Disclosure on superannuation websites

ASIC has issued Consultation Paper 291 Keeping superannuation websites up to date which sets out options for public disclosure on websites of registrable superannuation entities (RSEs).

s29QB1 of the Supervision Industry (Supervision) Act 1993 (SIS Act) requires an RSE licensee to disclose on the RSE’s website:
(a) remuneration details of the RSE licensee’s executive officers or individual trustees; and
(b) other information and documents relating to the RSE and RSE licensee (e.g. the trust deed and proxy voting policies).

Section 29QB requires this information to be publicly available on the RSE’s website and kept up to date at all times—however, the legislation does not clarify what this means in practice. For example, should websites be updated on the day that the required information changes, or should they be updated within a specified number of days of such a change?(updating obligation), but the legislation does not say what this means.

ASIC’s preferred option is to modify the law to give RSE licensees a ‘safe harbour’, so that if they update the RSE’s website within a certain time (generally, 14 days), they would be taken to comply with their updating obligation.

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