This is an HTML version of an attachment to the Freedom of Information request 'One year Delay in Superannuation Transparency Measures'.

Document 1
Prepared by the Australian Securities and Investments Commission 
Superannuation Industry (Supervision) Act 1993 
The Australian Securities and Investments Commission (ASIC) makes Class Order 
[CO 13/830] under paragraph 328(1)(aof the Superannuation Industry (Supervision) 
Act 1993 
(the Act).  
Paragraph 328(1)(aprovides that ASIC may, in writing, exempt a particular person 
or a class of persons, from compliance with any or all of the modifiable provisions, 
which includes a provision of Part 2B of the Act. 
1. Background
On 29 May 2009, the Government commissioned the Super System Review (the 
Review), chaired by Jeremy Cooper, to make recommendations to improve the 
superannuation system.  The Review’s final report was handed to the Government on 
30 June 2010.   
The Government’s response to the Review was a package of reform recommendations 
entitled Stronger Super.  These reforms include: 
a) The creation of a new, simple, low-cost default superannuation product called
‘MySuper'; and
b) strengthening the governance, integrity and regulatory settings of the
superannuation system, including enhancements to the disclosure and
reporting requirements for superannuation (systemic transparency measures).
Some of the key disclosure requirements of the MySuper reforms, as set out in 
regulations 2.37 and 2.38 of the Superannuation Industry (Supervision) Regulations 
(Regulations) and section 29QB of the Act, have a commencement date of 1 
July 2013. Under these requirements, an RSE licensee of a registrable superannuation 
entity will be required to make publicly available and to keep up to date, at all times 
on the registrable superannuation entity's website: 
a) details of remuneration of executive officers and individual trustees
(regulation 2.37); and
b) various items of information relating to the relevant superannuation fund, such
as trust deeds and summaries of significant event notices given to members of
the fund (regulation 2.38).
Due to the inherent complexity of this area of the Stronger Super reforms and the 
need for the Government to consider industry feedback on a wide range of issues, the 
final form of regulations 2.37 and 2.38 is only likely to be resolved a short time before 
the intended commencement date of 1 July 2013. In the circumstances, RSE licensees 
Explanatory Statement to F2013L01263

of a registrable superannuation entity may not have a reasonable opportunity to 
understand and prepare for the requirements before the provisions take effect.  
2. Purpose of the class order
The purpose of the class order is to provide RSE licensees of a registrable 
superannuation entity with additional time to make the necessary arrangements to 
comply with subsection 29QB(1) of the Act and regulations 2.37 and 2.38 of the 
3. Operation of the class order
The class order has the effect of exempting RSE licensees of a registrable 
superannuation entity until 31 October 2013, from the requirement in subsection 
29QB(1) of the Act to make publicly available, and to keep up to date, at all times on 
the registrable superannuation entity's website: 
a) details of remuneration of executive officers and individual trustees
(regulation 2.37); and
b) various items of information relating to the relevant superannuation fund, such
as trust deeds and summaries of significant event notices given to members of
the fund (regulation 2.38).
4. Consultation
ASIC has consulted with the Department of Treasury.  The Treasury was provided 
with feedback from industry in relation to the obligation under subsection 29QB(1) of 
the Act and regulations 2.37 and 2.38 of the Regulations, which has been taken into 
account when developing this class order. 
The Office of Best Practice Regulation confirmed that a Regulation Impact Statement 
was not necessary.  
Explanatory Statement to F2013L01263

Statement of Compatibility with Human Rights 
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) 
Act 2011 
ASIC Class Order [CO 13/830] 
This  class  order  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 class order 
The  class  order  relates  to  regulations  2.37  and  2.38  of  the  Superannuation  Industry 
(Supervision)  Regulations  1994
,  which  were  made  under  section  29QB  of  the 
Corporations Act 2001. Regulations 2.37 and 2.38 have a commencement date of 1 
July 2013.  These provisions require an RSE licensee of a registrable superannuation 
entity to make publicly available and to keep up to date, at all times on the registrable 
superannuation entity's website: 
a) details of remuneration of executive officers and individual trustees
(regulation 2.37); and
b) various items of information relating to the relevant superannuation fund, such
as trust deeds and summaries of significant event notices given to members of
the fund (regulation 2.38).
These changes are part of the Government's Stronger Super reforms.  However, given 
the  detail  in  these  regulations  is  only  likely  to  be  resolved  a  short  time  before  the 
intended  commencement  date  of  1  July  2013,  the  class  order  defers  the 
commencement date from 1 July 2013 to 31 October 2013 in order to provide RSE 
licensees with additional time to comply with the new requirements. 
Human rights implications 
This class order does not engage any of the applicable rights or freedoms. 
This class order is compatible with human rights as it does not raise any human rights 
Explanatory Statement to F2013L01263

