In the media
ASIC proposes peer review financial services
panel
MEDIA – 11 April 2017 - The corporate regulator has proposed
to develop and implement a Financial Services Panel to act as a
peer review to the body's administrative decision making
processes.
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ASIC wants tougher breach reporting
obligations
MEDIA – 11 April 2017 - The Australian Securities and
Investments Commission (ASIC) has proposed more stringent breach
reporting requirements of misconduct by banks and financial
services firms and licensees after publicly expressing concerns
with the effectiveness of the existing regime.
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Further streamlining of regulatory
approvals
TREASURY – 12 April 2017 - The Turnbull Government has
successfully legislated to give partial licence exemptions and
additional powers to partially or fully exempt a particular market
or class of financial markets from ASIC supervision and from
compensation arrangements. These new powers are being delegated to
authorised officers of the ASIC and will streamline market
licensing approval.
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Affordable housing touted as new asset
class
MEDIA – 11 April 2017 - Treasurer Scott Morrison is keen to
encourage superannuation funds to invest in affordable housing as a
"longer term fixed interest" asset class.
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ASIC enforcement review consults on breach
reporting
TREASURY - 11 April 2017 - The Turnbull Government welcomes the
release today of a positions paper on 'Self-reporting of
contraventions by financial services and credit licensees'
by the ASIC Enforcement Review Taskforce.
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Breach reporting changes flagged by
Treasury
MEDIA – 12 April 2017 - Treasury is seeking industry comment
on potential changes to ASIC's breach reporting rules, along
with a proposal that major advice licensees be required to make
their breach report data public.
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Morrison brings super lump sums into housing
focus
MEDIA – 11 April 2017 - The Federal Treasurer, Scott
Morrison has directly referenced the frequency with which
superannuation lump sums are being used to pay down mortgages.
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FSC looks forward to working with FASEA
board
FSC – 11 April 2017 - The Financial Services Council (FSC)
today welcomes the appointment by the Hon Kelly O'Dwyer of
Catherine Walter AM as Chairman of the new Financial Adviser
Standards and Ethics Authority (FASEA), as well as the Board's
eight appointed directors.
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Arbitrary thresholds' shouldn't guide super
mergers
MEDIA – 10 April 2017 - Superannuation funds shouldn't
merge based solely on their funds management or number of members,
says the Association of Superannuation Funds of Australia.
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Complex super claims process force lawyer
involvement
MEDIA – 07 April 2017 - The Insurance in Superannuation
Working Group (ISWG) has released a discussion paper as another
step towards developing a Life Insurance Code of Practice for super
trustees, which said the processing delays being faced by the
Superannuation Complaints Tribunal (SCT) could be leading members
claiming towards appointing a lawyer and litigation as a faster way
to advance a claim than the SCT.
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Early super release 'wrong solution' for
housing
MEDIA – 06 April 2017 - Giving young Australians early
access to their super to finance a house purchase would do nothing
to address the underlying problem, says the Committee for
Sustainable Retirement Incomes.
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Federal Court upholds 'best interests'
breach
MEDIA – 05 April 2017 - ASIC has successfully defended its
interpretation of the FOFA laws in the Federal Court, with a
Melbourne-based advice licensee found to have breached the FOFA
laws in the first case of its kind.
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In practice and courts
ASIC consultation: establishing a Financial Services
Panel
ASIC has today released a consultation paper on its proposal to
develop and implement a Financial Services Panel (the Panel). ASIC
will be consulting on: how the Panel would enhance the impact of
ASIC's administrative decisions; the types of matters that
would be referred to the Panel; and the optimal composition of the
Panel. Submissions on Consultation Paper 281 Financial Services
Panel (CP 281) are due by 23 May 2017 (11 April 2017).
More...
ASIC updates guidance for strata schemes and management
rights schemes
ASIC has updated
Regulatory Guide 140 Strata schemes and management rights
schemes (RG 140). This update follows ASIC issuing two
legislative instruments in September 2016 to replace several class
orders that dealt with relief for property, strata and management
rights schemes (12 April 2017).
More...
FPA submission: Statutory Declarations Regulations
Review
Attorney-General's Department, 10 April 2017.
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ASFA: Call for submissions on second Insurance in
Superannuation Working Group (ISWG) discussion
paper
The Insurance in Superannuation Working Group (ISWG)
today released the second in a series of
discussion papers as a further step towards developing a Life
Insurance Code of Practice for superannuation trustees. The paper,
Claims Handling, examines existing practices and issues
associated with insurance claims handling and outlines some changes
in timeframes. Submissions close on 05 May 2017 (07 April 2017).
More...
ASFA Submissions
Submission to the Treasury: Consultation on Exposure Draft
Treasury Laws Amendment (Innovative Superannuation Income
Streams) Regulations 2017 and Explanatory Statement (12 April
2017).
More...
RIAA newsletter: Issue 62 – April
2017
In this edition: GSIA Report Launch; Food For Thought: $23
Trillion – RI Continues to Boom
MP Capital divests tobacco, munition stocks; AEI throws back
Tassal investments; NAB Equality Bond raises $500m.
More...
Commonwealth Inquiries
Superannuation Guarantee non-payment
Status: Submissions Closed; Date Referred: 01 December 2016;
Reporting Date: 02 May 2017.
Scrutiny of financial advice
Status: Re-referred; Date Referred: 11 October 2016; Reporting
Date: 30 June 2017.
ASFA: Development of the framework for Comprehensive
Income Products for Retirement: discussion paper
The Government has released a discussion paper exploring key
policy issues to facilitate further development of a framework for
the retirement phase of the superannuation system (Comprehensive
Income Products for Retirement, or MyRetirement products). The
discussion paper is available on the
Treasury Consultation Hub. Written submissions are due by 28
April 2017.
Legislation - Commonwealth
ASIC Corporations (Foreign Licensees and ADIs) Instrument
2016/186
31/04/2016 - This instrument relieves foreign licensees and ADIs
from certain financial reporting, record keeping and licencing
provisions of the Corporations Act.
ASIC Corporations (Rounding in Financial/Directors' Reports)
Instrument 2016/191
31/03/2016 - This instrument allows entities to round amounts
disclosed in financial and directors' reports, generally to the
nearest thousand dollars.
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.