ASIC won't strong-arm super trustees on Y2K

Australian Securities and Investments Commission (ASIC) will not force superannuation trustees to reveal their Y2K readiness to superannuation fund members, the commission announced yesterday.

While ASIC believes trustees should consider voluntary disclosure, it has concluded that a variety of administrative and cost issues make it impractical to demand Y2K disclosure.

ASIC issued a proposal to require trustees to disclose Y2K readiness in early May.

It called on trustees of super funds and service providers to the superannuation industry to comment on the proposal, up until June 30 1999.

According to ASIC, many of those who have commented on the proposal highlighted difficulties of imposing Y2K disclosure demands when effort should be focused on Y2K preparations.

However, ASIC highlighted that trustees should still consider Y2K disclosure under general disclosure obligations and significant event reporting requirements of the Superannuation Industry (Supervision) Regulations (SIS).

ASIC also urged trustees to be mindful of Y2K disclosure obligations, placed on them by the Australian Prudential Regulation Authority's monitoring and trustee reporting process, in relation to Y2K readiness.

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