ASIC Class Order [CO 13/1534]
About this compilation
Compilation No. 6
This is a compilation of ASIC Class Order [CO 13/1534] as in force on 6 April 2019. 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
Corporations Act 2001 — Subsection 1020F(1) — Exemptions
Enabling legislation
1. The Australian Securities and Investments Commission makes this instrument under subsection 1020F(1) of the Corporations Act 2001 (the Act).
Title
2. This instrument is ASIC Class Order [CO 13/1534].
First exemption
Deferral of amendments affecting PDS and periodic statement disclosure
4. A trustee of a registrable superannuation entity does not have to comply with regulations made for the purposes of:
(a) Division 2 of Part 7.9 of the Act (Product Disclosure Statements); or
(b) section 1017D of the Act (periodic statements);
to the extent those regulations were amended or made by items 7 to 68 and 70 to 86 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Measures) Regulation 2013.
5. This first exemption only applies in relation to:
(a) Product Disclosure Statements given before 1 July 2014; and
(b) periodic statements given under section 1017D of the Act in relation to reporting periods ending before 1 July 2014.
Second Exemption
Latest product dashboard in periodic statement
6. A trustee of a regulated superannuation fund (other than a self-managed superannuation fund) that is required to make publicly available a product dashboard for the investment option, under section 1017BA of the Act, does not have to comply with section 1017D of the Act to the extent that provision requires the trustee to comply with paragraph 7.9.20(1)(o) of the Corporations Regulations 2001.
7. This second exemption only applies in relation to periodic statements given under section 1017D of the Act in relation to reporting periods ending before 1 July 2023.
Condition
8. A trustee that is relying on the second exemption must include in, or in a document accompanying, the periodic statement:
(a) a website address for the latest product dashboard for the investment option; and
(b) a statement to the effect that the latest product dashboard for the investment option can be found at the website address.
Interpretation
9. In this instrument:
registrable superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
self-managed superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
Notes to ASIC Class Order [CO 13/1534]
Note 1
ASIC Class Order [CO 13/1534] (in force under s1020F(1) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the tables below.
Table of Instruments
Instrument number | Date of FRL registration | Date of commencement | Application, saving or transitional provisions |
[CO 13/1534] | 12/12/2013 (see F2013L02077) | 12/12/2013 | |
[CO 14/55] | 3/3/2014 (see F2014L00210) | 3/3/2014 | - |
[CO 14/1217] | 8/12/2014 (see F2014L01648) | 8/12/2014 | - |
No. 338, 2015 | 24/4/2015 (see F2015L00586) | 25/4/2015 | - |
2016/364 | 3/5/2015 (see F2016L00631) | 4/5/2015 | - |
2017/569 | 23/6/2017 (see F2017L00742) | 24/6/2017 | - |
2019/240 | 5/4/2019 (see F2019L00541) | 6/4/2019 | - |
Table of Amendments
ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted
Provision affected | How affected |
Para 3........... | rep. s48D LA |
Para 4........... | am. [CO 14/55] |
Para 7........... | am. [CO 14/1217]; No. 338, 2015; 2016/364; 2017/569 and 2019/240 |
Para 9........... | am. [CO 14/55] |
Overview
ASIC Class Order [CO 13/1534], enacted in 2013, was introduced to provide relief to trustees of registrable superannuation entities and regulated superannuation funds in relation to certain disclosure requirements under the Corporations Act 2001. The Australian Securities and Investments Commission (ASIC) made this instrument under the enabling provision of subsection 1020F(1) of the Corporations Act 2001. This class order was designed to alleviate the burden on trustees by temporarily deferring compliance with specific regulatory changes related to Product Disclosure Statements (PDS) and periodic statements until certain dates. The policy objective behind this class order was to ensure that trustees of superannuation entities had adequate time to adjust to new regulatory requirements without compromising the quality of information provided to members.
Scope and Application
ASIC Class Order [CO 13/1534], which is made under subsection 1020F(1) of the Corporations Act 2001, provides certain exemptions from compliance with specified regulations for trustees of registrable superannuation entities. This legislative instrument is designed to temporarily defer compliance with certain regulatory requirements related to Product Disclosure Statements (PDS) and periodic statements for trustees of registrable superannuation entities, including regulated superannuation funds, but excluding self-managed superannuation funds. The exemptions apply to Product Disclosure Statements and periodic statements provided before specific dates: before 1 July 2014 for the first exemption and before 1 July 2023 for the second exemption. Trustees who rely on these exemptions must include specific information in the periodic statements, such as a website address for the latest product dashboard and a statement indicating where the latest product dashboard can be found. This Class Order applies to trustees of entities within the superannuation industry and is subject to further amendments and transitional provisions as indicated in the legislative notes.
Key Provisions
The ASIC Class Order [CO 13/1534] contains two main exemptions, both of which relate to superannuation funds. The first exemption (section 4) exempts trustees of registrable superannuation entities from complying with certain regulations affecting Product Disclosure Statements (PDS) and periodic statements. This exemption applies to PDS and periodic statements issued before 1 July 2014. The second exemption (section 6) exempts trustees of regulated superannuation funds (excluding self-managed superannuation funds) from complying with certain requirements in periodic statements to the extent that those statements must include a product dashboard for investment options. This exemption applies to periodic statements issued before 1 July 2023. Trustees relying on these exemptions must comply with specific conditions, such as including a website address for the latest product dashboard in their periodic statements (section 7).
The ASIC Class Order imposes certain obligations on trustees who rely on these exemptions. For the first exemption, trustees must ensure that any PDS or periodic statements issued before 1 July 2014 do not need to comply with the specified regulations. For the second exemption, trustees must provide a website address for the latest product dashboard and a statement indicating that the dashboard can be found at that address in their periodic statements issued before 1 July 2023. These obligations are designed to ensure that trustees still provide adequate information to their members while allowing some flexibility in the compliance requirements.
The ASIC Class Order does not explicitly outline offences, penalties, or civil/criminal consequences for breaches. However, under the Corporations Act 2001, breaches of class orders can result in significant penalties. Civil penalties may include fines up to $275,000 for individuals and $1.375 million for bodies corporate, along with potential court orders for compensation or injunctions. Criminal penalties may include fines up to $275,000 for individuals and $1.375 million for bodies corporate, as well as imprisonment for up to five years. These penalties underscore the importance of complying with the requirements of the ASIC Class Order.