Document 2
RPG submission: Proposed Class Order to defer the commencement of SIS regs 2.37 and 2.38 (executive 
remuneration and online disclosure requirements) from 1 July 2013 to 31 October 2013 
Summary page 
Title of matter: Proposed Class Order to defer the commencement 
of SIS regs 2.37 and 2.38 (executive remuneration and online 
disclosure requirements) from 1 July 2013 to 31 October 

What is the issue? 

RPG is being asked to approve class order relief to defer the start date of section 29QB of 
the Superannuation Industry (Supervision) Act 1993 (SIS Act) and 2.37 and 2.38 of the 
Superannuation Industry (Supervision) Regulations 1994 (SIS regs) from 1 July 2013 to 31 
October 2013, in accordance with Treasury’s request, and the Minister’s imminent 
announcement about other delays to commencement of disclosure reforms in Stronger 
What is your recommendation?

We recommend that RPG approve class order relief to defer the start date of section 29QB 
from 1 July 2013 to 31 October 2013. 
What are the reasons for your recommendation? 

The primary reasons for this recommendation are as follows: 
The superannuation industry will struggle to comply with the requirements in section
29QB and SIS regs 2.37 and 2.38 in time for the 1 July 2013 start date, due to the
delays in the amending regulations being finalised;
A delay to the start date will enable superannuation trustees to finalise preparations for
complying with the Stronger Super regime.
How does this relate to ASIC’s priorities? 

1. Confident and informed investors and consumers

2. Fair and efficient financial markets
3. Corporate and business registration and licensing that fosters commercial dealings
What are the risks for the achievement of ASIC’s priorities? 

Please refer to the reasons for the recommendation above.  We note that if the 1 July start 
date is not changed, ASIC is going to receive a considerable number of queries and requests 
for relief or no-action from trustees.  Further, those trustees who do attempt to comply, 
although they may make their best endeavours, may not have had sufficient time to make 
compliant and useful disclosure. 

RPG submission: Proposed Class Order to defer the commencement of SIS regs 2.37 and 2.38 (executive 
remuneration and online disclosure requirements) from 1 July 2013 to 31 October 2013 
A  Background 

On 29 May 2009, the Government commissioned the Super System Review (the Review), 
chaired by Jeremy Cooper, to make recommendations to improve the governance, 
efficiency, structure and operation of the superannuation system.  The Review’s final report 
was handed to the Government on 30 June 2010.   

The Government’s response to the Review was a package of reform recommendations 
entitled Stronger Super.  These reforms include: 
• The creation of a new, simple, low-cost default superannuation product called
‘MySuper'; and
• strengthening the governance, integrity and regulatory settings of the
superannuation system, including enhancements to the disclosure and reporting
requirements for superannuation (systemic transparency measures).

The MySuper and Governance reforms comprise most of the disclosure reforms relevant to 
ASIC, including product dashboard, portfolio holdings disclosure, executive officer 
remuneration and other systemic transparency disclosure requirements.  

The MySuper legislation consists of four main tranches introduced during 2012.  Tranches 
1-3 have received Royal Assent, and tranche 4 passed in the Senate this week but has yet to
receive Royal Assent.  Regulations associated with both tranche 3 and 4 are expected to go
to the EXCO meeting on Friday, 28 June 2013.

