Response to consultation on updates to promoter definition
To: All registrable superannuation entity licensees
This letter sets out the Australian Prudential Regulation Authority’s (APRA) consultation response on the proposed update to the definition of ‘Promoter (service provider type)’. APRA proposed updates to the definition in the Superannuation Data Transformation (SDT) Publications and Confidentiality Response Letter dated 27 March 2024 (‘Response Letter’). Consultation closed 26 April 2024.
Background
APRA sought feedback on the proposal to update the definition of ‘Promoter (service provider type)’, including introducing a new definition for ‘Promoter agreement’ under Reporting Standard SRS 101.0 (SRS 101.0) Definitions for Superannuation Data Collections as detailed in Appendix 1.
Consultation feedback
APRA received no written submissions in response to the proposals. APRA engaged with interested stakeholders and received support to update the promoter definition as proposed, therefore APRA will implement the change as proposed.
Next steps
APRA intends to redetermine SRS 101.0 to update the ‘Promoter (service provider type)’ definition and introduce ‘Promoter agreement’ definition by 30 June 2024.
If you have any questions, please contact SuperDataTransformation@apra.gov.au.
Yours sincerely,
Megan Fenner
General Manager (acting)
Macro and Industry Insights
Appendix 1
Updates to SRS 101.0 | |
| Promoter (service provider type) | Means a service provider where there is a promoter agreement in place between the RSE licensee and the service provider in respect of the RSE or a product of the RSE. |
| Promoter agreement | Means an agreement in relation to the engagement of the RSE licensee by a third party ‘the promoter’ to offer an RSE or offer a product on behalf of a promoter and in relation to marketing or distribution of the RSE or product. |