ASIC Class Order [CO 14/443]
Compilation No. 7
This is a compilation of ASIC Class Order [CO 14/443] as in force on 9 December 2020. 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) — Exemption and Declaration
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 14/443].
Exemption
Deferral of obligation of trustees to make product dashboards for choice products publicly available
4. A trustee of a regulated superannuation fund that has 5 or more members does not have to comply with subsection 1017BA(1) of the Act in relation to choice products until 1 July 2023.
Deferral of obligations of trustees to make information relating to investment of assets publicly available
5. A trustee of a registrable superannuation entity does not have to comply with subsection 1017BB(1) of the Act in relation to a reporting day occurring before 31 December 2021.
Interpretation
9. In this instrument:
choice product has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
registrable superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
reporting day has the same meaning as subsection 1017BB(6) of the Act.
regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
Notes to ASIC Class Order [CO 14/443]
Note 1
ASIC Class Order [CO 14/443] (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 14/443] | 16/5/2014 (see F2014L00594) | 16/5/2014 | |
No 338, 2015 | 24/4/2015 (see F2015L00586) | 25/4/2015 | - |
2016/351 | 27/4/2016 (see F2016L00575) | 28/4/2016 | - |
2016/364 | 3/5/2016 (see F2016L00631) | 4/5/2016 | - |
2017/569 | 23/6/2017 (see F2017L00742) | 24/6/2017 | - |
2019/240 | 5/4/2019 (see F2019L00541) | 6/4/2019 | - |
2019/1056 | 29/10/2019 (see F2019L01377) | 30/10/2019 | |
2020/921 | 8/12/2020 (see F2020L01543) | 9/12/2020 | |
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. No. 338, 2015; 2016/351; 2017/569 and 2019/240 |
Para 5........... | am. No. 338, 2015; 2016/351; 2017/569; 2019/1056 and 2020/921 |
Para 6........... | am. No. 338, 2015; 2016/351 and 2017/569 rep. 2020/921 |
Para 7(a) ......... | am. No. 338, 2015; 2016/351 and 2017/569 |
Para 7(b) ......... | am. No. 338, 2015; 2016/351 and 2017/569 |
Para 7........... | rep. 2020/921 |
Para 8........... | am. No. 338, 2015; 2016/351; 2016/364 and 2017/569 rep. 2020/921 |
Para 9........... | am. 2020/921 |
Overview
ASIC Class Order [CO 14/443], enacted in 2014, provides a framework for the Australian Securities and Investments Commission (ASIC) to manage and regulate financial products and services within the Australian market. This legislative instrument was introduced to address issues surrounding the transparency and availability of information regarding investment products and superannuation funds. The objective of the Order is to ensure that trustees of superannuation funds comply with their obligations to make certain information publicly available, thereby enhancing investor protection and market integrity. The Class Order is made under the authority of subsection 1020F(1) of the Corporations Act 2001 by ASIC, aiming to streamline compliance requirements and provide trustees with adequate time to adjust to new disclosure standards.
Scope and Application
ASIC Class Order [CO 14/443] applies to trustees of regulated superannuation funds with five or more members, as well as trustees of registrable superannuation entities, as defined under the Superannuation Industry (Supervision) Act 1993. The legislative instrument is a Commonwealth-level regulation made under the Corporations Act 2001, which grants the Australian Securities and Investments Commission (ASIC) the authority to create class orders for the purposes of the Act. The scope of this Class Order includes a temporary exemption from certain disclosure requirements for trustees of superannuation funds. Specifically, it defers the obligation for trustees of regulated superannuation funds with five or more members to make product dashboards for choice products publicly available until 1 July 2023 and the obligation to make information relating to the investment of assets publicly available until 31 December 2021 for reporting days occurring before this date. The Class Order has been subject to amendments over the years, as evidenced by the legislative history, and it includes provisions for application, saving, and transitional measures.
Key Provisions
The ASIC Class Order [CO 14/443], which is in force under section 1020F(1) of the Corporations Act 2001, provides specific exemptions for trustees of regulated superannuation funds with five or more members, as well as for trustees of registrable superannuation entities. One of the key provisions of this Class Order (section 4) is that it defers the requirement for trustees of regulated superannuation funds with five or more members to make product dashboards for choice products publicly available until 1 July 2023. This is an exemption from the obligations set out in subsection 1017BA(1) of the Corporations Act 2001. Another provision (section 5) defers the obligation for trustees of registrable superannuation entities to make information relating to investment of assets publicly available until after 31 December 2021. This exemption applies to subsection 1017BB(1) of the Corporations Act 2001.
The Class Order places specific obligations on the trustees of regulated superannuation funds and registrable superannuation entities. These obligations are primarily concerned with the public availability of information. Trustees of regulated superannuation funds with five or more members must ensure that product dashboards for choice products are made publicly available by 1 July 2023, whereas trustees of registrable superannuation entities must make information about investment assets publicly available by 31 December 2021. The Class Order also sets out definitions for terms such as "choice product," "registrable superannuation entity," and "regulated superannuation fund," which are consistent with their meanings under the Superannuation Industry (Supervision) Act 1993.
Breaching the requirements set out in the ASIC Class Order [CO 14/443] may result in various consequences. Although the Class Order itself does not specify penalties for non-compliance, failure to comply with the obligations set out in the Corporations Act 2001 may lead to civil or criminal penalties. For instance, section 1317E of the Corporations Act 2001 provides for civil penalty provisions that may apply, with maximum penalties including fines of up to $210,000 for individuals and up to $1,050,000 for corporations. Additionally, trustees found to be in breach of their obligations may face criminal charges, which could result in fines of up to $210,000 for individuals and up to $1,050,000 for corporations, as well as imprisonment for up to five years. It is essential for trustees to adhere to the requirements set out in the ASIC Class Order and the Corporations Act 2001 to avoid potential penalties and consequences.