In the media
ISPT outlines ESG commitment
MEDIA – 2 September 2016 – Industry Superannuation
Property Trust (ISPT) has published an
environmental, social and governance document outlining its
commitment to best practice in the investment and funds management
sector.
More...
Lost superannuation set to be sent to government
coffers
MEDIA – 2 September 2016 – In a move that has been
described as a "stealth tax", tens of thousands more
Australians will soon have their so-called lost superannuation
balances sent to the Australian Taxation Office, if you currently
have less than $4000 in a super account, haven't been active
with it for a year, and the fund does not have your current
address.
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How to assess the superannuation system's
performance
PRODUCTIVITY COMMISSION – 2 September 2016 – The
Productivity Commission has released its proposed framework to
assess the efficiency and competitiveness of Australia's $2
trillion superannuation system.
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ASIC cancels IMS FX Services Pty Ltd's Australian
financial services licence
ASIC – 1 September 2016 – The Administrative Appeals
Tribunal (AAT) has rejected an application from
IMS FX Services Pty Ltd (IMS FX) that sought
confidentiality orders and an interim order that prevented ASIC
from amending the public Australian financial services
(AFS) licence register to record that ASIC had
cancelled IMS FX's AFS licence.
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Directors of Storm Financial found to have breached
their duties under the Corporations Act
ASIC – 26 August 2016 – The Federal Court has today
found that the directors of Storm Financial, Emmanuel and Julie
Cassimatis, breached their duties as directors. The Court also
found that Storm Financial provided inappropriate advice to certain
investors.
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Boost to voluntary savings required to achieve
comfortable retirement: ASFA Retirement Standard June
quarter
ASFA – 24 August 2016 – Retirees have experienced a
slight increase in the cost of living in the June quarter,
according to the Association of Superannuation Funds of Australia
(ASFA) Retirement Standard.
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Equity, sustainability and adequacy are key to super:
ASFA
ASFA – 24 August 2016 – The Association of
Superannuation Funds of Australia (ASFA)
acknowledges the Federal Opposition's announcement today of its
position on the taxation of superannuation and the May 2016
superannuation proposals. ASFA will take time to assess and fully
understand the impacts of the proposed measures on fund members and
the system.
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ASIC remakes instruments that affect financial
reporting
ASIC – 26 August 2016 – Following public consultation,
ASIC has remade five legislative instruments that affect financial
reporting by disclosing entities and entities generally. The relief
is set out in the following new legislative instruments: 2016/187
(replaces CO 98/101); 2016/188
(replaces CO 98/2395); 2016/189
(replaces CO 98/96); 2016/190
(replaces CO 98/2016 and 08/15) and 2016/191
(replaces CO 98/100).
More...
Productivity Commission (Draft Report): How to
Assess the Competitiveness and Efficiency of the Superannuation
System
GOVERNMENT – August 2016 – The Productivity Commission
has released its proposed framework to assess the efficiency and
competitiveness of Australia's superannuation system. The
Commission is seeking feedback on whether the objectives, criteria
and indicators are fit for purpose. Submissions close 9 September
2016.
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ASIC consultation: audit relief for proprietary
companies and reporting relief for wholly owned
companies
ASIC – 15 August 2016 – The Consultation Paper seeks
feedback on ASIC guidance documents on audit relief and on
reporting relief for wholly-owned companies. The class orders
proposed to be remade under Consultation Paper 267 Remaking and
repealing ASIC class orders on audit and financial reporting
(
CP 267) are: Class Order [CO 98/1417] Audit relief for
proprietary companies; Class Order [CO 98/1418]
Wholly-owned entities and Class Order [CO 01/1256]
Qualified accountant. Comments due 12 September 2016.
ASIC: Communicating audit findings to directors, audit
committees or senior managers
ASIC – 25 July 2016 – ASIC is seeking feedback on its
recently published
CP 265 Communicating audit findings to directors, audit
committees or senior managers. This consultation paper seeks
feedback on our proposed criteria for determining which findings
from our reviews of audit files we would communicate to directors,
audit committees or senior managers. Comments due 7 October
2016.
Cases
IMS FX Services Pty Ltd and Australian Securities and
Investments Commission [2016] AATA 664
The application for a stay of the Decision is refused, PRACTICE AND
PROCEDURE – application for stay of decision – decision
to cancel Australian financial securities licence – relevant
principles – prospects of success – consequences for
Applicant – public interest and consequences for Respondent
in carrying out its functions – whether application would be
rendered nugatory without stay – request for stay order
refused.
PRACTICE AND PROCEDURE – suppression orders –
proceedings generally held in public – open administration of
justice – request for suppression orders refused.
Delegate of the Australian Securities and Investments Commission
(ASIC) made a decision to cancel the Australian
Financial Securities Licence (AFSL) of the
Applicant under s 915C(2)(a) of the Corporations Act 2001
(Cth) (Corporations Act) (the Decision).
Rainbow Legend Group Pty Ltd and Australian Securities and
Investments Commission [2016] AATA 65
CORPORATIONS – Financial Services and Markets –
Australian Financial Services Licence – Cancellation –
Whether applicant breached obligations of financial service
licensee – Decision set aside – Decision in
substitution that licence suspended subject to conditions.
Australian Securities and Investments Commission Act 2001
(Cth), ss 12DA, 12DB. Corporations Act 2001 (Cth), ss
761A, 912A, 913B, 915C(1), 989B(2)-(3), 989D, 1041E, 1274(11),
1317B.
Legislation - Commonwealth
ASIC repeals Class Orders
ASIC has repealed the following Class Orders under ASIC
Corporations (Amendment and Repeal) Instrument 2016/247
(25/08/2016) on 26 August 2016 which have been remade as new
legislative instruments:
CO 98/2395: Transfer of information from the
director's report;
CO 98/2016: Entities which cease to be disclosing entities
before their deadline;
CO 98/101: Uncontactable members of entities;
CO 98/96: Synchronisation of financial year with foreign
parent company; and
CO 08/15: Disclosing entities — half-year financial
reporting relief.
ASIC Corporations (Disclosing Entities) Instrument
2016/190
This instrument provides relief from annual financial reporting to
disclosing entities where they are no longer disclosing entities at
their reporting deadline or from half-year financial reporting
where their first financial year is 8 months or less. Registered:
25 August 2016.
ASIC Corporations (Synchronisation of Financial Years) Instrument
2016/189
This instrument allows an entity to change its financial year to
synchronise it with that of an overseas parent where the overseas
parent has a legal obligation to cause synchronisation. Registered:
25 August 2016.
ASIC Corporations (Directors' Report Relief) Instrument
2016/188
This instrument allows directors to transfer information from the
directors' report to the financial report or an accompanying
separate report. Registered: 25 August 2016.
ASIC Corporations (Uncontactable Members) Instrument
2016/187
This instrument relieves entities from the requirement to send hard
copies of financial reports to members who are uncontactable.
Registered: 25 August 2016.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.
