ASIC Class Order [CO 14/509]

About this compilation

Compilation No. 3

This is a compilation of ASIC Class Order [CO 14/509] as in force on 29 April 2016. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information about amending instruments and the amendment history of each amended provision.

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission

Superannuation Industry (Supervision) Act 1993—Subsection 332(1)—Declaration

Enabling legislation

1. The Australian Securities and Investments Commission makes this instrument under subsection 332(1) of the Superannuation Industry (Supervision) Act 1993 (the Act).

Title

2. This instrument is ASIC Class Order [CO 14/509].

Declaration

4. Section 29QB of the Act has effect in relation to an RSE licensee of a registrable superannuation entity as if that section were modified by inserting after subsection 29QB(1):

“(1A) If subsection (1) requires the RSE licensee of a registrable superannuation entity to make publicly available, or update, particular details, a particular document or particular information on the registrable superannuation entity’s website, the RSE licensee is taken to satisfy that requirement if:

(a) for details prescribed by regulation 2.37 of the Superannuation Industry (Supervision) Regulations 1994 (Regulations)—the details (as updated if applicable) are included on the registrable superannuation entity’s website by the following time:

(i) for details about a person referred to in item 1 of the table in subregulation 2.37(1)—within 20 business days after the person referred to in the item:

(A) is appointed as a relevant executive officer or relevant individual trustee; or

(B) advises the RSE licensee that they have changed their name; and

(ii) for details referred to in any of items 2 to 4 of the table in subregulation 2.37(1)—within 20 business days after the event referred to in the relevant item occurs; and

(iii) for details referred to in any of items 5 to 7 and 9 to 16 of the table in subregulation 2.37(1) (as affected by subregulation 2.37(2))—within 4 months after the end of the most recently completed financial year referred to in the relevant item; and

(iv) for details referred to in item 8 of the table in subregulation 2.37(1) (as affected by subregulation 2.37(2))—within 4 months after the end of the financial year referred to in the item; and

(b) for a document or information prescribed by regulation 2.38 of the Regulations—the document or information (as updated if applicable) is included on the registrable superannuation entity’s website by the following time:

(i) for a document referred to in any of paragraphs 2.38(2)(a) to (c) of the Regulations—within 20 business days after the document beginning to apply in relation to the registrable superannuation entity or in the case of being amended, the later of the date of amendment and the effective date of the amendment; and

(ii) for an actuarial report referred to in paragraph 2.38(2)(d) of the Regulations—within 20 business days after the RSE licensee receives the report; and

(iii)  for a product disclosure statement referred to in paragraph 2.38(2)(e) of the Regulations—within 20 business days after a copy of the product disclosure statement (including any Supplementary Product Disclosure Statement or Replacement Product Disclosure Statement) is first given to a person in a recommendation, issue or sale situation; and

(iv) for an annual report referred to in paragraph 2.38(2)(f) of the Regulations— within 20 business days after the annual report is first provided or made available to a member; and

(v) for a financial services guide referred to in paragraph 2.38(2)(g) of the Regulations—within 20 business days after the financial services guide is first given to a person under section 941A or 941B of the Corporations Act 2001; and

(vi) for a summary of a significant event or material change notice referred to in paragraph 2.38(2)(h) of the Regulations—within 20 business days after the notice is first sent to members; and

(vii) for information in relation to a person referred to in paragraph 2.38(2)(i) of the Regulations—within 20 business days after the person is appointed to provide a service referred to in that paragraph; and

(viii) for information in relation to a person referred to in paragraph 2.38(2)(j) of the Regulations—within 20 business days after:

(A) the person is appointed as an executive officer of the RSE licensee or an individual trustee; or

(B) the end of each financial year (as defined in subregulation 2.37(6) of the Regulations) during which the person served as a trustee or executive officer; and

(ix) for a record of attendance for a director referred to in paragraph 2.38(2)(k) of the Regulations—within 20 business days after the end of each financial year of the RSE licensee during some or all of which the director has served; and

(x) for a register referred to in paragraph 2.38(2)(l) of the Regulations—the register as at the end of the most recent quarter is included within 20 business days after the end of the quarter; and

