Commonwealth legislation

Financial Sector (Collection of Data) exemption No. 1 of 2017

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

3/10 complexity

This instrument gives superannuation trustees a short-term reprieve from specific fee reporting requirements. It temporarily exempts RSE licensees (trustees of regulated super funds) that offer MySuper products from disclosing certain fee information for the 30 June 2017 period. Instead, these trustees must report that same information for 30 September 2017 within 28 days after that date.

Who it affects: Superannuation trustees (RSE licensees) authorised to offer MySuper products—these are default superannuation products with specific government standards.

What it does: Exempts these trustees from two specific paragraphs (7(b) and 9(b)) of Reporting Standard SRS 703.0 (Fees Disclosed), but only for the June 2017 reporting period. This effectively delays the disclosure of certain fee data by three months.

Why it matters: This gives affected super funds extra time to compile specific fee disclosure data, shifting the reporting deadline from June to September 2017 before the exemption expires.

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Current sections

Direct links to the current provisions in Financial Sector (Collection of Data) exemption No. 1 of 2017.

Financial Sector (Collection of Data) exemption No. 1 of 2017

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Financial Sector (Collection of Data) exemption No. 1 of 2017

Reporting Standard SRS 703.0 Fees Disclosed

Financial Sector (Collection of Data) Act 2001

I, Katrina Ellis, delegate of APRA:

(a) under paragraph 16(1B)(b) of the Financial Sector (Collection of Data) Act 2001 (the Act) EXEMPT the class of financial sector entities set out in Schedule 1 from the requirement to comply with the specified requirements contained in the reporting standard set out in Part 1 of Schedule 2 attached to this instrument; and

(b) under subsection 16(2) of the Act DETERMINE this exemption is subject to the conditions set out in Part 2 of Schedule 2 attached to this instrument.

This instrument commences upon registration on the Federal Register of Legislation and ceases to have effect on 29 October 2017.

Dated: 20 September 2017

[Signed]

Katrina Ellis

General Manager

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

financial sector entity has the meaning given by section 5 of the Act.

RSE licensee has the meaning given in section 10 of the Superannuation Industry (Supervision) Act 1993.

SRS 703.0 means Reporting Standard SRS 703.0 Fees Disclosed.

Schedule 1

Each RSE licensee that is authorised to offer a MySuper product.

Schedule 2

Part 1

Paragraphs 7(b) and 9(b) of SRS 703.0.

Part 2

The exemption from the requirements in paragraphs 7(b) and 9(b) of SRS 703.0 only applies in relation to the information required by SRS 703.0 in respect of 30 June 2017.
Subject to paragraph 8 of SRS 703.0, an RSE licensee to which SRS 703.0 applies must provide the information required by SRS 703.0 in respect of 30 September 2017 within 28 calendar days after 30 September 2017.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Financial Sector (Collection of Data) exemption No. 1 of 2017

Financial Sector (Collection of Data) exemption No. 1 of 2017

Reporting Standard SRS 703.0 Fees Disclosed

Financial Sector (Collection of Data) Act 2001

I, Katrina Ellis, delegate of APRA:

(b) under subsection 16(2) of the Act DETERMINE this exemption is subject to the conditions set out in Part 2 of Schedule 2 attached to this instrument.

This instrument commences upon registration on the Federal Register of Legislation and ceases to have effect on 29 October 2017.

Dated: 20 September 2017

[Signed]

Katrina Ellis

General Manager

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

financial sector entity has the meaning given by section 5 of the Act.

RSE licensee has the meaning given in section 10 of the Superannuation Industry (Supervision) Act 1993.

SRS 703.0 means Reporting Standard SRS 703.0 Fees Disclosed.

Schedule 1

Each RSE licensee that is authorised to offer a MySuper product.

Schedule 2

Part 1

Paragraphs 7(b) and 9(b) of SRS 703.0.

Part 2

The exemption from the requirements in paragraphs 7(b) and 9(b) of SRS 703.0 only applies in relation to the information required by SRS 703.0 in respect of 30 June 2017.
Subject to paragraph 8 of SRS 703.0, an RSE licensee to which SRS 703.0 applies must provide the information required by SRS 703.0 in respect of 30 September 2017 within 28 calendar days after 30 September 2017.