Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 (171 of 2012)

Schedule 3   Collection and disclosure of information

Part 1   Amendments

Financial Sector (Collection of Data) Act 2001

29   After subsection 13(4)

Insert:

(4A) A reporting standard may require an RSE licensee to provide information in relation to the investment of assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities (the relevant assets ) by the RSE licensee or a person connected with the RSE licensee (the investor ), including information about the following:

(a) any deductions (whether to cover fees, taxes, costs or for any other purpose) from the return on the investment made by the investor before all or part of the remainder of the return is paid or reinvested;

(b) if the investor has invested all or part of the relevant assets in financial products or other property - the financial products or other property in which the investor has invested the relevant assets;

(c) if the investor has invested all or part of the relevant assets in a managed investment scheme and the assets of the scheme have been invested in whole or part in financial products or other property - the financial products or other property in which the assets of the scheme have been invested;

(d) if the investor has invested all or part of the relevant assets in a pooled superannuation trust or other kind of trust and the assets of the trust have been invested in whole or part in financial products or other property - the financial products or other property in which the assets of the trust have been invested;

(e) the operations of the investor.

(4B) If:

(a) a reporting standard requires an RSE licensee to provide information (the required information ) in relation to the investment of relevant assets by the RSE licensee or a person connected with the RSE licensee; and

(b) the relevant assets are invested under a contract or other arrangement between:

(i) the RSE licensee, a related body corporate of the RSE licensee or a custodian in relation to the relevant assets and the RSE licensee or related body corporate (the first party ); and

(ii) a person connected with the RSE licensee (the second party) ;

the contract or arrangement is taken to include:

(c) a term requiring the first party, at the time the relevant assets are invested or as soon as reasonably practicable after that time, to notify the second party that the assets are, or are derived from, a registrable superannuation entity; and

(d) a term requiring the second party, if notified by the first party in accordance with paragraph (c), to, as soon as reasonably practicable after being notified, provide the first party with the required information of which the second party is aware.

(4C) A person is connected with an RSE licensee for the purposes of subsections (4A) and (4B) if the person is:

(a) a related body corporate of the RSE licensee; or

(b) a custodian in relation to assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities, and in relation to the RSE licensee or a related body corporate of the RSE licensee; or

(c) a person who, under a contract or other arrangement with:

(i) the RSE licensee; or

(ii) a related body corporate of the RSE licensee; or

(iii) a custodian in relation to assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities, and in relation to the RSE licensee or a related body corporate of the RSE licensee;

invests assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities.