Fund Regulatory Update
/ASIC seeking feedback on expiring class orders regarding financial resource requirements
The Australian Securities and Investments Commission (ASIC) is seeking feedback on proposals to remake expiring class orders that dictate financial resource requirements on the managed funds industry.
The class orders explain the financial resource requirements for certain market players with Australian financial services licensees. Previous legislation is to expire in October 2023 unless it is remade.
ASIC states the class orders are effective and efficient and should continue with minor changes. Submissions are due on 31 March 2023.
Download
Consultation paper 367 Remaking ASIC class orders on financial requirements: [CO 13/760], [CO 13/761] and ASIC Instrument 2022/449
Attachment 1 to CP 367: Draft ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/XX
Attachment 2 to CP 367: Draft ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/XX
APRA responds to SDT amendments consultation
The Australian Prudential Regulation Authority (APRA) has responded to its consultation regarding the Superannuation Data Transformation (SDT) amendments.
The minor amendments clarify investment option reporting and expense reporting; reduce the frequency of reporting for some requirements; and increase the time for data submission for some requirements.
Tax to double on high superannuation balances
The Government is planning to double the concessional tax rate for super balances that exceed $3 million. The change, due to go into effect in 2025/26, will affect about 80,000 people by increasing the concessional tax rate to 30 per cent from 15 per cent.
Currently tax breaks worth about $50 billion per year largely go to high-income earners.
