Australia: Superannuation & Funds Management - What's News - 24 February 2015

In the media

Industry Super Australia welcomes increased professional standards for financial planners
INDUSTRY SUPER AUSTRALIA - 20 February 2015 – The ISA has welcomed signs that the Government will move to increase professional standards for financial advisers. Establishing a formal register for financial advisers recognises the need for greater transparency about adviser background and qualification. More...

New financial advice reforms needed
MEDIA – 19 February 2015 – Financial advisers could be forced to sit an entrance exam and get a degree-level qualification. The Assistant Treasurer flagged the possibility of moving financial planners from a diploma-based qualification to a degree-base qualification and entrance exam similar to those in England, the US, Singapore and Hong Kong. More...

APRA releases Quarterly Superannuation Performance and MySuper Statistics for December 2014
APRA – 19 February 2015 – As part of fulfilling its obligations to publish quarterly information in relation to MySuper products under section 348A of the Superannuation Industry (Supervision) Act 1993, APRA has expanded its statistics report to include an additional 55 new items on fees disclosed, which represent the fees required to be disclosed in Product Disclosure Statements (PDS). More...

Industry Super performs best for members
INDUSTRY SUPER AUSTRALIA – 19 February 2015 – SuperRatings' monthly data has once again demonstrated better long term returns delivered by industry super funds to their members over three, five, seven and ten year periods to 31 January 2015 when compared with the bank-owned super fund sector. More...

ASIC updates enforceable undertaking guidance
ASIC – 19 February 2015 – ASIC has updated its guidance about enforceable undertakings by including guidance about independent experts and publicity for enforceable undertakings, with changes to Regulatory Guide 100. More...

FPA welcomes Assistant Treasurer's support of recommendations for the advice industry
FPA – 19 February 2015 – FPA has welcomed Assistant Treasurer Josh Frydenberg's comments in today's Australian Financial Review, which support the recent Parliamentary Joint Committee (PJC) Inquiry and FSI Report. More...

Super tax concession assumptions questioned
MEDIA – 19 February 2015 – Former High Court justice Sir Anthony Mason has publicly called on Treasury to provide the "true cost" of superannuation concessions on government revenue. More...

Super to remain "politicised": Murray
MEDIA – 19 February 2015 – Despite election promises not to tinker with superannuation policy, FSI chair David Murray says the system will remain at the mercy of political manoeuvring if improvements are not made. More...

ASIC reviews collective action rules
MEDIA – 18 February 2015 – The corporate regulator is reviewing its guidance for institutional investors who are looking to engage with ASX-listed companies. ASIC Consultation Paper 228 has been released as the 10 year "sunset clause" approaches for Regulatory Guide 128 Collective action by institutional shareholders. More...

Fairer taxation of Excess Non-Concessional Contributions Reforms – Regulations
DEPARTMENT OF THE TREASURY – 18 February 2015 – New exposure draft regulation and draft explanatory statement reforms will allow individuals to withdraw superannuation contributions in excess of the non-concessional contributions cap made from 1 July 2013 and associated earnings, with these earnings to be taxed at the individual's marginal tax rate. More...

Consultation: APRA update on regulatory cost savings
APRA – 18 February 2015 – There will be ongoing opportunities to provide feedback but please provide submissions on the above matters by 15 April 2015. Submissions can be sent by email to regulatorycostsavings@apra.gov.au. More...

ASIC amends rules on trade reporting obligations for OTC derivatives following industry consultation
ASIC – 13 February 2015 – ASIC has amended the ASIC Derivative Transaction Rules (Reporting) 2013 – derivative transaction rules following industry consultation and feedback on Consultation Paper 221 OTC Derivatives Reform: Proposed amendments to the ASIC Derivative Transaction Rules (Reporting) 2013. More... More...

ASIC enquires into risk management by responsible entities
ASIC – 13 February 2015 – ASIC is making enquiries of a number of responsible entities of registered managed investment schemes regarding their risk management practices. More...

