Superannuation Regulator Rules
The submission to the Treasury in relation to the Exposure Draft Bill on Financial Sector Reform (Hayne Royal Commission Response – Superannuation regulator roles, was prepared by the Superannuation Committee of the Legal Practice Section.
This measure proposes to make 'superannuation trustee services' a 'financial service' for purposes of the Australian Financial Services License regime.
It is the Superannuation Committee's view that this measure will exacerbate the existing overlap between the Registrable Superannuation Entity (RSE) licensing and Australian Financial Services licensing regimes.
For example, it will lead to greater breach reporting requirements, and not only for Superannuation Industry (Supervision) Act 1993 (Cth) contraventions but potentially breaches of other laws such as privacy, tax, anti-money laundering and possibly other legislation if the breach of those other laws could also be said to have prejudiced the "efficient, honest or fair" "operation" of the RSE and thereby contravened paragraph 912A(1)(a).
However, the committee acknowledges that this legal outcome arises from a deliberate policy decision.
You can read the full submission below.