EXPLANATORY STATEMENT
Issued by authority of the Assistant Treasurer and Minister for Financial Services
Corporations Act 2001
Corporations Regulations 2001
Corporations Amendment (Ban on Advertising Superannuation Funds During Onboarding) Regulations 2026
Section 1364 of the Corporations Act 2001 (the Corporations Act) provides that the Governor‑General may make regulations prescribing matters required or permitted by the Corporations Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Corporations Act.
Paragraph 992AB(4)(f) of the Corporations Act provides that the regulations may prescribe conditions for the advertising of a MySuper superannuation product during employee onboarding. Paragraph 992AB(4)(g) of the Corporations Act provides that the regulations may prescribe requirements for the purpose of the clear and unambiguous disclosures that must accompany the advertising of a MySuper product.
The purpose of the Corporations Amendment (Ban on Advertising Superannuation Funds During Onboarding) Regulations 2026 (Regulations) is to amend the Corporations Regulations 2001 to support the amendments to the Corporations Act made by the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026 (the Amending Act). Schedule 2 to the Amending Act bans the advertising of certain superannuation products to new employees as part of the onboarding process, with certain exceptions.
In 2022 to 2023 a Treasury review of the Treasury Laws Amendment (Your Future, Your Super) Act 2021 found evidence of practices by software providers that were undermining superannuation stapling by directing employees towards products they were being paid to advertise. This behaviour risks undermining the policy objectives of the choice of fund and stapling provisions of the Superannuation Guarantee (Administration) Act 1992. In response to that review, the Amending Act introduced a new section 992AB into the Corporations Act, which bans advertising of certain superannuation products to an employee during the employee onboarding process. Employee onboarding is a key time when employees engage with their superannuation and they should be able to do so in an informed way, without being influenced to make uninformed decisions, open inappropriate products and unintentionally create duplicate accounts. The reform will help empower employees to make better-informed choices by making it easier to see, consider and select their existing superannuation fund when they commence employment.
The ban on advertising during employee onboarding in section 992AB of the Corporations Act does not apply to a person when advertising a superannuation product if:
• the superannuation product is the employee’s stapled fund; or
• the superannuation product is the employer’s default fund; or
• the statement or advertisement refers only to a MySuper product (the MySuper product exception) that meets the following conditions:
– the MySuper product has passed the most recent annual superannuation performance test;
– the person advertising the MySuper product is not a connected entity of the RSE licensee that is offering the product;
– the advertisement or statement of the MySuper product occurs after the employer or their agent has requested an employee's stapled fund and, if advised that there is a stapled fund, has provided those details to the employee;
– the conditions prescribed by the regulations are met; and
– the advertisement is accompanied by clear and unambiguous disclosures as prescribed by the regulations; or
• the advertisement or statement occurs in the ordinary course of distributing content or enabling distributions, and the person did not know and had no reason to suspect that advertisement or statement could be a contravention of the prohibition.
These Regulations prescribe the conditions and the clear and unambiguous disclosures that must accompany the advertising of MySuper products.
The Act does not specify any conditions that need to be satisfied before the power to make the Regulations may be exercised.
Public consultation on an Exposure Draft of the Regulations was undertaken from 27 March to 17 April 2026. Thirteen submissions were received, primarily from superannuation funds and peak bodies. Stakeholders were generally supportive of the purpose of the regulations, and provided feedback or sought further clarification on matters including the prominence requirement and insurance warnings. In response to this feedback, some adjustments were made to the Regulations and additional material included in the Explanatory Statement.
The Regulations are a legislative instrument for the purposes of the Legislation Act 2003 and are subject to disallowance. The Regulations are exempt from sunsetting in accordance with item 18(d) of section 12 of the Legislation (Exemptions and Other Matters) Regulation 2015. The sunsetting exemption recognises that the Corporations Regulations form part of an intergovernmental agreement, are relied upon by commercial entities, and are subject to regular periodic review. It is appropriate for the advertising ban regulations to be exempt from sunsetting, as it will provide certainty to employers and onboarding providers that will need to incorporate these requirements into their systems and procedures.
