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Exposure Draft - Superannuation Industry (Supervision) Amendment Regulations 2011 (No. ) and Retirement Savings Accounts Amendment Regulations 2011 (No. )

Date:

Tuesday, 24 May 2011

Content ID:

2038

Abstract:

On 9 November 2010, the Treasurer announced in the Mid-Year Economic and Fiscal Outlook that the Government would allow the confiscation of superannuation funded directly with the proceeds of crime.

The Assistant Treasurer and Minister for Financial Services and Superannuation has released exposure draft regulations that would amend operating standards in the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997 to allow superannuation trustees and Retirement Savings Account providers to recognise Commonwealth, State and Territory forfeiture orders (however called) for the proceeds of crime.

The proposed Superannuation Industry (Supervision) Amendment Regulations 2011 (No.  ) would also:

  • amend the list of exempt public sector superannuation schemes (EPSSS) to remove schemes that have converted to APRA-regulation and to update legislative references;
  • provide that a public sector superannuation scheme ceases to be an EPSSS at the time it becomes registered with APRA; and
  • insert a note that explains that information regarding investment strategies is usually provided to members in a Product Disclosure Statement (PDS) but that following the introduction of the short PDS requirements into the Corporations Regulations 2001 this information may be incorporated in a PDS by reference.

Making a submission

Interested parties are invited to comment on the exposure draft legislation and explanatory material. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Tuesday, 14 June 2011

Address written submissions to:
Manager
Benefits and Regulation Unit
Personal and Retirement Income Division
The Treasury
Langton Crescent
PARKES ACT 2600
Email: superamendments@treasury.gov.au

For enquiries, please call Louise Lilley (02) 6263 3327

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft Superannuation Industry (Supervision) Amendment Regulations 2011 (No. )  36.76kb
Explanatory Memorandum - Superannuation Industry (Supervision) Amendment Regulations 2011 (No. )  21.25kb
Exposure Draft Retirement Savings Accounts Amendment Regulations 2011 (No. )  32.64kb
Explanatory Memorandum - Retirement Savings Accounts Amendment Regulations 2011 (No. )  13.22kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft Superannuation Industry (Supervision) Amendment Regulations 2011 (No. )  517.22kb
Explanatory Memorandum - Superannuation Industry (Supervision) Amendment Regulations 2011 (No. )  59.77kb
Exposure Draft Retirement Savings Accounts Amendment Regulations 2011 (No. )  492.53kb
Explanatory Memorandum - Retirement Savings Accounts Amendment Regulations 2011 (No. )  49.30kb

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