Archived Posts Lists

Australian Regulatory Compliance Review
Australian Technology and IP Business
Credit Union and Mutual Law
National Consumer Credit Reform
Personal Property Securities Australia
Longview Business Insights
Australian Private Health Insurers
Wills, Trusts, Super
Mutuals Resource Centre


Commonwealth legislation
Corporate Governance
Not-for-Profit links
Regulator Links

August 17, 2012

Superannuation Trustee Obligations and Prudential Standards Bill passed

The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 has now been passed by both Houses of Parliament and is awaiting Royal Assent.

UPDATE 11 September 2012: Assent

Draft prudential standards

The prudential standards provisions will apply from the day after Royal Assent. The enhancements to trustee obligations will apply from 1 July 2013.

The Bill introduces the power for the Australian Prudential Regulation Authority (APRA) to make prudential standards, amends section 52 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) to expand the duties for registrable superannuation entity (RSE) licensees, applies new trustee duties to RSE licensees of an RSE that offers a MySuper product and applies duties to the directors of corporate trustees.

Print This Post Print This Post

Posted 17th August 2012 by David Jacobson in Financial Services, Superannuation