The Regulations commence on the day after the end of the period of six months starting on the day Schedule 2 to the Amending Act commences.
Details of the Regulations are set out in Attachment A.
A statement of Compatibility with Human Rights is at Attachment B.
A statement of Compatibility with the Objective of Superannuation is at Attachment C.
The Office of Impact Analysis has been (OIA) has been consulted and agreed that an Impact Analysis is required. The full text of the Impact Analysis was included in the Explanatory Memorandum for the Amending Act.
ATTACHMENT A
Details of the Corporations Amendment (Ban on Advertising Superannuation Funds During Onboarding) Regulations 2026
Section 1 – Name
This section provides that the name of the regulations is the Corporations Amendment (Ban on Advertising Superannuation Funds During Onboarding) Regulations 2026 (the Regulations).
Section 2 – Commencement
Schedule 1 to the Regulations commence on the day at the end of the period of 6 months starting on the day after the Schedule 2 to the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026 commences.
Section 3 – Authority
The Regulations are made under the Corporations Act 2001.
Section 4 – Schedule
This section provides that each instrument that is specified in the Schedules to this instrument are amended or repealed as set out in the applicable items in the Schedules, and any other item in the Schedules to this instrument has effect according to its terms.
Schedule 1 – Conditions and disclosure requirements for certain MySuper products during onboarding
Part 1 - Main amendments
Amendments to the Corporations Regulations
The Regulations insert a new section 7.8.26 in Division 8 of Part 7.8 of the Corporations Regulations 2001, which sets out the conditions and disclosure requirements that must be met for a person to advertise a MySuper product during the employee onboarding process.
Conditions
Distinguishable from information about other superannuation products
The MySuper product being advertised must be clearly distinguished from other funds shown to the employee during the onboarding period, most relevantly the stapled fund or default fund. Providing information about stapled funds or default funds supports compliance with the choice of fund requirements in Part 3A of the Superannuation Guarantee (Administration) Act 1992.
[Schedule 1, item 1, paragraph 7.8.26(1)(a)]
‘Default fund’ (for an employer and their employee) means the superannuation fund that the employer lists on the standard choice form as required under section 32P of the Superannuation Guarantee (Administration) Act 1992. It is the fund the employer will pay superannuation into if the employee does not choose their own fund under Part 3A of that Act and the Commissioner of Taxation (‘the Commissioner’) has not identified a stapled fund for the employee in response to a request.
[Schedule 1, item 1, subsection 7.8.26(3) of the Regulations]
Prominence
When a MySuper product is advertised, it must not be displayed to the employee with greater prominence than any information about the employee’s stapled fund (if advised by the Commissioner) or default fund for the employer and employee, that is shown to the employee at the time of onboarding. The prominence requirement with respect to a stapled fund only applies if the person has been notified by the Commissioner that the employee has a stapled fund. If no stapled fund is identified, then prominence of the MySuper product relates only to the default fund. This applies regardless of whether the funds appear at the same time (such as on the same page or screen, or separately across multiple pages or screens). This requirement is intended to mitigate the risk of the person advertising using prominence to influence an employee’s decision. For example, by displaying the advertised MySuper product more prominently at the top of the page or screen (or in bright colours), and the stapled or default fund at the bottom of the page or screen (or in non-bright colours), or in a generally less noticeable or impressionable format.
[Schedule 1, item 1, paragraph 7.8.26(1)(b) of the Regulations]
Disclosure requirements
The Regulations require that certain clear and unambiguous disclosures (discussed below) must be shown to the employee immediately prior to or during the time the advertisement or statement is shown.
[Schedule 1, item 1, subparagraphs 7.8.26(2)(a)]
Clear labelling
The advertisement or statement that refers to a MySuper product made to an employee at the time of onboarding must be clearly labelled as an advertisement. This will ensure that employees are made aware that information presented to them about the MySuper product is an advertisement. This is intended to distinguish the MySuper product advertisement from the information given to the employee about any stapled fund or the default fund. The stapled and default fund information is required to be provided to meet the superannuation choice of fund requirements, whereas advertising a MySuper product that is neither the stapled fund nor default fund is a discretionary matter,
[Schedule 1, item 1, subparagraph 7.8.26(2)(b)(i) of the Regulations]
If the employer is notified (in response to a stapled fund request made to the Commissioner) that the employee has a stapled fund, the disclosure must explain to the employee that the stapled fund is the employee’s existing fund, based on information that has been advised by the Australian Taxation Office (ATO). This requirement is intended to help employees better understand the context of the information provided.
