In a response to submissions on the MySuper reporting standards SRS 700.0 Product Dashboard, SRS 702.0 Investment Performance and SRS 703.0 Fees Disclosed, APRA refused to extend the first reporting deadline of 28 October 2013.
Submissions received by the regulator reiterated concerns that a significant proportion of the industry will experience difficulties in lodging Reporting Form SFR 702.0 Investment Performance by October 28.
In response, APRA argued it has granted a two-year transition period for the submission of annual data.
"Allowing the current four-month timeframe to remain in place until 30 June 2015 allows entities to adjust their processes over time. As such, APRA does not intend to further adjust the annual lodgement requirements," the regulator said.
When it comes to quarterly reporting dates, APRA acknowledged "it is likely that entities will experience some challenges in fully meeting their compliance obligations under the reporting standard".
Entities that consider they cannot meet the lodgement deadlines should contact APRA Statistics, the regulator said.
APRA also received comments in relation to the 28 days registrable superannuation entities (RSEs) have to report information about MySuper products that are authorised after 31 December 2013.
"Given that most of the items on the product dashboard will be provided to APRA in draft form as part of the authorisation application, APRA does not view it as a large burden on an RSE licensee to report the final product dashboard information required by SRS 700.0 to APRA within 28 days of authorisation," the regulator said.
The submissions to APRA also raised a number of issues relating to the product dashboard, including suggestions that 'level of investment risk' be renamed as 'level of investment volatility'. There were also queries regarding how the product dashboard will apply to choice products.
However, the regulator declined to address such matters, labelling them "matters for government".
