The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 has now been passed by both Houses of Parliament and is awaiting Royal Assent.
UPDATE 11 September 2012: Assent
Background
Draft prudential standards
The prudential standards provisions will apply from the day after Royal Assent. The enhancements to trustee obligations will apply from 1 July 2013.
The Bill introduces the power for the Australian Prudential Regulation Authority (APRA) to make prudential standards, amends section 52 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) to expand the duties for registrable superannuation entity (RSE) licensees, applies new trustee duties to RSE licensees of an RSE that offers a MySuper product and applies duties to the directors of corporate trustees.
