APRA has released a letter to industry and final versions of 32 reporting standards, reporting forms and instructions for APRA-regulated superannuation funds.
APRA’s reporting requirements implement the transparency and accountability recommendations from the Government’s Stronger Super reforms, and the superannuation reporting proposals on which APRA had previously consulted in 2009. The new requirements also support the implementation of prudential standards, MySuper products and SuperStream. These revisions will be the first changes to the reporting requirements for superannuation since 2004. APRA said the release of this package follows the release of “proposed final” versions of 35 reporting standards, reporting forms and instructions on 28 March 2013 and the determination of one of those proposed final standards, Reporting Standard SRS 001.0 Profile and Structure (Baseline), on 30 April 2013. APRA said only minor amendments have been made to the 32 reporting standards released on Thur 6.6.2013, mostly for editing or clarification purposes.
The 2 remaining standards, Reporting Standard SRS 702.0 Investment Performance and Reporting Standard SRS 703.0 Fees Disclosed, are not included in today’s release. APRA said these 2 standards are relevant to the product dashboard and disclosure requirements and were the subject of significant industry feedback. APRA said it expects that these 2 reporting standards, along with draft Reporting Standard SRS 700.0 Product Dashboard, will be released in the “coming weeks for further consultation”.
APRA Deputy Chairman Ross Jones said “APRA will continue to engage with the superannuation industry on the implementation of the new reporting requirements. Where an entity is experiencing difficulty in transitioning to the new reporting due dates, APRA would be amenable to requests for a short extension, especially for the first reporting period.”
The requirements in 22 of the final reporting standards will take effect from 1 July 2013, with the remaining 10 taking effect from 1 July 2014. The first publication using the new data will be published in late 2013. APRA said it expects to consult with industry regarding its proposals for new publications in mid-2013.
The APRA letter to industry (dated 6 June 2013), final reporting standards, forms and instructions, and reporting framework FAQs, are available on the APRA website.
[LTN 108, 6/6/13]