ASIC CLASS ORDER [CO 14/55]
EXPLANATORY STATEMENT
Prepared by the Australian Securities and Investments Commission
Corporations Act 2001
The Australian Securities and Investments Commission (ASIC) makes ASIC Class Order 14/55 [CO 14/55] under subsection 1020F(1) of the Corporations Act 2001 (the Act).
Subsection 1020F(1) of the Act provides that ASIC may exempt a person or class of persons from all or specified provisions of Part 7.9 of the Act.
- Background
Changes to disclosure with respect to fees and costs information in Product Disclosure Statements and periodic statements for a superannuation product were made by items 7 to 68 and 70 to 86 of Schedule 1 of the Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 which was introduced on 28 June 2013. The changes to disclosure came into effect on 31 December 2013.
The First Exemption set out in ASIC Class Order [CO 13/1534] extends the date of compliance for a trustee of a regulated superannuation fund (other than a self- managed superannuation fund) from 31 December 2013 to 1 July 2014 for Product Disclosure Statements given on or after that date, and reporting periods on or after 1 July 2014 for periodic statements.
2. Purpose of the class order
The purpose of this class order is to ensure that CO 13/1534 applies to each type of registrable superannuation entity as defined in section 10 of the Superannuation Industry (Supervision) Act 1993.
3. Operation of the class order
This class order operates to extend the scope of the First Exemption of CO 13/1534 to a trustee of an approved deposit fund and a pooled superannuation trust. The duration of the First Exemption is unchanged.
4. Consultation
ASIC did not undertake a formal consultation process with respect to extending the operation of the First Exemption of CO 13/1534 to a trustee of an approved deposit fund and a pooled superannuation trust, as it is a technical modification to extend and clarify the scope of the First Exemption. We consulted with the Australian Government - The Treasury.
Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
ASIC Class Order [CO 14/55]
This class order is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview of the class order
Changes to disclosure with respect to fees and costs information in Product Disclosure Statements and periodic statements for a superannuation product were made by items 7 to 68 and 70 to 86 of Schedule 1 of the Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 which was introduced on 28 June 2013. The changes to disclosure came into effect on 31 December 2013.
The First Exemption set out in ASIC Class Order [CO 13/1534] extends the date of compliance for a trustee of a regulated superannuation fund (other than a self- managed superannuation fund) from 31 December 2013 to 1 July 2014 for Product Disclosure Statements given on or after that date, and reporting periods on or after 1 July 2014 for periodic statements.
The purpose of this class order is to extend the scope of the First Exemption of [CO 13/1534] to approved deposit funds and a pooled superannuation trusts. The duration of the First Exemption is unchanged.
Human rights implications
This class order does not engage any of the applicable rights or freedoms.
Conclusion
This class order is compatible with human rights as it does not raise any human rights issues.