This requirement only applies where the Commissioner has notified the employer that there is, or the Commissioner is satisfied that there is, a stapled fund for the employee and provided the details of that stapled fund (the stapled fund information). This requirement is not intended to require a person to imply that the stapled fund is the employee’s only superannuation fund.
[Schedule 1, item 1, subparagraph 7.8.26(2)(b)(ii) of the Regulations]
Advertising arrangements
A person who shows advertising or makes a statement referring to a MySuper product during onboarding must disclose any consideration or benefit they receive for advertising that MySuper product. This includes any fee, payment, profit or advantage (financial or otherwise) received from the trustee of the advertised MySuper product under an arrangement. This disclosure must be shown to the employee immediately prior to or during the time the advertisement or statement is shown. This applies to the person that is making the advertisement or statement, or the person causing the advertisement or statement to be shown (if any). If either or both parties are receiving consideration or benefit, either or both must disclose the arrangements.
[Schedule 1, item 1, subparagraph 7.8.26(2)(b)(iii) of the Regulations]
General disclosures
A person advertising or making a statement referring to a MySuper product must disclose the following information to the employee, immediately before or during the advertisement:
• Explain that the employee can search for their existing superannuation funds (if any) and consolidate their superannuation funds online through the myGov online services portal, and that this can help them to save on fees from holding duplicate superannuation accounts. In doing so, the person advertising must provide a link to myGov. By providing employees with the resources to search and consolidate their superannuation funds, employees are more likely to save fees on unintended duplicate accounts.
[Schedule 1, item 1, subparagraph 7.8.26(2)(b)(iv) of the Regulations]
• Explain that the employee can compare superannuation products using the ATO’s YourSuper comparison tool. In doing so, the person advertising must provide a link to the ATO’s YourSuper comparison tool. By encouraging employees to compare superannuation products online, employees will be able to make more informed choices when selecting or continuing with superannuation products at the time of onboarding.
[Schedule 1, item 1, subparagraph 7.8.26(2)(b)(v) of the Regulations]
• A statement that employees should consider their personal financial situation and personal investment plan, alongside product investment strategy and performance, fund fees and costs, and associated insurance coverage (including the impacts of any changes to, or cessation of, insurance arrangements) when selecting or changing superannuation products. This is similar to general advice warnings that are required to be provided under financial services law.
[Schedule 1, item 1, subparagraph 7.8.26(2)(b)(vi) of the Regulations]
By providing the above general disclosures to employees prior to or during any advertisement, employees will be given an appropriate opportunity to consider the above information to support them to make an informed decision. The disclosures and timing provide flexibility for employers and digital service providers to innovate and design an appropriate onboarding procedure.
ATTACHMENT B
Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Corporations Amendment (Ban on Advertising Superannuation Funds During Onboarding) Regulations 2026
This Legislative 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.
Overview of the Legislative Instrument
The purpose of the Corporations Amendment (Ban on Advertising Superannuation Funds During Onboarding) Regulations 2026 (the Regulations) is to amend the Corporations Regulations 2001 to support the amendments to the Corporations Act made by the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026 (the Amending Act). Schedule 2 to the Amending Act bans the advertising of certain superannuation products to new employees as part of the onboarding process, with certain exceptions.
In 2022 to 2023 a Treasury review of the Treasury Laws Amendment (Your Future, Your Super) Act 2021 found evidence of practices by software providers that were undermining superannuation stapling by directing employees towards products they were being paid to advertise. This behaviour risks undermining the policy objectives of the choice of fund and stapling provisions of the Superannuation Guarantee (Administration) Act 1992.
