Legislation (Deferral of Sunsetting—Superannuation Industry (Supervision) (Transitional Provisions) Regulations) Certificate 2018

I, Christian Porter, Attorney‑General, make the following certificate.

Dated 24 August 2018

Christian Porter

Attorney‑General

Contents

1 Name

2 Commencement

3 Authority

4 Definitions

5 Statement of reasons for issue of certificate

6 Deferral of sunsetting of the Regulations

7 Repeal of this instrument

1  Name

  This instrument is the Legislation (Deferral of Sunsetting—Superannuation Industry (Supervision) (Transitional Provisions) Regulations) Certificate 2018.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under paragraph 51(1)(c) of the Legislation Act 2003.

4  Definitions

  In this instrument:

Legislation Act means the Legislation Act 2003.

Regulations means the Superannuation Industry (Supervision) (Transitional Provisions) Regulations 1993.

SIS Act means the Superannuation Industry (Supervision) Act 1993.

5  Statement of reasons for issue of certificate

  For the purposes of paragraph 51(2)(a) of the Legislation Act, this section sets out the statement of the reasons for the issue of this certificate.

Statement of reasons

  I am satisfied that the Regulations would, apart from the operation of Part 4 of Chapter 3 of the Legislation Act, be likely to cease to be in force within 12 months after the sunsetting day for the Regulations.

  The Regulations are made under the SIS Act which provides for the prudent management of certain superannuation funds, approved deposit funds and pooled superannuation trusts, and for their supervision by the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Commissioner of Taxation. The Regulations deal with various transitional matters related to those funds.

  The Treasurer has advised that it is likely that the Government will introduce minor technical amendments to the SIS Act within the next 12 months which will result in the Regulations needing to be repealed and remade. Even if these amendments were to pass before 1 October 2018, there would not be sufficient time for the making of replacement regulations before 1 October 2018.

  The Regulations are likely to cease to be in force within 12 months of their sunsetting date due to the proposed amendments to the SIS Act.

  A deferral of the sunsetting date for the Regulations will avoid the need to remake them in their current form for the short period before they cease to be in force.

6  Deferral of sunsetting of the Regulations

  The Regulations, for which the sunsetting day is 1 October 2018, are taken to cease to be in force under section 51 of the Legislation Act on 1 October 2019.

7  Repeal of this instrument

  This instrument is repealed at the start of 2 October 2019.