QMV Legal Monthly Regulatory Update - July 2022
The 47th Parliament resumed on Tuesday 26 July 2022 with the new Senators being sworn in and the first superannuation-related bill, Treasury Laws Amendment (2022 Measures No. 1) Bill 2022 introduced. The Bill seeks to facilitate the closure and any transitional arrangements associated with AFCA replacing the SCT.
Treasury has been busy with the announcement of a review into the YFYS reforms, consultation on faith-based superannuation product performance tests and Annual Member Meeting changes.
Treasury released Exposure Draft legislation seeking feedback on the introduction of a supplementary performance test for faith-based superannuation products
APRA released for consultation Prudential Standard CPS 230 Operational Risk Management (CPS 230), which is designed to strengthen the management of operational risk and supersede SPS 231 Outsourcing and SPS 232 Business Continuity Management.
APRA released for consultation an amended CPS 511 to set out disclosure requirements and a draft CRS 511.0 that sets out reporting requirements.
Treasury released for consultation draft Superannuation Industry (Supervision) Amendment (Annual Members’ Meetings Notices) Regulations 2022 which outlines a proposal to simplify the disclosure requirements for superannuation Annual Member Meeting notices.
APRA finalised and published Prudential Standard SPS 530 Investment Governance (SPS 530). This follows a consultation on proposed revisions to SPS 530 in September 2021, with APRA incorporating minor amendments based on industry feedback received. SPS 530 takes effect 1 January 2023.
ASIC made ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603, which continues relief for retirement estimates and superannuation calculators (superannuation forecasts) in a single instrument. ASIC also made Regulatory Guide 276 Superannuation forecasts: Calculators and retirement estimates to support this instrument.
Treasury released a consultation package of three guidance notes for the Payment Times Reporting Scheme.
Jessica Pomeroy- Senior Consultant
QMV Legal
July 2022 - Monthly Legal and Regulatory Update
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