In the media
APRA releases final guidance on successor fund transfers
and wind-ups for superannuation trustees (17.24)
APRA – 21 July 2017 - The Australian Prudential Regulation
Authority (APRA) today released final guidance on
successor fund transfers and wind-ups for APRA-regulated
superannuation trustees (RSE licensees), after a
period of consultation with the superannuation industry. More...
Bank-owned super funds failing to meet their social
license
ISA – 20 July 2017 - Independent data measuring the
performance of Australia's superannuation funds shows that the
performance gap is widening between not-for-profit industry super
funds and for-profit bank-owned super funds.
More...
ASFA: Super statistics made simple
ASFA – 19 July 2017 - Superannuation is the critical savings
that underwrites Australian retirements and provides a $2.3
trillion investment bank for infrastructure and other
nation-building assets. Super plays a crucial role in improving the
living standards of Australians in retirement. ASFA publishes an
extensive amount of material, including well-sourced statistics and
other facts outlined
here.
Improving Australia's financial services taxation
regime
TREASURY – 19 July 2017 - The Government is clarifying that
when a foreign investor invests in Australia through a foreign fund
or an independent Australian fund manager it will be in the same
tax position as if it had invested directly. This outcome was
intended when the Government implemented the final element of the
IMR in 2015.
More...
FSC launches Internal Governance and Asset Stewardship
Standard
FSC – 19 July 2017 - Australian asset managers are renowned
for their expertise in managing funds in one of largest and most
competitive markets in the world, but until now have not been
subject to a set of quality benchmarks.
More...
Government shows strong commitment to Australia's
funds management sector
FSC – 19 July 2017 - The government has committed to provide
certainty for the sector through a package of changes which will
create momentum in the lead up the commencement of the Asia Region
Funds Passport.
More...
Industry demands detail of SCT wind-down
MEDIA – 19 July 2017 - ASIC's user-pay model for its
funding should reflect good governance of not-for-profit super
funds, ISA believes. Australia's two major superannuation
representative organisations want greater detail from the
Government on how it intends to fund the Superannuation Complaints
Tribunal (SCT) until it is wound up on 1 July
2020.
More...
Turnbull Government acts to further strengthen financial
stability
TREASURY – 17 July 2017 - Today, the Turnbull Government is
releasing draft legislation for public consultation that will
provide APRA with new powers over the lending activities of
non-bank lenders, even where they materially contribute to
financial stability risks (17 July 2017).
More...
The exposure draft of this legislation and associated explanatory
material is available on the
Treasury website. Submissions are due by Monday 14 August
2017.
FSC welcomes Government closure of Superannuation
Guarantee loophole
FSC – 19 July 2017 - The Financial Services Council welcomes
the Government's crackdown on unscrupulous employers that use a
legislative loophole to avoid paying the full Super Guarantee
entitlement to employees.
More...
Crackdown on unpaid super still too weak:
ISA
MEDIA – 17 July 2017 - The government's recent attempts
to curb unpaid superannuation will only help one out of 10 affected
individuals, according to Industry Super Australia.
More...
Government takes action to address superannuation
guarantee non compliance
TREASURY -14 July 2017 - The Government will seek to legislate a
key recommendation of the Superannuation Guarantee Cross-Agency
Working Group to close a loophole that could be used by
unscrupulous employers to short-change employees who choose to make
salary sacrifice contributions into their superannuation accounts.
More...
Action on unpaid super urgent –
'Crackdown' tip of iceberg
ISA - 14 July 2017 - Reports today suggesting the Government is
considering closing legal loopholes that allow employers to short
change employees who make extra salary sacrifice super
contributions is very welcome but will only help one in ten
affected by unpaid superannuation.
More...
Derivatives platforms 'vulnerable', warns
AUSTRAC
MEDIA -13 July 2017 - The practice of white-labelling trading
platforms is creating significant "operational
vulnerabilities" for the securities and derivatives sector, a
new AUSTRAC report has found.
More...
ASIC widens its fintech ties in Asia
GOVERNANCE INSTITUTE -11 July 2017 - The Australian Securities and
Investments Commission (ASIC) has been swiftly growing its list of
fintech cooperation agreements with other financial regulators,
adding three new agreements in June alone.
More...
ASIC planning to tighten client money
rules
MEDIA -11 July 2017 - ASIC is seeking industry feedback on its
plans to impose new reporting rules on AFSLs that hold
"derivative retail client money" within the meaning of
the Corporations Act.
More...
Published – articles, papers, reports
Competition in the Australian financial system:
consultation paper
Productivity Commission: 06 July 2017
The Australian Government has asked the Productivity Commission to
undertake an inquiry into competition in Australia's financial
system. As stated in the terms of reference, this inquiry
complements other work by the Commission, which will affect the
financial system.
More...
Superannuation Guarantee Non-compliance
Report
Report of the Superannuation Guarantee Cross-Agency Working Group,
Superannuation Guarantee Non-compliance: released 14 July 2017. The
report makes a number of practical recommendations to improve
employer's compliance with their superannuation guarantee
obligations.
More...
In practice and courts
ASIC consults on proposed financial benchmark regulatory
regime
ASIC is seeking feedback on proposed ASIC rules for the
administration of licensed financial benchmarks and regulatory
guidance on how we would administer the proposed financial
benchmark regulatory regime. ASIC's proposals are outlined in
Consultation Paper 292 Implementing the financial benchmark
regulatory regime (CP 292).Submissions to CP 292 are due by 21
August 2017 (17 July 2017).
More...
ASIC Consultation Paper 291: Reporting rules: Derivative retail client money The paper seeks to impose new record-keeping, reconciliation and reporting requirements on AFS licensees that hold derivative retail client money. The reforms also give ASIC the power to make new client money reporting rules to ensure greater transparency in relation to an AFS licensee's receipt and use of derivative retail client money. The client money rules are proposed to commence on 4 April 2018. Submissions are due by 8 August 2017 (11 July 2017). More...
Reminder: Transition period for updated fee and cost
disclosures
ASIC has extended the transition period for trustees of
superannuation funds and responsible entities of managed funds and
other managed investment schemes (issuers) to comply with updated
fee and cost disclosure requirements in relation to product
disclosure statements (PDSs), until 30 September
2017.
More...
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