The start date for key parts of the MySuper regime, including section 29QB and SIS regs 
2.37 and 2.38, is 1 July 2013.   
However, due to numerous delays in the passing of legislation and regulations enacting 
these reforms, many superannuation trustees have had limited time to put in place often 
complex arrangements to enable compliance with the multiple MySuper requirements. For 
example, many of the reforms require the updating of trustee websites, changes to IT 
systems, and amendments to disclosure documents such as Product Disclosure Statements 
(PDS) and periodic statements, among other things.   
Treasury and the Minister have been sympathetic to the pressures placed on industry by the 
law delays, and has dealt with industry concern about start dates by amending start dates in 
the legislation or in the upcoming regulations on Friday for some of the disclosure measures 
(product dashboard, PDS transition).  However, Treasury has asked ASIC to use its power 
under s328 or s332 of the SIS Act to amend the start date for section 29QB requirements via 
class order (although, in the current political circumstances Treasury have asked that we not 
finalise the Class Order until Treasury have confirmed both the proposed extension date and 
the wishes of any incoming Minister).   
ASIC has considered its powers under s328 and s332 of the SIS Act and notes it will most 
likely use the exemption power under s328.  The precise approach will be settled with the 
Chief Legal Office. 
We further note that in the current political circumstances, the other delays for product 
dashboard and PDS transition that are anticipated in the regulations at EXCO on Friday may 
not eventuate and ASIC may be asked whether we could assist in delaying the start dates for 
these disclosure requirements as well.  We will commence drafting appropriate class orders 

RPG submission: Proposed Class Order to defer the commencement of SIS regs 2.37 and 2.38 (executive 
remuneration and online disclosure requirements) from 1 July 2013 to 31 October 2013 
to be prepared for this possibility and would be grateful for the views of RPG as to whether 
a separate RPG paper is required in this situation.     
B  Issues analysis and recommendation 
Draft Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 
These regulations provide detail to some of the requirements of both tranche 3 and tranche 4 
of the Stronger Super legislation.  The regulations are due to go to EXCO on 28 June 2013, 
one business day before many of the requirements are to commence.   1 July 2013 is the 
commencement date for section 29QB. Division 2.6 of the draft regulations sets out new SIS 
regs 2.37 and 2.38, made for paragraphs 29QB(1)(a) and (b) of the SIS Act.   
SIS reg 2.37 prescribes remuneration information that must be disclosed in respect of each 
executive officer of an RSE licensee and individual trustee of a superannuation trustee.  For 
example, the information required to be disclosed includes the relevant person’s name, 
position, date of appointment, amount of salary including cash, fees, bonuses, non-monetary 
benefits, superannuation, termination benefits, and share based payments.   
SIS reg 2.38 prescribes the information an RSE licensee must make publicly available, 
including a current version of the trust deed, the governing rules, Product Disclosure 
Statement, annual report, Financial Services Guide, each director’s record of attendance at 
board meetings for the last 7 years, a register of relevant interests and duties, a summary of 
the conflicts management policy, and proxy voting policies.  
The purpose of these regulations is to improve transparency in superannuation.  These 
requirements align with the requirements for listed companies under s 300A of the 
Corporations Act and will mean trustees must publish this information on the public section 
of their website. A failure to publish current information on the fund’s website at all times 
will be a strict liability offence carrying a penalty of 50 penalty units.   
ASIC’s powers to amend Tranche 3 and Tranche 4e 
Section 29QB of the SIS Act, which is located within Part 2B of the SIS Act, will 
commence on 1 July 2013.  The consequential amendment to subparagraph 6(1)(c)(ia) of 
SIS Act says "[ASIC has general administration of]  ... section 29QB ...". Consequently, 
ASIC will become "the Regulator" of section 29QB on 1 July 2013.  
The provisions of Part 2B of the SIS Act are expressed to be "modifiable provisions": see 
s327 of the SIS Act. The source of power that ASIC will be using will be section 328 or 332 
of the SIS Act, and preferably section 332.  
As the amending Act (Tranche 3)) that makes these changes has been enacted, ASIC can 
exercise the powers before 1 July 2013, even though the provisions have not yet 
commenced: see section 4 of the Acts Interpretation Act 1901. In any event, ASIC will 
probably express the instrument to take effect on the later of FRLI registration or 1 July 

