Implementation
ALRC 59
The Superannuation Industry (Supervision) Act 1993 (Cth) and Superannuation (Resolution of Complaints) Act 1993 (Cth) were enacted in 1993. They gave effect to a large number of the inquiry's recommendations.
The Superannuation Industry (Supervision) Act 1993 (Cth) provided for the Insurance and Superannuation Commissioner to have effective supervisory and enforcement powers in relation to the prudential requirements and obligations placed on funds and responsible entities. It also dealt with the fiduciary responsibilities of the responsible entity and investment managers, their suitability, and control of the responsible entity by the regulator and fund members.
The Superannuation (Resolution of Complaints) Act 1993 (Cth) provided for the establishment of a Superannuation Complaints Tribunal to resolve complaints through conciliation and through reviewing the decision of the responsible entity to which the complaint relates.
ALRC 65
The requirements of disclosure were strengthened with passage of the Corporate Law Reform Act 1994 (Cth).
In 1998, the Managed Investments Act 1998 (Cth) was passed through parliament, thus implementing many of the recommendations proposed by ALRC 65 Collective Investments and bringing non-superannuation collective investment schemes into line with the changes to the regulation of superannuation.
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The information on this page was current as of January 2005
This page was updated 13 May 2004
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