The Australian Prudential Regulation Authority (APRA) is seeking responses to its 11 draft prudential standards for the superannuation industry, with the regulator giving itself until the end of the year to finalise the standards.
APRA released the new prudential standards on Friday.
As reported in InvestorDaily, six of the standards are derived from existing standards for the banking industry, with the remainging five applying specifically to super funds.
"Subject to the passage of the legislative amendments and feedback received in response to the draft standards, APRA intends to finalise the prudential standards before the end of 2012," the regulator said in its response to submissions paper.
"APRA will also consult on a first tranche of draft prudential practice guides (PPGs) to support the proposed prudential standards towards the end of 2012, with further draft PPGs to be released for consultation in the first quarter of 2013."
In the paper, the regulator said it expects the majority of the final prudential standards will take effect on 1 July 2013.
It said some transitional provisions are likely to commence earlier "to ensure that arrangements entered into with third parties after the commencement of these provisions comply with the requirements of the prudential standards".
These provisions are expected to commence in December 2012, the paper said.
"APRA will also consult on other elements of its implementation of the government's reforms in 2012," it said.
"This includes consultation on the authorisation process for RSE [registrable superannuation entities] licensees to offer MySuper products, expected in May 2012, and enhancements to the statistical collections and publications for superannuation, expected in July 2012."
