Explanatory Statement
ASIC Superannuation (Amendment) Instrument 2025/449
This is the Explanatory Statement for ASIC Superannuation (Amendment) Instrument 2025/449.
The Explanatory Statement is approved by the Australian Securities and Investments Commission (ASIC).
Summary
1. ASIC Superannuation (Amendment) Instrument 2025/449 (Amendment Instrument) extends the relief in ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941 (Principal Instrument) for three years until 1 January 2029 and repeals the Principal Instrument at the end of that period.
Purpose of the instrument
2. The purpose of the Amendment Instrument is to extend the relief set out in the Principal Instrument for three years and to repeal that instrument at the end of that period.
3. The Principal Instrument provides relief for registrable superannuation entity (RSE) licensees from complying with the requirements in subsection 29QC(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
4. Subsection 29QC(1) requires that information given to the public (e.g. in disclosure documents) be calculated in the same way that the information is reported to the Australian Prudential Regulation Authority (APRA) under APRA reporting standards.
5. Since 13 June 2014, ASIC has provided relief from compliance with subsection 29QC(1) because of uncertainty about how to achieve consistency between the disclosure requirements in the primary legislation and the data that is required to be reported under APRA’s reporting standards.
6. In light of this ongoing uncertainty, ASIC has assessed that the relief provided by the Principal Instrument is operating effectively and efficiently and continues to form a necessary part of the legislative framework.
Consultation
7. Before making the Amendment Instrument, ASIC undertook targeted consultation with superannuation industry representatives regarding the proposal to extend the relief provided by the Principal Instrument for a period of three years until 1 January 2029. All stakeholders supported the proposal.
8. ASIC also consulted with APRA and the Department of Treasury. Neither indicated any objection in relation to the extension of the relief provided by the Principal Instrument.
Operation of the instrument
9. Section 4 of the Amendment Instrument states that each instrument specified in its Schedule is amended as set out in the applicable items in the Schedule.
10. Item 1 of Schedule 1 to the Amendment Instrument amends sections 5 and 6 of the Principal Instrument to, respectively:
(a) exempt RSE licensees from complying with the requirements of subsection 29QC(1) of the SIS Act until 1 January 2029; and
(b) revise the repeal date of the Principal Instrument to the start of 1 January 2029.
Retrospective application
11. The Amendment Instrument does not have retrospective application.
Legislative instrument and primary legislation
12. The Amendment Instrument is made using powers given by Parliament to ASIC that allow ASIC to, in writing, vary or revoke an exemption or declaration made under Part 29 of the SIS Act. The Amendment Instrument contains a specific amendment that extends an exemption which is necessary to address the uncertainty about how to achieve consistency between the disclosure requirements in the primary legislation and the data that is required to be reported under APRA’s reporting standards.
13. It is a matter for the Government and for Parliament as to whether the SIS Act or the Superannuation Industry (Supervision) Regulations 1994 may be amended in the future to address this uncertainty.
Duration of the instrument
14. The Amendment Instrument amends the repeal date of the Principal Instrument to the start of 1 January 2029.
15. The Amendment Instrument will be repealed under section 48A of the Legislation Act 2003.
Legislative authority
16. The Amendment Instrument is made under section 335 of the SIS Act.
17. Section 335 of the SIS Act provides that ASIC may, in writing, vary or revoke an exemption or declaration made under Part 29 of the SIS Act.
Statement of Compatibility with Human Rights
18. The Explanatory Statement for a disallowable legislative instrument must contain a Statement of Compatibility with Human Rights under subsection 9(1) of the Human Rights (Parliamentary Scrutiny) Act 2011. A Statement of Compatibility with Human Rights is in the Attachment.
19. Instruments (not being regulations) relating to Superannuation are not disallowable legislative instruments: see section 9 of the Legislation (Exemptions and Other Matters) Regulation 2015.
20. ASIC considers it is likely that the exemption in section 9 applies to the Amendment Instrument. Nonetheless, ASIC has decided to prepare a Statement of Compatibility with Human Rights.
Attachment
Statement of Compatibility with Human Rights
This Statement of Compatibility with Human Rights is prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
ASIC Superannuation (Amendment) Instrument 2025/449
Overview
1. The ASIC Superannuation (Amendment) Instrument 2025/449 (Amendment Instrument) extends the relief in the ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941 (Principal Instrument) for three years until 1 January 2029 and repeals the Principal Instrument at the end of that period.
2. The Principal Instrument provides relief for registrable superannuation entity licensees from complying with the requirements in subsection 29QC(1) of the Superannuation Industry (Supervision) Act 1993.
Assessment of human rights implications
3. The Amendment Instrument does not engage any of the applicable rights or freedoms.
Conclusion
4. The Amendment Instrument 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.