(xi) for a summary of the conflicts management policy referred to in paragraph 2.38(2)(m)—within 20 business days after the policy being established or amended; and

(xii) for a policy referred to in paragraph 2.38(2)(n) of the Regulations—within 20 business days after the policy being established or amended; and

(xiii) for the summary referred to in paragraph 2.38(2)(o) of the Regulations—within 20 business days after the end of the previous financial year referred to in the paragraph; and

(xiv) for a constitution of an RSE licensee referred to in paragraph 2.38(3)(a) of the Regulations—within 20 business days after the constitution beginning to apply in relation to the RSE licensee or being amended; and

(xv) for the annual financial statement referred to in paragraph 2.38(3)(b) of the Regulations—the day that the statement is first lodged with ASIC or provided to a member of the RSE licensee.

(1B) In subsection (1A) a reference to:

(a)   a document includes a reference to a redacted version of the document that the Regulations permit the RSE licensee to make available and update; and

(b)   a document being amended or updated includes a reference to the document being replaced; and  

(1C) In subsection (1A):

recommendation, issue or sale situation means a recommendation situation, an issue situation or a sale situation within the meaning of Division 2 of Part 7.9 of the Corporations Act 2001.

Replacement Product Disclosure Statement has the same meaning as in the Corporations Act 2001.

relevant executive officer has the same meaning as in subregulation 2.37(1) of the Regulations.

relevant individual trustee has the same meaning as in subregulation 2.37(1) of the Regulations.

Supplementary Product Disclosure Statement has the same meaning as in the Corporations Act 2001.”.

5. Regulation 2.37 of the Superannuation Industry (Supervision) Regulations 1994 (the Regulations) has effect in relation to an RSE licensee of a registrable superannuation entity as if that regulation were modified by inserting after subregulation 2.37(5):

“(6) In this regulation, financial year means:

(a) in relation to a relevant executive officer, the financial year of the RSE licensee; and

(b) in relation to an individual trustee, a period of 12 months ending on 30 June.”.

6. Regulation 2.38 of the Regulations has effect in relation to an RSE licensee of a registrable superannuation entity as if that regulation were modified by inserting after subregulation 2.38(4):

“(4A) Despite subregulation (2):

(a)   until 30 June 2017, the RSE licensee:

(i)       does not need to make available or update a document referred to in any of paragraphs (2)(a),(b),(d),(e),(f) and (h) if the document only relates to the registrable superannuation entity because it relates to a standard  employer-sponsored sub-plan; and

(ii)     instead of making available and updating a document referred to in any of paragraphs (2)(a),(b),(d),(e),(f) and (h), may make available and update a version of the document that has been redacted to exclude information that:

(A)        only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan; or

(B)        is personal information in relation to a beneficiary or former beneficiary of the registrable superannuation entity; and

(b)   from 30 June 2017, instead of making available and updating a document referred to in any of paragraphs (2)(a),(b),(d),(e),(f) and (h), the RSE licensee may make available and update a version of the document that has been redacted to exclude information that is personal information in relation to a beneficiary or former beneficiary of the registrable superannuation entity.

(5) In this regulation:

 financial year means

(a)   in paragraphs (2)(f) and (o), the financial year of the registrable superannuation entity; and

(b)   in paragraph (2)(k) and subregulation (3), the financial year of the RSE licensee.

personal information has the same meaning as in subsection 6(1) of the Privacy Act 1988.             

standard employer-sponsored sub-plan means a segment of a public offer superannuation fund for which each member of the segment is:

(a)   a standard employer-sponsored member; or

(b)   a member of a prescribed class for the purposes of sub-paragraph 18(1)(a)(ii)(B) of the Act.

Note: Regulation 3.01 specified what is a prescribed class for the purposes of sub-subparagraph 18(1)(a)(ii)(B) of the Act.

Notes to ASIC Class Order [CO 14/509]

Note 1

ASIC Class Order [CO 14/509] (in force under s332(1) of the Superannuation Industry (Supervision) Act 1993) as shown in this compilation comprises that Class Order amended as indicated in the tables below.

Table of Instruments

Table of Amendments

ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted