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International Law
: Australian Regulatory Compliance ReviewAPRA consults on the use of reserves in superannuation funds
The Australian Prudential Regulation Authority (APRA) has released draft guidance on the management of reserves by APRA-regulated superannuation trustees.
A discussion paper and draft Prudential Practice Guide 235 Use of reserves in superannuation funds (SPG 235) have been provided for comment by 5 June 2009. APRA will finalise the guide later in 2009.
The Superannuation Industry (Supervision) Act 1993 (SIS Act) contains provisions relating to the maintenance and management of fund reserves.Trustees and their directors are required to develop and implement a strategy for the prudent management of these reserves.
Reserves are not defined in the SIS Act.The draft SPG 235 distinguishes between amounts set aside for contingent events and provisions for accrued expenses such as administration or taxation.It also focuses on measures a trustee might consider in formulating a comprehensive reserving strategy.
Full post as published by Australian Regulatory Compliance Review on April 28, 2009 (boomark / email).
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