SuperStream Advisory Council meeting
15 February 2013
Key messages
Readiness
The first tangible measure of the industries' readiness will occur in late March/early April when the ATO seeks funds details for the fund register. At the same time the ATO will ask trustees to complete a self-assessment survey on readiness.
The Council also discussed progress on the appointment of members to the Readiness subgroup. As agreed at the previous meeting, the various industry associations have been approached to recommend appropriate nominees. The involvement of the industry associations is intended to tap into the associations' networks and inform the Council on industry's readiness.
The Council also received an update on the ATO's role and expenditure to support SuperStream and the governance mechanisms (both internal to the ATO and more broadly) to review the appropriateness of the expenditure. Further discussions are to take place noting the industry's call for greater transparency on this matter.
Network Governance
The Chair has been liaising with the industry associations over their plans to establish a framework for a network governance body. The Council understands that the associations aim to be in a position to update the Council on their proposed approach for the next Council meeting in early March.
Council members expressed concern over the lack of unilateral support to date amongst industry association on the proposed way forward for network governance. The Council noted the efforts of the industry associations and encouraged the industry associations to accelerate deliberations in search of a unanimously supported recommendation.
The Council recommended that APRA give consideration to providing support for the industry efforts for network governance. For example, a letter to trustees, or updates to the outsourcing or risk management prudential standards, or both, to provide appropriate commentary on the mandated e‑commerce standards, or perhaps a PPG on e‑commerce. Any such communications should include reference to the principles embodied in the draft network interoperability agreement as well as the data and payment standards.
Given the Council's role in oversighting the establishment of the interoperability agreement, members agreed to task the Council's Governance subgroup with the responsibility to develop a framework for assessing the appropriate network governance body.