ASIC on Tue 15.10.2013, registered Class Order [CO 13/1275] to exempt APRA registrable superannuation entity (RSE) licensees from the new trustee remuneration disclosure obligations until 1 July 2014 (deferred from 31 October 2013). The class order amends Class Order [CO 13/830] which had previously deferred the original start date from 1 July 2013 to 31 October 2013. In deferring the start date again to 1 July 2014, ASIC said that it has become clear that the superannuation industry needs further time to consider the inherent complexity of these reforms.
Section 29QB of the SIS Act requires RSE licensees to disclose on their website the remuneration details of each “executive officer” (if the RSE licensee of the registrable superannuation entity is a body corporate) or each trustee (if the RSE licensee is a group of individual trustees). The SIS Regulations also set out details of the information that RSE licensees must make publicly available (and keep up-to-date at all times) on the RSE’s website, including details of trustee remuneration (SIS reg 2.37) and information relating to the fund (eg trust deed, PDSs, trustee details, significant event notices etc): SIS reg 2.38.
Note that the provisions do not apply to SMSFs.
[LTN 200, 16/10/13]