The Australian Prudential Regulation Authority has released its proposed prudential standards, open to industry response until July 20.
The regulator said it is proposing to introduce prudential standards covering topics common to other APRA-regulated industries as well as superannuation-specific topics and expects the majority of the standards to take effect on 1 July 2013.
The Australian Prudential Regulation Authority (APRA) said it proposes to harmonise the requirements for superannuation with those applying to other APRA-regulated industries, where appropriate.
"APRA will also consult on other elements of its implementation of the government's reforms in 2012," said the regulator.
"This includes consultation on the authorisation process for RSE [registrable superannuation entities] licensees to offer MySuper products, expected in May 2012, and enhancements to the statistical collections and publications for superannuation, expected in July 2012."
In addition to the prudential standards, APRA intends to issue prudential practice guides to assist the industry.
APRA said it will consult on a first tranche of draft prudential practice guides (PPGs) to support the proposed prudential standards towards the end of 2012, with further draft PPGs to be released for consultation in the first quarter of 2013.
"We welcome APRA's principles-based approach to these standards, which recognises that super fund boards are in the driving seat," said Fiona Reynolds, chief executive of the Australian Institute of Superannuation Trustees.
"The standards don't absolve super fund boards from any responsibility - there is still a very strong regulatory framework - but they are not overly prescriptive and, importantly, they provide flexibility for the different sizes and types of funds in the industry.
"APRA consulted widely with the industry and has taken on board its concerns that overly prescriptive standards would potentially add unnecessary costs that would not correlate with the best interests of fund members."
The regulator received 41 written submissions on its proposals from a wide range of stakeholders including RSE licensees, consultants, industry and professional bodies.
The industry has until July 20 to respond to the drafts.