ASIC Superannuation (RSE Websites) Instrument 2017/570
About this compilation
Compilation No. 1
This is a compilation of ASIC Superannuation (RSE Websites) Instrument 2017/570 as in force on 6 June 2018. 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.
Contents
Part 1—Preliminary
1 Name of legislative instrument
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
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history
Part 1—Preliminary
1 Name of legislative instrument
This is the ASIC Superannuation (RSE Websites) Instrument 2017/570.
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:
(a) a standard employer-sponsored member; or
(b) a member of a prescribed class for the purposes of sub-paragraph 18(1)(a)(ii)(B) of the Act.
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.
(2) In subsection (1), a reference to a document being amended or updated includes a reference to the document being replaced.
6 Exemption for disclosure in relation to a financial year
(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, details referred to in an item of the table in subregulation 2.37(1) of the Regulations (as affected by subregulation 2.37(2)) on the registrable superannuation entity’s website if:
(a) the requirement applies in relation to a financial year referred to in the item and in relation to a relevant executive officer or a relevant individual trustee; and
(b) the financial year referred to is not:
(i) in the case of a relevant executive officer, the financial year of the RSE licensee; and
(ii) in the case of a relevant individual trustee, a period of 12 months ending on 30 June.
(2) 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, a document or information referred to in paragraph 2.38(2)(f), (k), (o) or (3)(b) of the Regulations on the registrable superannuation entity’s website if the financial year referred to in the paragraph is not:
(a) in the case of paragraphs (2)(f) and (o), the financial year of the registrable superannuation entity; and
(b) in the case of paragraphs (2)(k) and (3)(b), the financial year of the RSE licensee.
7 Exemption for documents that relate to a standard employer-sponsored sub-plan or contain personal information
(1) Until 30 June 2024, an RSE licensee of a registrable superannuation entity does not have to comply with paragraph 29QB(1)(b) of the Act to the extent that it requires the RSE licensee to make available or update a document referred to in any of paragraphs 2.38(2)(a), (b), (d), (e), (f) and (h) of the Regulations if the document only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan.
(2) Until 30 June 2024, an RSE licensee of a registrable superannuation entity does not have to comply with paragraph 29QB(1)(b) of the Act to the extent that it requires the RSE licensee to make available or update a document referred to in any of paragraphs 2.38(2)(a), (b), (d), (e), (f) and (h) of the Regulations if the document contains information that only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan.
(3) An RSE licensee of a registrable superannuation entity does not have to comply with paragraph 29QB(1)(b) of the Act to the extent that it requires the RSE licensee to make available or update a document referred to in any of paragraphs 2.38(2)(a), (b), (d), (e), (f) and (h) of the Regulations if the document contains information that is personal information in relation to a beneficiary or former beneficiary of the registrable superannuation entity.
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
(2) Subject to subsection (3), if:
(a) the RSE licensee relies on an exemption in section 5 or 6 or subsection 7(2) or (3) in relation to a requirement to make publicly available, or update, details, a document or information on the registrable superannuation entity’s website; and
(b) the requirement applies in relation to a financial year referred to in:
(i) an item of the table in subregulation 2.37(1) of the Regulations (as affected by subregulation 2.37(2)); or
(ii) paragraph 2.38(2)(f), (k), (o) or (3)(b) of the Regulations; and
(c) the financial year referred to is not:
(i) in the case of a requirement that applies in relation to a relevant executive officer as a result of regulation 2.37, the financial year (relevant financial year) of the RSE licensee; and
(ii) in the case of a requirement that applies in relation to a relevant individual trustee as a result of regulation 2.37, a period of 12 months (relevant financial year) ending on 30 June; and
(iii) in the case of a requirement that applies as a result of paragraph 2.38(2)(f) or (o), the financial year (relevant financial year) of the registrable superannuation entity; and
(iv) in the case of a requirement that applies as a result of paragraph 2.38(2)(k) or (3)(b), the financial year (relevant financial year) of the RSE licensee;
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:
(d) as if the financial year referred to in the item or the paragraph were the relevant financial year; and
(e) otherwise in accordance with subsection (1).
Option to make publicly available, and update, redacted versions of documents
(3) If a document is referred to in any of paragraphs 2.38(2)(a), (b), (d), (e), (f) and (h) of the Regulations, instead of making publicly available or updating the document in accordance with subsection (1) or (2) (as applicable), the RSE licensee may make publicly available, or update, in accordance with subsection (1) or (2) (as applicable) a version of the document that has been redacted to exclude any or all of the following information:
(a) personal information in relation to a beneficiary or former beneficiary of the registrable superannuation entity;
(b) if the version of the document is made publicly available, or updated, by 30 June 2024—information that only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan.
Endnotes
Endnote 1—Instrument history
Instrument number | Date of FRL registration | Date of commencement | Application, saving or transitional provisions |
2017/570 | 23/6/2017 (see F2017L00738) | 24/6/2017 |
|
2018/474 | 5/6/2018 (see F2018L00709) | 6/6/2018 | - |
Endnote 2—Amendment history
ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted
Provision affected | How affected |
Section 2 | rep. s48D LA |
Subsection 7(1) | am. 2018/474 |
Subsection 7(2) | rs. 2018/474 |
Paragraph 7(3) | am. 2018/474 |
Paragraph 8(3)(b) | am. 2018/474 |