In the media – National
Strengthening AML/CTF capability to tackle new
threats
JUSTICE DEPARTMENT – 29 April 2016 – The
Coalition Government have tabled the Report on the Statutory Review
of the Anti-Money Laundering and Counter-Terrorism Financing
Act 2006 and Associated Rules and Regulations. There are
84 recommendations in the report designed to shape a modern AML/CTF
regime that positions Australia to address current and future
challenges.
More...
Associations support adviser standards amendments
MEDIA – 29 April 2016 – The latest
legislative amendments to raise the education, training and ethical
standards of financial advisers have been welcomed by the
industry's peak representative groups. More...
Election 2006: Senate probe into women's low super
balances to focus on equal pay
MEDIA – 29 April 2016 – A Senate probe into
the superannuation gender gap, where women retire with half the
savings of men, will urge drastic action on equal pay and push for
new tax incentives.
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Whistleblowing research will improve corporate culture
says Governance Institute
GOVERNANCE INSTITUTE – 28 April 2016 – The
world's largest research project into whistleblowing launched
today by Griffith University at an event hosted by Governance
Institute of Australia will support a dramatic uplift in corporate
culture at a critical time when the government, regulators and
community are demanding higher standards of ethical conduct from
Australian corporations.
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Asia Region Funds Passport – signing the
Memorandum of Cooperation
GOVERNMENT – 28 April 2016 – The Passport is
an international initiative that facilitates the crossborder
offering of eligible collective investment schemes while ensuring
investor protection in economies participating in the
Passport. The Memorandum of Cooperation sets out the
internationally agreed rules and cooperation mechanisms of the
Passport, which comes into effect on 30 June 2016. See the
Minister's Statement:
More...
APRA Submission: Inquiry into the scrutiny of financial
advice – Life Insurance
APRA – 28 April 2016 – In support of the
supervision arrangements discussed, APRA has also strengthened the
prudential framework as it applies to both insurers and
superannuation trustees. More...
Helping NSW police officers save for their
retirement
TREASURY – 27 April 2016 – The Turnbull and
Baird Governments have entered into a four year transitional
arrangement to ensure New South Wales (NSW) Police officers can
make voluntary superannuation contributions towards their
retirement.
More...
'Ultra-low' interest rates punishing super
returns
MEDIA – 21 April 2016 – The governor of the
Reserve Bank of Australia (RBA), Glenn Stevens, has warned that the
'ultra-low' interest rate environment is becoming a
significant issue for superannuation returns.
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Strengthening ASIC is good for the community: ASFA
ASFA – 20 April 2016 – The Association of
Superannuation Funds of Australia (ASFA) is pleased that the
Federal Government has announced that it is strengthening ASIC and
greater funding for the Superannuation Complaints Tribunal (SCT) to
clear the current backlog of cases.
More...
ASIC: 'sunsetting' class order about financial
calculators
ASIC – 21 April 2016 – ASIC has released
updated regulatory guidance on relief for generic financial
calculators in Section D of Regulatory Guide 167 Licensing:
Discretionary powers (RG 167) and Report 477 Response to
submissions on CP 249 Remaking ASIC class order on generic
financial calculators: [CO 05/1122]. See the new instrument:
More....
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Legislation – Commonwealth
ASIC Superannuation (Amendment) Instrument
2016/345
This instrument amends ASIC Class Order [CO 14/509] to
defer the start date until 1 July 2017 for certain disclosures
required under subsection 29QB(1) of the SIS Act for standard
employer-sponsored sub-plans, giving RSE licensees enough time to
comply with the full requirements of section 29QB.
Registered: 28 April 2016.
ASIC Corporations (Amendment) Instrument
2016/351
This instrument amends the ASIC Class Order [CO 14/443]
the commencement date of the choice product dashboard regime by 12
months to 1 July 2017 and the first reporting date for portfolio
holdings disclosure to 31 December 2017. Registered: 27 April
2016.
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