Description of Conduct
On 29 April 2021, Gateway Network Governance Body Ltd (GNGB) applied for revocation of authorisations A91548 and A91549 and substitution for a new authorisation for similar conduct for a further 5 year period.
In 2016, the ACCC granted authorisation to the Association of Superannuation Funds of Australia (ASFA) for certain stewardship arrangements for the Superannuation Transaction Network (Network). GNGB was established to exercise oversight over the Network, as contemplated in the 2016 authorisations.
GNGB sought re-authorisation on behalf of itself and Gateway Operators to continue to make and give effect to the revised Memorandum of Understanding For participants in the Superannuation Transaction Network (Revised MoU).
GNGB submits that the amendments to the Revised MoU are aimed at facilitating a more consultative process between GNGB and the Gateway Operators, with the most substantive changes allowing the GNGB Board to expand the scope of its activities in future, simplifying the dispute resolution process, and streamlining the process for assessment of breach events and determination of remedies.
On 3 September 2021, the ACCC released its draft determination proposing to grant authorisation for 5 years.
Following the draft determination, GNGB proposed that a longer period of authorisation, being 10 years, would be appropriate.
On 6 October 2021, the ACCC decided to grant re-authorisation for 10 years (until 28 October 2031) for the conduct sought. If no application for review of the determination is made to the Australian Competition Tribunal by 27 October 2021, it will come into force on 28 October 2021.
- Gateway Network Governance Body Limited
|ACCC to Interested Parties re Final Determination
Submissions - before draft decision
|Australian Financial Complaints Authority
Submissions - after draft decision
|Applicant’s response to ACCC request for information