As part of the response, the Amending Act introduced a new section 992AB into the Corporations Act, which bans advertising of certain superannuation products to an employee during the employee onboarding process. Employee onboarding is a key time when employees engage with their superannuation and they should be able to do so in an informed way, without being influenced to make uninformed decisions, open inappropriate products and unintentionally create duplicate accounts. The reform will help empower employees to make better-informed choices by making it easier to see, consider and select their existing superannuation fund when they commence employment.
The ban on advertising during employee onboarding in section 992AB of the Corporations Act does not apply to a person when advertising a superannuation product if:
• the superannuation product is the employee’s stapled fund;
• the superannuation product is the employer’s default fund; or
• the statement or advertisement refers only to a MySuper product (the MySuper product exception) that meets the following conditions:
– the MySuper product has passed the most recent annual superannuation performance test;
– the person advertising the MySuper product is not a connected entity of the RSE licensee that is offering the product;
– the advertisement or statement of the MySuper product occurs after the employer or their agent has requested an employee's stapled fund and, if advised that there is a stapled fund, has provided those details to the employee;
– the conditions prescribed by the regulations are met; and
– the advertisement is accompanied by clear and unambiguous disclosures as prescribed by the regulations; or
• the advertisement or statement occurs in the ordinary course of distributing content or enabling distributions, and the person did not know and had no reason to suspect that advertisement or statement could be a contravention of the prohibition.
These Regulations prescribe the conditions and the clear and unambiguous disclosures that must accompany the advertising of MySuper products.
Human rights implications
This Legislative Instrument does not engage any of the applicable rights or freedoms.
Conclusion
This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.
ATTACHMENT C
Statement of Compatibility with the Objective of Superannuation
Prepared in accordance with section 7 of the Superannuation (Objective) Act 2024
Corporations Amendment (Ban on Advertising Superannuation Funds During Onboarding) Regulations 2026
This Legislative Instrument is compatible with the with the objective of superannuation to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way, as defined in section 5 of the Superannuation (Objective) Act 2024.
Overview
The Corporations Amendment (Ban on Advertising Superannuation Funds During Onboarding) Regulations 2026 (the Regulations) support the ban on advertising certain superannuation products to employees during onboarding introduced by the Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026 (the Amending Act). The Regulations introduce additional conditions and disclosure requirements that must accompany the advertising of eligible MySuper products.
Detailed assessment
Schedule 2 of the Amending Act amended the Corporations Act 2001 to impose a ban on advertising certain superannuation products to employees during onboarding, with certain exceptions including the employee’s stapled fund, the employer default fund, and MySuper products that meet certain conditions.
In 2022 to 2023 a Treasury review of the Treasury Laws Amendment (Your Future, Your Super) Act 2021 found evidence of practices by software providers that were undermining superannuation stapling by directing employees towards products they were being paid to advertise. This behaviour risks undermining the policy objectives of the choice of fund and stapling provisions of the Superannuation Guarantee (Administration) Act 1992.
Limiting advertisements of superannuation products during onboarding, with certain exceptions, balances consumer protections and choice. The ban will protect employees from being influenced to make uninformed decisions, open inappropriate products and unintentionally create duplicate accounts. Exceptions for showing employees their stapled fund and the employer default fund will assist employees to make an informed choice of fund during onboarding.
The Regulations support the Act by prescribing the conditions and the clear and unambiguous disclosures that must accompany the advertising of MySuper products. This includes requirements about clear labelling, prominence of advertising, advertising arrangements, and general disclosures.
These requirements will support employees to make more informed decisions by ensuring that superannuation information provided during onboarding is clear and transparent. This will help to protect employees from being influenced to make uninformed decisions, open inappropriate products and unintentionally create duplicate accounts. Employees stand to benefit from greater preserved savings that compound over their working lives through fewer unintended multiple accounts. In doing so, the regulations protect the long-term retirement outcomes of employees.
Conclusion
The Regulations are compatible with the objective of superannuation as they support employees to make an informed choice of superannuation fund during onboarding, by imposing additional conditions and disclosures on the information provided to employees during onboarding processes. These changes help to prevent the erosion of member balances, helping members to preserve savings to deliver income for a dignified retirement. Employees stand to benefit from greater savings that compound over their working lives through fewer unintended multiple accounts.