ASIC has extended one of its relief instruments to allow additional time to consider the policy position in relation to a disclosure-related obligation of super trustees.
The Australian Securities and Investments Commission is extending the instrument, due to expire on the first of January 2019, to maintain the status quo.
ASIC has yet to decide on its new policy position and will adjust or revoke the relief once the aspects of disclosures for super funds are settled.
The instrument in question provides relief from the section 29QC of the Super Industry Act 1993 that requires super fund trustees to calculate information given to people or a website in the same way as the equivalent information is given to APRA.
The relief is to help facilitate the ongoing consideration and finalisation of aspects of policy relating to disclosure which may impact APRA reporting standards.
This includes the consideration of government policy in relation to the requirements for super funds to publish product dashboards and the consideration of fees and costs disclosures.
The new expiry date specified in the instrument aligns with the usual 10-year sunsetting period for legislative instruments and it should not be assumed that the relief instrument will continue in force for that length of time.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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