UPDATE: FSC GUIDANCE NOTES

NEW FSC STANDARD (EFFECTIVE FROM 1 JULY 2018)

• Standard 8A Crediting Rates.

CHANGES TO RECENT STANDARDS AND GUIDANCE NOTES (EFFECTIVE FROM 1 JULY 2018)

• Update to Standard 1 - Code of Ethics and Code of Conduct have been made

• Update to Standard 9 – Valuation of Scheme Assets & Liabilities

• Update to Standard 17 – Incorrect Pricing of Scheme Units – Correction & Compensation·  Update to Guidance Note 26 – Asset Valuation for Infrequently Valued Assets

• Update to Guidance Note 31 – Provisioning for Deferred Tax Assets

 
RECENT REPEAL OF GUIDANCE NOTES (EFFECTIVE IMMEDIATELY)

• Guidance Note 2 – Financial Services Council Blue Book – Corporate Governance: A guide for Fund Managers and Corporations

• Guidance Note 7 – Personal Trading.

• Guidance Note 8 – Related Party Transactions.

• Guidance Note 9 – Reporting to Superannuation Schemes by Service Providers

• Guidance Note 27 – Income Stream Reporting Schedules Personal Trading

FSC Constitution

FSC Members were advised recently of the scheduling of an Extraordinary General Meeting (EGM) of Members for the purpose of amending the Constitution in relation to circular resolutions of the Board and Board Committees. 
At EGM held on 22 May 2018 the necessary resolutions were passed. The effect of the amendments is that  a circular resolution now may be passed by a majority of members of the Board or Committee as is the case for physical meetings. The Administration and Risk Committee will now consider a draft protocol prepared by the Secretariat governing the intended use of circular resolutions for submission to the Board. For example, it is not intended that matters requiring fulsome debate be the subject of a circular resolution.