requirements “shortly” and said it is updating its frequently asked questions to include information about executive remuneration and systemic transparency measures.
According to an update from Towers Watson, there are still several measures that have not been finalised, including whether super funds will be required to report to members quarterly in electronic form or half-yearly via paper statement.
Supporting regulations around the reporting of superannuation on payslips have not been published, and reporting standards relating to product dashboards for MySuper products are only available in draft form. There is also a large number of Australian Prudential Regulation Authority practice guides yet to be finalised, Towers Watson said.
