ASIC Superannuation (RSE Websites) Instrument 2017/570

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date: 21 June 2017

Stephen Yen

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Exemption

5 Exemption from timing requirements for updating or making available details, documents and information

6 Exemption for disclosure in relation to a financial year

7 Exemption for documents that relate to a standard employer-sponsored sub-plan or contain personal information

8 Conditions

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Superannuation (RSE Websites) Instrument 2017/570.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsection 328(1) of the Superannuation Industry (Supervision) Act 1993.

4 Definitions

In this instrument:

Act means the Superannuation Industry (Supervision) Act 1993.

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

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.

Regulations means the Superannuation Industry (Supervision) Regulations 1994.

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.

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

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

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

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

Part 2—Exemption

5 Exemption from timing requirements for updating or making available details, documents and information

(1) An RSE licensee of a registrable superannuation entity does not have to comply with subsection 29QB(1) of the Act to the extent that it requires the RSE licensee to make publicly available, or update, any of the following details, documents or information on the registrable superannuation entity’s website earlier than:

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

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

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

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

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

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

(e)     for a document referred to in any of paragraphs 2.38(2)(a) to (c) of the Regulations—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

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

(g)    for a product disclosure statement referred to in paragraph 2.38(2)(e) of the Regulations—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

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

(i)     for a financial services guide referred to in paragraph 2.38(2)(g) of the Regulations—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

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

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

(l)   for information in relation to a person referred to in paragraph 2.38(2)(j) of the Regulations:

(i)     20 business days after the person is appointed as an executive officer of the RSE licensee or an individual trustee; or

(ii)     20 business days after the end of:

(A) if the person is an executive officer—each financial year during some or all of which the person served as an executive officer; or

(B) if the person is an individual trustee—each period of 12 months ending on 30 June during some or all of which the person served as a trustee; and

(m)    for a record of attendance for a director referred to in paragraph 2.38(2)(k) of the Regulations—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

(n)     for a register referred to in paragraph 2.38(2)(l) of the Regulations—20 business days after the end of each quarter; and

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

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

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

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

(s)    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.

6 Exemption for disclosure in relation to a financial year

7 Exemption for documents that relate to a standard employer-sponsored sub-plan or contain personal information

8 Conditions

Details, documents and information to be made publicly available, or updated, within the specified time

(1) Subject to subsections (2) and (3), an RSE licensee of a registrable superannuation entity that relies on an exemption in section 5 or 6 or subsection 7(2) or (3) in relation to details, a document or information must make publicly available, or update, on the registrable superannuation entity’s website the details, document or information:

(a) within the period of time referred to in subsection 5(1) in relation to the details, document or information; and

(b) otherwise in accordance with regulation 2.37 or 2.38 of the Regulations (as applicable).

Details, documents and information to be made publicly available, or updated, in relation to a relevant financial year

instead of making publicly available, or updating, the details in accordance with subsection (1), the RSE licensee must make publicly available, or update, the details: