In the media

Tax's detrimental impact on net investment returns – CIFR
 CIFR – 31 March 2016 – New research from the CIFR examines the extent to which tax effects erode investor returns achieved through active management.  The study finds that tax effects can be substantially detrimental and subsume any pre-tax alpha that active managers achieve.  CIFR CEO said that funds typically report returns before-tax.  However, domestic investors, which include every Australian with a superannuation account, should be more concerned about after-tax returns.  More...

ASIC releases 2016 enforcement report
 ASIC – 30 March 2016 – ASIC has released its latest enforcement report, highlighting key outcomes for the period 1 July 2015 to 31 December 2015, flagging integrity of financial market benchmarks and disclosure obligations and market abuse as key areas of focus for the future.  More...  More...

When bad super advice costs you citizenship
 MEDIA – 30 March 2016 – A superannuation fund member living overseas renounced to her Australian citizenship after receiving incorrect advice from her superannuation fund.  More...

APRA releases non-capital components of the supervision of conglomerate groups (16.11)
 APRA – 29 March 2016 – APRA has released for consultation clarifications to the governance and risk management components of the framework for supervision of conglomerate groups (Level 3 framework).  More... 

ASIC consultation: remaking ASIC class orders on financial services disclosure
 ASIC – 23 March 2016 – Consultation Paper 255 Remaking ASIC class orders on financial services disclosure (CP 255) outlines the class orders proposed to be remade and our rationale for remaking them.  Submissions on CP 255 are due on 26 April 2016.  More...

ASIC rolls-over seven 'sunsetting' payments class orders
 ASIC – 23 March 2016 – ASIC today made a new legislative instrument  (ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211) to temporarily replace seven class orders relating to non-cash payment facilities that were due to expire ('sunset') between 1 April 2016 and 1 April 2017.  More...

Superannuation Complaints Tribunal Bulletin
 The Superannuation Complaints Tribunal (SCT) Quarterly Bulletin covering the latest statistics and cases has been released.  More...

Cases

Superannuation Complaints Tribunal
 See the latest decisions of the Superannuation Complaints Tribunal (SCT) (updated 29 March 2016).  More...

Australian Securities and Investments Commission v Macro Realty Developments Pty Ltd [2016] RCA 292
 CORPORATIONS – promotion of financial products – counselling and procuring contraventions of s181(1) of the Corporations Act 2001 (Cth) – misleading or deceptive conduct – contraventions of s1041H of the Corporations Act and s12DA of the Australian Securities and Investments Commission Act 2001 (Cth) – offering of financial product – provision of financial services – ss762C, 763A, 763B and 766B of the Corporations Act – unlicensed provision of financial services – s911A of the Corporations Act – injunctions and declarations granted.  More...

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