Home       What's New?       Corporate       Business       Published Information       Ministers       Related Websites

Superannuation Safety Amendment Bill 2003 – Consultation on Drafting Instructions for Regulations

Date:

Thursday, 11 December 2003

Content ID:

769

Abstract:

On 27 November 2003, the Superannuation Safety Amendment Bill 2003 was introduced into the Parliament. The Bill will amend the Superannuation Industry (Supervision) Act 1993 to provide for:

  • the licensing of trustees of superannuation entities regulated by the Australian Prudential Regulation Authority (APRA) and the registration of those entities;
  • improved disclosure requirements, including requirements for actuaries and auditors to report information to APRA in certain circumstances; and
  • appropriate enforcement powers to underpin the new framework.

The Bill is to be supported by regulations, including new operating standards. The Minister for Revenue and Assistant Treasurer, Senator the Hon. Helen Coonan, indicated in her media release of 27 November 2003 that the Government would be consulting on the details of the regulations and operating standards prior to their finalisation.

In order to progress the consultations and give stakeholders time to make submissions, the Government is releasing for comment proposed drafting instructions for regulations and operating standards concerning the following topics:

  • adequacy of resources operating standards;
  • defined benefit funds regulations;
  • fit and proper operating standards;
  • licence classes regulations;
  • minimum capital regulations;
  • net tangible assets regulations;
  • outsourcing operating standards;
  • register of superannuation entities regulations;
  • risk management regulations; and
  • unregistered contributions regulations.

The proposed drafting instructions can be accessed via the links below.

Submission closing date: 29 February 2004

Address written submissions to:

The Manager
Prudential Policy – Superannuation and Insurance Unit
Financial System Division
The Treasury
Langton Crescent
CANBERRA ACT 2600

Fax: (02) 6263 3866

Email: ssab@treasury.gov.au

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

01 - Adequacy of resources operating standards - drafting instructions  88.78kb
02 - Defined benefit funds regulations - drafting instructions  93.16kb
03 - Fit and proper operating standards - drafting instructions  102.92kb
04 - Licence classes regulations - drafting instructions  101.93kb
05 - Minimum capital regulations - drafting instructions  81.32kb
06 - Net tangible assets regulations - drafting instructions  98.84kb
07 - Outsourcing operating standards - drafting instructions  115.17kb
08 - Register of superannuation entities regulations - drafting instructions  102.98kb
09 - Risk management regulations - drafting instructions  120.34kb
10 - Unregistered contributions regulations - drafting instructions  92.45kb
Consolidated Superannuation Safety Amendment Bill Discussion Papers  341.77kb

Related Items:

There are no related items available for content item 769.

Treasury Portfolio Ministers - Link to website MoreSuper  - Link to website Carbon Price Modelling - Link to Website Clean Energy Future  - Link to website Review of compensation arrangements for consumers of financial services - Consultation Paper  - Link to website

spacer