APRA has amended its definition of what constitutes a non-MySuper investment option in response to concerns raised by the superannuation industry.
In March 2014, APRA deferred the commencement of the select investment reporting requirements for one year until 1 July 2015.
The prudential regulator entered into consultation with the industry on the topic in July 2014.
APRA released its response to the industry submissions on the reporting standards for select investment options on Friday.
In the document, APRA noted the industry had identified specific areas of the requirements that "gave rise to implementation challenges or required clarification".
"The three major areas that attracted comment concerned the definition of a select investment option, commencement and lodgement time frames and the information that might be included in APRA’s statistical publications," said APRA.
After considering the submissions, APRA has amended the definition of a select investment option to remove the qualitative limbs relating to investment options underlying a reserve or accrued amount.
"APRA has also adjusted the quantitative limb of the definition, raising the dollar threshold from $50 million to $200 million," said the regulator.
The prudential regulator has also decided to require only quarterly reporting of information relating to investment performance and asset allocation, rather than requiring both quarterly and annual reporting.
While the reporting requirements will commence on 1 July 2015, APRA will provide an extension to the lodgement time frames (from 28 days to 35 days) for a transitional period of 18 months, said the regulator.
A NAB executive has been convicted and fined after attempting to obtain tax refunds close to $25,000 in work-related expenses. ...
ASIC has clamped down on advertisements for the Skyring Fixed Income Fund, imposing a stop order. ...