Stronger Super - Guide |
A Practice Guide on Stronger Super …..for Australian asset owners and managersIn 2009, the Federal Government commenced its review, the “Cooper Review”, into the superannuation sector – Super System Review.
The key outcomes of this review were:
Introduction of the significant reforms (referred to as Stronger Super) has resulted in improved and increased regulatory oversight by the regulatory bodies. New disclosure and reporting requirements have necessitated the need for a consistent approach by industry participants. To this end, ACSA established the Stronger Super Task Force to collaboratively review reporting requirements and determine the best way to efficiently and pragmatically fulfil them. Although custodians are not required to report to APRA themselves, they are in the unique position of having both Responsible Superannuation Entities (RSE's) and Investment Managers as clients. The combination of having such a broad industry reach and an intimate understanding of data flows and investment structures enable custodians to work towards an industry consensus that will facilitate the consistency of reporting. ACSA has been working closely with APRA to resolve interpretation issues and establishing pragmatic reporting solutions to meet these disclosure requirements. ACSA expects all members to be compliant with the outcomes described in this guide or otherwise be able to explain to an RSE client their rationale for any areas of non-compliance. 1. APRA reporting
This Practice Guide will be updated from time to time as required. The information published is based on information available at the date noted in the footer.
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