SUPERANNUATION UPDATE (AUSTRALIA)
The Australian Prudential Regulation Authority (APRA) released
its final form superannuation prudential standards on 15 November
2012, softening some aspects while keeping most elements of the
draft standards largely unchanged. It is intended that most of
these standards will become legally binding on 1 July 2013. Draft
prudential practice guides are to be released for consultation in
December, with further draft guides to come in the first quarter of
2013.
Significant changes to the draft prudential
standards
Conflicts of interest (SPS 521)
Registrable Superannuation Entity Licensees (RSEs) will not be
required under the prudential standards to publicly disclose their
conflicts management policy or their registers of duties and
interests, as initially proposed. Rather, RSEs will have to
continue to comply with existing disclosure requirements under the
Corporations Act 2001 (Cth) and with regulations that will
be made in due
