ASIC Class Order [CO 14/592]

Link to law: https://www.comlaw.gov.au/Details/F2014L00923

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Australian Securities and Investments Commission
Superannuation Industry (Supervision) Act 1993—Subsection 332(1)—Amendment
Enabling legislation
1.    The Australian Securities and Investments Commission makes this instrument under subsection 332(1) of the Superannuation Industry (Supervision) Act 1993 (the Act).
Title
2.  This instrument is ASIC Class Order [CO 14/592].
Commencement
3.  This instrument commences on the date it is registered under the Legislative Instruments Act 2003.
Note:    An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, section 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.
Amendment
4.  ASIC Class Order [CO 14/509] is amended by:
(a)     in paragraph 4:
(i)      in notional sub-subparagraph 29QB(1A)(b)(viii)(B) of the Act, after “financial year”, inserting “(as defined in subregulation 2.37(6) of the Regulations)”; and
(ii)     in notional subparagraph 29QB(1A)(b)(ix) of the Act, after “financial year”, inserting “of the RSE licensee”; and
(iii)    omitting notional subsection 29QB(1B), substituting:
          “(1B)   In subsection (1A), a reference to:
(a)     a document includes a reference to a redacted version of the document that the Regulations permit the RSE licensee to make available and update; and
(b)     a document being amended or updated includes a reference to the document being replaced.”; and
(b)   in paragraph 6, omitting notional subregulation 2.38(5) of the Superannuation Industry (Supervision) Regulations 1994 and substituting:
“(4A) Despite subregulation (2):
(a)     until 1 July 2015, the RSE licensee:
(i)      does not need to make available or update a document referred to in any of paragraphs (2)(a), (b), (d), (e), (f) and (h) if the document only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan; and
(ii)     instead of making available and updating a document referred to in any of paragraphs (2)(a), (b), (d), (e), (f) and (h), may make available and update a version of the document that has been redacted to exclude information that:
(A)    only relates to the registrable superannuation entity because it relates to a standard employer-sponsored sub-plan; or
(B)     is personal information in relation to a beneficiary or former beneficiary of the registrable superannuation entity; and
(b)     from 1 July 2015, instead of making available and updating a document referred to in any of paragraphs (2)(a), (b), (d), (e), (f) and (h), the RSE licensee may make available and update a version of the document that has been redacted to exclude information that is personal information in relation to a beneficiary or former beneficiary of the registrable superannuation entity.
(5)     In this regulation:
financial year means:
(a)     in paragraphs (2)(f) and (o), the financial year of the registrable superannuation entity; and
(b)     in paragraph (2)(k) and subregulation (3), the financial year of the RSE licensee.
personal information has the same meaning as in subsection 6(1) of the Privacy Act 1988.
standard employer-sponsored sub-plan means a segment of a public offer superannuation fund for which each member of the segment is:
(a)     a standard employer-sponsored member; or
(b)     a member of a prescribed class for the purposes of sub-subparagraph 18(1)(a)(ii)(B) of the Act.
Note:    Regulation 3.01 specifies what is a prescribed class for the purposes of sub‑subparagraph 18(1)(a)(ii)(B) of the Act.”.
 
Dated this 1st day of July 2014
 
 
Signed by Stephen Yen PSM
as a delegate of the Australian Securities and Investments Commission