RPG submission: Proposed Class Order to defer the commencement of SIS regs 2.37 and 2.38 (executive 
remuneration and online disclosure requirements) from 1 July 2013 to 31 October 2013 
Issues analysis 
s 47C, s 47E (d)
We recommend that: 

RPG approve class order to defer the start date of section 29QB of the SIS Act from 1
July 2013 to 31 October 2013.
Reasons for recommendation 
The relief will provide the superannuation industry with a much-needed extension of time in 
which to make arrangements to ensure full compliance with the executive remuneration and 
website disclosure requirements in SIS regulations 2.37 and 2.38.   
External impacts 
We expect that delaying the start date of the operation of these regulations will be welcomed 
by the superannuation industry, as it will give them the extra time they need to make the 
necessary changes to their systems and disclosure documents to ensure compliance with the 
executive officer remuneration and other website disclosure requirements. We do not 
anticipate that these changes will result in an additional burden on trustees. 

RPG submission: Proposed Class Order to defer the commencement of SIS regs 2.37 and 2.38 (executive 
remuneration and online disclosure requirements) from 1 July 2013 to 31 October 2013 
We also note that if these regulations commence on 31 October 2013, they will coincide 
with the commencement of other Stronger Super disclosure requirements, ie the product 
dashboard and enhanced fee disclosure requirements in Product Disclosure Statements.   
C  Regulatory Impact Statement 
Regulatory Policy will be consulted on whether a Regulatory Impact Statement is required.  
D  Consultation 
The Chief Legal Office was consulted in the preparation of this submission and is 
comfortable with its recommendations.  We have also consulted with Strategic Policy who 
provided feedback on key issues around regulatory burden, which have been incorporated 
into the paper. 
E  Implementation 
The decision will be implemented by the making of a class order.  The terms of the 
instrument will be settled with the Chief Legal Office.  
If RPG agrees with the approach recommended in this paper, the following steps will need 
to be taken. 
The class order will be registered on the Federal Register of Legislative Instruments
and published on the ASIC website together with an explanatory statement.
F  Communication 
Subject to RPG's views, if the class order is made, we propose dissemination of knowledge 
of the class order via a media release. 

available on the superannuation entity's website, from 1 July 2013 to 31 October 2013.  Treasury is 
supportive of this relief, following feedback from industry. 
The class order would also then operate to defer the requirement to comply with regulations made under 
section 29QB; namely, regulations 2.37 and 2.38 of the Superannuation Industry (Supervision) Regulations 
 Regulation 2.37 prescribes remuneration information that must be disclosed in respect of each 
executive officer of an RSE licensee and individual trustee of a superannuation trustee.  For 
example, the information required to be disclosed includes the relevant person’s name, position, date 
of appointment, amount of salary including cash, fees, bonuses, non-monetary benefits, 
superannuation, termination benefits, and share based payments.   
 Regulation 2.38 prescribes the information an RSE licensee must make publicly available, including 
a current version of the trust deed, the governing rules, Product Disclosure Statement, annual report, 
Financial Services Guide, each director’s record of attendance at board meetings for the last 7 years, 
a register of relevant interests and duties, a summary of the conflicts management policy, and proxy 
voting policies.  
Reasons for class order relief 
The primary reasons for this class order are as follows: 
a)  The superannuation industry will struggle to comply with the requirements in regulation 2.37 and 
2.38 in time for the 1 July 2013 start date, due to the delays in the amending regulations being 
finalised; and 
b)  A delay to the start date will enable superannuation trustees to finalise preparations for complying 
with the Stronger Super regime. 
There will be little or no regulatory impact 
We fully expect that delaying the start date of the operation of section 29QB(1) and regulations 2.37 and 
2.38 will be welcomed by the superannuation industry, as it will give them the extra time they need to make 
the necessary changes to their systems and disclosure documents to ensure compliance with the executive 
officer remuneration and other website disclosure requirements.  
We also note that if these regulations commence on 31 October 2013, they will coincide with the 
commencement of other MySuper legislation, ie the product dashboard and enhanced fee disclosure 
requirements in Product Disclosure Statements.  This should put to rest any concern that delaying the 
commencement of these regulations may be adding a further due date for industry to remember, and hence 
be more likely overlooked.