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Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017

 

No.      , 2017

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to superannuation, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Annual MySuper outcomes assessment                                       3

Superannuation Industry (Supervision) Act 1993                                                 3

Schedule 2—Authority to offer a MySuper product                                        6

Superannuation Industry (Supervision) Act 1993                                                 6

Schedule 3—Director penalties                                                                                       8

Superannuation Industry (Supervision) Act 1993                                                 8

Schedule 4—Approval to own or control an RSE licensee                          10

Part 1—Amendments                                                                                                   10

Superannuation Industry (Supervision) Act 1993                                               10

Part 2—Application and transitional provisions                                             21

Schedule 5—APRA directions power                                                                       22

Superannuation Industry (Supervision) Act 1993                                               22

Schedule 6—Portfolio holdings disclosure                                                             37

Corporations Act 2001                                                                                              37

Superannuation Industry (Supervision) Act 1993                                               41

Schedule 7—Annual members’ meetings                                                               42

Superannuation Industry (Supervision) Act 1993                                               42

Schedule 8—Reporting standards                                                                              50

Australian Prudential Regulation Authority Act 1998                                       50

Financial Sector (Collection of Data) Act 2001                                                  50

 

 



A Bill for an Act to amend the law relating to superannuation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2017 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1, 2 and 3

The day after this Act receives the Royal Assent.

 

3.  Schedule 4

3 months after the day on which this Act receives the Royal Assent.

 

4.  Schedules 5, 6, 7 and 8

The day after this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.