ASIC delays super start dates
The Australian Securities and Investments Commission (ASIC) has delayed the start date for the regulatory settings underpinning last year’s superannuation budget changes.
The regulator announced that because the legislation and regulations required to implement the choice products and portfolio holding reporting requirements had not been finalised, it was extending the start dates to enable the relevant legislation and regulation to pass the Parliament.
It said the product dashboard requirements for choice products and the portfolio holdings disclosure requirements will be deferred for two years, that is, until 1 July 2019 and from 31 December 2019 respectively.
It said that, in addition, ASIC would extend previous relief that allowed registrable superannuation entities (RSE) licensees to provide a product dashboard with a periodic statement by including a website address for the latest product dashboard, rather than requiring a hard copy of the dashboard to be included with the periodic statement.
The regulator said it anticipated this relief would be extended to align with the choice product dashboard timeframes.
ASIC said the deferrals would provide industry with certainty about the commencement dates of the requirements, reduce the administrative burden on industry and provide it with time to finalise their preparation for the introduction of the requirements.
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