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

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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)

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