SUPERANNUATION LEGISLATION AMENDMENT 
(MYSUPER MEASURES) REGULATION 2013 
OUTCOME OF CONSULTATION PROCESS 
An exposure draft of the Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 was released on 30 April 2013. As a result of consultation, the Government will respond to concerns raised by making the following changes to the proposed regulations. 

Proposed regulation	Proposed Government response	
Portfolio holdings	Given the number of complex issues raised during consultation, and that the portfolio holdings disclosure requirements will not take effect until 1 July 2014, the Government will undertake further consultation with the expectation of finalising the portfolio holdings regulations in early August 2013. 
Issues including a materiality threshold, the disclosure of disaggregated data, and the disclosure of market sensitive information will be further considered during this consultation process. 	
Product dashboard	Funds that are ready to publish the MySuper product dashboard will be able to do so from 1 July 2013, and the Government proposes a hard start date of 31 December 2013.  ASIC has the power to provide further relief in appropriate circumstances.
APRA will consult with industry on the MySuper product dashboard reporting standard during this time and ASIC will issue guidance to trustees on how a product dashboard should be displayed, to ensure consistency in the presentation of a MySuper product dashboard. 
The Government also proposes to expand the reporting criteria for a lifecycle product dashboard to include all factors prescribed in the regulations in addition to a member’s age. The reporting criteria will include: a member’s account balance; contribution rate; current salary and gender; as well as the time remaining, in the opinion of the trustee, before the member could be expected to retire. 	
Product Disclosure Statements	Funds that are ready to disclose MySuper information in product disclosure statements from 1 July 2013 will be able to do so.  The Government proposes requiring disclosure from 31 December 2013. 
ASIC has the power to provide further relief in appropriate circumstances.
There are minor consequential amendments for product disclosure statements for managed investment schemes.  The Government proposes a start date for these amendments of 1 July 2014.	
Executive remuneration	The Government is comfortable with ASIC providing relief until 31 October 2013.  ASIC has the power to provide further relief in appropriate circumstances.
 The Government proposes to require trustees to: 
•	disclose remuneration paid or provided to an executive officer by a related entity.  The disclosure must accurately represent the proportion of the person’s time committed to their obligations to the RSE; and
•	disclose remuneration in respect of the most recently completed financial year, as well as the preceding financial year.	
Systemic transparency	The Government is comfortable with ASIC providing relief until 31 October 2013.  ASIC has the power to provide further relief in appropriate circumstances.
The Government also proposes to create a materiality threshold for disclosure of service providers.	
Contributions	The Government proposes to amend subregulation 9.48(1) so that it covers a contribution that is:
•	a transfer from a foreign superannuation fund or a similar foreign fund;
•	an in specie contribution; or
•	in respect of a section 29TB MySuper product, or corporate MySuper product, from a non-associated employer.	
Wind-up of defined benefit schemes	The Government proposes to consider this regulation after 30 June 2013 as it is not time critical and a number of issues were raised during consultation that require further consultation. 	
Other defined benefit fund issues	Not all defined benefit members were excluded from MySuper originally, as was intended.  Therefore, the Government will clarify the circumstances in which a person is a ‘defined benefit member’ to ensure they are excluded from MySuper.  The Government will also clarify the definition of ‘defined benefit sub-fund’.	
Other issues	Technical and drafting issues identified during the consultation process will be addressed.
APRA and ASIC will provide further guidance on implementation issues and technical matters on their websites. 	

Feedback 
Feedback on the consultation process can be forwarded to StrongerSuper@treasury.gov.au
Thank you to all participants in the consultation process.