Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012

Information about the Inquiry  
On 29 November 2012 the House of Representatives referred the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 to this committee for inquiry and report.
The bill is the fourth tranche of legislation implementing the MySuper and governance elements of the Stronger Super reforms. The bill proposes to make amendments to the Superannuation Industry (Supervision) Act 1993 (SIS Act), the Corporations Act 2001 and other Acts to:
* override any provisions in a fund's governing rules that require the trustee to use a specified service provider, investment entity or financial product;
* provide APRA with the power to issue infringement notices for certain breaches of the SIS Act;
* require trustees to provide reasons for decisions made in relation to a complaint;
* increase the time limit for members to lodge complaints with the Superannuation Complaints Tribunal;
* provide that directors of corporate trustees and individual trustees are only prohibited from voting on any company business in limited circumstances;
* apply requirements for adequate resources and risk management systems to dual regulated entities;
* require persons to seek leave of the court before bringing action against an individual director for a breach of their duties, and extend legal defences available for trustees and directors to proceedings involving breaches of MySuper obligations; and
* make other consequential amendments.

Submissions close on Thursday 17 January 2013 and the inquiry is scheduled to report by Monday 4 February 2013.

Notes to help you prepare your submission are available from the website at http://www.aph.gov.au/senate/committee/wit_sub/index.htm. Alternatively, the Committee Secretariat will be able to help you with your inquiries and can be contacted on telephone +61 2 6277 3583 or facsimile +61 2 6277 5719 or by email to corporations.joint@aph.gov.au.

Inquiries from hearing and speech impaired people should be directed to Parliament House TTY number 02 6277 7799. Adobe also provides tools at http://access.adobe.com/ for the blind and visually impaired to access PDF documents. If you require any special arrangements to enable you to participate in the Committee's inquiry, please contact the Committee Secretariat.

Once the Committee accepts your submission, it becomes a confidential Committee document and is protected by Parliamentary Privilege. You must not release your submission without the Committee's permission. If you do, it will not be protected by Parliamentary Privilege. At some stage during the inquiry, the Committee normally makes submissions public and places them on its website. Please indicate if you want your submission to be kept confidential.


Submissions should be received by 17 January 2013. The reporting date is 04 January 2013.

The Committee is seeking written submissions from interested individuals and organisations preferably in electronic form submitted online or sent by email to  corporations.joint@aph.gov.au as an attached Adobe PDF or MS Word format document. The email must include full postal address and contact details.

Alternatively, written submissions may be sent to:


Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Australia  
  
  

Phone:

+61 2 6277 3583



Fax:

+61 2 6277 5719




Email:  

corporations.joint@aph.gov.au