Section 29QC of the Superannuation Industry (Supervision) Act 1993 (SIS Act) requires that information given to the public (e.g. in disclosure documents) be calculated in the same way that the information is reported to the Australian Prudential Regulation Authority (APRA) under an APRA reporting standard. ASIC Class Order [CO 14/541] provides relief from section 29QC of the SIS Act.

ASIC proposes to extend the exemption in [CO 14/541] for a period of two years until 1 January 2026. This means RSE licensees (superannuation trustees) would continue to be exempt from complying with disclosure obligations set out in subsection 29QC(1) of the SIS Act.

Providing feedback

Industry is invited to provide feedback on ASIC’s proposal, including whether the instrument is operating effectively and efficiently and/or whether any amendments are required. Comments should be sent by 12pm on 4 December 2023 to Super.Enquiries@asic.gov.au.

Additional information

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Background

ASIC granted the exemption because of uncertainty about how to achieve the disclosure requirements in subsection 29QC(1), which make reference to consistency with the data that must be reported under APRA’s reporting standards. APRA’s reporting standards have been evolving as part of APRA’s superannuation data transformation project.
Particularly in the absence of regulations, ASIC has assessed that the exemption in [CO 14/541] is operating effectively and efficiently, and continues to form a necessary part of the legislative framework. This relief has been in place in some form since 13 June 2014.

ASIC previously consulted on this relief in Consultation Paper 227 Disclosure and reporting requirements for superannuation trustees: s29QC.

ASIC is Australia’s corporate, markets and financial services regulator.