The Australian Securities and Investments Commission (ASIC) has given a two year extension for superannuation and managed investment product issuers to apply the new Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements (RG 97) on its product disclosure statements (PDSs) in light of the COVID-19 pandemic.
Now, PDSs given on or after 30 September, 2022, must comply with new requirements. This was originally for PDSs on or after 30 September, 2020.
However, issuers could apply the new retirements to a PDS dated on or after 30 September, 2020.
ASIC said superannuation trustees should now:
On next steps, ASIC said: “Trustees can choose to opt-in to the regime from 30 September 2020 for PDSs and 1 July 2020 for periodic and exit statements. To opt-in, the trustee must make a written record that includes the date of election and the PDS/product to which the election applies.
“A key deadline is the requirement that periodic and exit statements with reporting periods commencing on 1 July 2021 must comply with the new requirements, meaning that the new requirements for exit statements will be triggered for exits on or after 1 July 2021.”
The RG 97 requirements included:
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
A professional says all roads will lead back to superannuation in the next election.
Iress has said that incident involving the unauthorised access reported this week extends beyond what was initially reported.
Treasurer Jim Chalmers delivered the Albanese government’s third federal budget on Tuesday evening (14 May), touting a balanced approach in an environment of cross-currents.
Add new comment