By Anne MacNamara
Timeframes for the MySuper authorisation process, compliance
with APRA prudential standards and implementation of SuperStream
changes were too tight from the outset.
A timetable1 which summarises the legislative and
regulatory process for super trustees is attached.
What is clear from the timetable is that waiting for more
certainty in regulation is not an option for trustees intending to
apply for a MySuper authorisation.
There is too little time. Trustees and fund
professionals should now be engaging with experts, such as our team
at Henry Davis York, to identify, prioritise and implement
changes.
The gap analysis needed in relation to business strategy and
governance requirements will likely highlight the need for trustee
boards of directors to obtain strategic legal advice in relation
to:
