Welcome to the latest issue of the KHQ Super Alert. This week, ASIC released a new information sheet which consolidates material on trustee transparency and disclosure obligations, and also issued a media release encouraging trustees to improve performance test fail communications to members. Meanwhile APRA has postponed the effective date for proposed CPS 230 and the ATO published the indexed caps and thresholds for 2023-24.
APRA – Updated timeline for new operational risk management prudential standard
On 13 April 2023, APRA provided an updated timeline for the implementation of proposed Prudential Standard CPS 230 Operational Risk Management (CPS 230). In response to feedback received during consultation (see our Super Alert from 29 July 2022), APRA intends to move the effective date of CPS 230 to 1 July 2025 (it was originally intended to be operational from 1 January 2024), and ‘provide transitional arrangements for pre-existing contractual arrangements with service providers, with the requirements in [CPS 230] applying from the earlier of the next contract renewal date or 1 July 2026’.
CPS 230 and the draft supporting guidance are expected to be released in mid-2023.
Click here for details.
ASIC – Trustees encouraged to improve member performance fail communications
On 12 April 2023, ASIC issued a media release reminding trustees to be ‘more member-centric in their approach’ to performance test failure communications with members.
ASIC reviewed the performance...
For the past several months, a coordinated digital campaign has targeted community archivists in Bangladesh who document and preserve audiovisual material related to the July 2024 Student-People’s...