ISA submission to the Life Insurance and Advice Working Group
ISA – 13 February 2015 – ISA recognises the problem of underinsurance, and supports measures which increase insurance coverage and the access to affordable financial advice that is in the client's best interest. More...

Review of competition in clearing Australian cash equities
GOVERNMENT – 11 February 2015 – The Government has asked the Council of Financial Regulators to conduct a review of competition in the clearing of Australian cash equities. The Council will conduct the review with the assistance of the ACCC. More...

Further red tape reductions passed by the Senate TREASURY – 11 February 2015 – The Treasury Legislation Amendment (Repeal Day) Bill 2014 passed the Senate. This Bill is part of the Government's commitment to abolish red tape that reduces productivity and investment, with changes to superannuation legislation and the financial services sector. More...

The world in 2050: will the shift in global economic power continue?
PRICEWATERHOUSECOOPERS – 11 February 2015 – Australia will slip from 19th place in 2014 to 29th of the largest economies in the world in 2050, according to these projections. More...

Super funds set 30% targets for women on ASX200 boards
GOVERNANCE INSTITUTE – 10 February 2015 – The Australian Council of Superannuation Investors (ACSI), representing a number of superannuation funds owning approximately 10% of ASX200 companies, aims to have women comprising 30% of the boards of those companies within the next three years. More...

ATO figures still showing flow of funds to SMSFs
MEDIA – 9 February 2015 – Rollovers into self-managed super funds (SMSFs) are still showing a drain of funds from the APRA-regulated funds in gross and net terms, says the Director of Technical and Professional Standards (SPAA). Over the five years up to 30 June 2013, $75.6 billion was rolled into SMSFs and only $19.9 billion was rolled out of SMSFs. More...

Murray Report: Consultation process
GOVERNMENT – 7 December 2014 – The Government is consulting on the Inquiry's recommendations before making any decisions, and is calling for written submissions from all stakeholders. The deadline for submissions is 31 March 2015. More...

ASFA submissions

20 February 2015 – Submission to The Treasury: Low income superannuation contribution reporting.

12 February 2015 – Submission to AUSTRAC: Consultation on Draft guidance note 15/01 – Key terms used in "politically exposed person" definition.

COAG: Review of competition in clearing Australian cash equities
A Consultation Paper by the Council of Financial Regulators, released on 11 February 2015. This Consultation Paper seeks stakeholder views on the issues raised by the Council of Financial Regulators (CFR) in relation to competition in clearing of the Australian cash equity market. Submissions close on 27 March 2015. More...

CP 227 Disclosure and reporting requirements for superannuation trustees: s29QC Released 19 December 2014, comments close 13 March 2015. More...

Legislation

Commonwealth

AASB 9 – Financial Instruments – December 2014
GOVERNMENT – 13 February 2015 – This standard establishes principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity's future cash flows. More...

Public Governance, Performance and Accountability (Financial Reporting) Rule 2015

GOVERNMENT – 11 February 2015 – This instrument provides a standardised approach to financial reporting for the production of the Government's Consolidated Financial Statements. It prescribes the requirements that reporting entities must comply with in preparing their annual financial statements so as to present fairly the entity's financial position, financial performance and cash flows. More...

Bills Progress

Treasury Legislation Amendment (Repeal Day) Bill 2014

Schedule 1 to this Bill amends the Superannuation Industry (Supervision) Act 1993 to repeal the payslip reporting provisions. This Schedule does not make any policy changes. No changes in the application of law to any taxpayer will result from these changes. Schedule 3 to this Bill amends the Financial Sector (Shareholdings) Act 1998 so that where the associate of the person does not have a direct control interest in a financial sector company, it is no longer necessary to include the associate's interest with the aggregate direct control interest held by a person. 10/02/2015 Senate: Third Reading Agreed to and Passed. More...

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