Super Alert – 10 July 2026: APRA consultation re super reporting standards, ASIC legislative instrument for IDPS operators
Welcome to the weekly KHQ Super Alert. This week, APRA released a consultation on superannuation reporting standards and appointed two new Deputy Chairs. Meanwhile, new instruments which update and consolidate existing relief for operators of IDPS and IDPS-like schemes were registered.
APRA – Consultation on changes to superannuation reporting standards and data collections systems released
On 8 July 2026, APRA released a consultation package seeking feedback on proposals to:
- amend Reporting Standard SRS 533.0 Asset Allocation (SRS 533.0) and Reporting Standard SRS 610.2 Membership Profile(SRS 610.2);
- update the associated definitions in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections(SRS 101.0); and
- revoke Reporting Standard SRS 001.0 Profile and Structure (SRS 001.0).
The updates are part of APRA’s Superannuation Data Transformation project and are designed to strengthen APRA’s technology and data infrastructure and to support the migration of all data collections from D2A to APRA Connect.
In effect, the changes remake the previous reporting standards while removing data points that are no longer required following the APRA Connect migration.
The consultation period ends on 21 August 2026.
Click here and here for details.
ASIC – Legislative instrument for IDPS operators released
On 7 July 2026, ASIC released a new legislative instrument impacting operators of investor directed portfolio services (IDPS) and IDPS-like schemes: the ASIC Corporations (Platforms – IDPSs and IDPS-like Schemes) Instrument 2026/395 (Instrument). The Instrument replaces the relief previously provided under:
- ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; and
- ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
The effect of the Instrument is to:
- consolidate the previous instruments so that the relief provided to platforms is located in a single source;
- update previous requirements, ‘including replacing quarterly reporting with electronic access to account information, giving investors timely access to their investment details’; and
- improve and simplify the structure and language of the previous instruments.
Click here for details.
Parliament – Platform relief Instrument registered
On 6 July 2026, the ASIC Corporations (Amendment and Repeal) Instrument 2026/564 (Platform Instrument) was registered on the Federal Register of Legislation. The Platform Instrument amends various other instruments, including ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497.
Specifically, the Platform Instrument updates various definitions and notional cross-references so that they refer to the Platform Instrument and to relevant notional provisions inserted by the Platform Instrument.
Click here for details.
APRA – New Deputy Chairs appointed
On 3 July 2026, APRA issued a media release welcoming the Treasurer’s announcement that two new Deputy Chairs have been appointed to APRA. Current APRA Members Therese McCarthy Hockey and David Bradbury have been appointed as joint Deputy Chairs for a term of five years from their effective appointment dates, being 9 July 2026 and 1 September 2026 respectively.
Once the Deputy Chairs are in place, Mr Bradbury will oversee APRA’s activities in superannuation with Ms McCarthy Hockey continuing to oversee APRA’s activities in banking.
Click here for details.
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