News
FSC backs government move to encourage infrastructure
investment
27 October 2011
The Government's move to remove tax disincentives for private
investors in infrastructure will make for "more certain
investment for superannuation funds", according to Financial
Services Council chief executive John Brogden.
More...
CBA agrees to regulator's request for a financial
advice shake-up
27 October 2011
The CBA subsidiary, Commonwealth Financial Planning, has settled
on a two-year review plan by an independent expert by way of an
enforceable understanding with the Australian Securities &
Investments Commission. The fallout from the controversy saw one of
the unit's most experienced advisers banned from providing
financial services for seven years.
More...
ASIC accepts EU from Sydney auditor of financial
services companies
27 October 2011
ASIC has accepted an enforceable undertaking (EU) from Sydney
auditor, Mr Peter Lockyer, of Trood Pratt & Co. The EU follows
an investigation into Mr Lockyer?s conduct concerning his audit of
the financial reports.
More...
Treasury proposes infrastructure tax
changes
27 October 2011
Treasury has proposed tax changes to stimulate infrastructure
investments, and releases a discussion paper on new rules for
taxation losses attributable to infrastructure projects. The
measures were aimed at removing disincentives and to encourage more
private investment in infrastructure projects, including
investments by superannuation funds. More...
Treasury reveals intra-fund reform detail
26 October 2011
Treasury has revealed specific details of the intra-fund advice
measure, Senator Mathias Cormann has said. Treasury has confirmed
that proposed intra-fund legislation would allow industry
superannuation funds to charge members for advice whether
individual members tap that advice or not. More...
APRA remains apace on prudential reforms despite wider
economic uncertainty
26 October 2011
The Australian Prudential Regulation Authority (APRA) will not
slow down its work on prudential policy reforms, despite some calls
globally for regulators to delay the G-20 reform agenda because of
challenging financial conditions.
More...
Crisis plans face stress test
26 October 2011
Australia?s top financial regulator will stress-test
crisis-recovery plans being developed by the big banks. The move is
part of the Australian Prudential Regulation Authority's plans
to introduce a requirement for each of the top six banks to prepare
a so-called ''living will'' that sets out how to
break up their balance sheets in the event of a failure.
More...
Trustees need certainty on CGT rollover relief:
AIST
25 October 2011
The Australian Institute of Superannuation Trustees (AIST) has
called for the Government to implement capital gains tax (CGT)
rollover relief to improve the efficiency of the superannuation
system under the MySuper regime, in a submission to Treasury.
More...
Industry panel turns up FOFA heat
24 October 2011
The 'future is in your hands' industry panel participants
treated day one of the 2011 AFA conference to a lively debate over
the architecture of the future of financial advice reforms, the
regulatory separation of superannuation from the rest of the wealth
management industry and disclosure among industry funds. More...
Advice bodies push for FOFA deadline
extension
24 October 2011
Industry bodies are pushing to extend the start date of government
reforms to give the industry more time to comply. Technology
overhauls represent the biggest concern, particularly for smaller
practices that have to install new IT systems but do not yet have
all the detail surrounding the federal government's Future of
Financial Advice (FOFA) reforms. More...
ASIC suspends Far East licence for failing to lodge
financial statements
24 October 2011
ASIC has suspended the Australian financial services (AFS) licence
of Sydney-based Far East Capital Limited (Far East) for failing to
comply with a number of key obligations as a financial services
licensee. Far East offers a number of financial services including
research reports on market trends for prospective investors.
More...
ASIC appoints new commissioners
20 October 2011
The Australian Securities and Investments Commission has announced
the appointment of Peter Kell and Greg Tanzer as the regulator?s
new commissioners. The Government will use a merit-based selection
process for the appointment of a new ASIC Commissioner to replace
Mr Dwyer over the next few months.
More...
Senate calls on the PJC to reassess government FOFA
drafts
21 October 2011
The federal government's Future of Financial Advice (FOFA)
reforms have been handed a potential setback after the Senate
called on the Parliamentary Joint Committee (PJC) to review the
FOFA drafts. The government admitted to breaching the Office of
Best Practice Regulation in changes to its FOFA reforms. More...
Annual Report 2010-2011
27 October 2011
The Australian Securities and Investments Commission
ASIC's annual report for the 2010-11 financial year tabled in the Australian Parliament. More...
Briefing Note: 90% Sales 10% Advice ? A Snapshot of the
Financial Planning Industry
21 October 2011
Author: Zachary May
ASIC report which exposes conflict of interest in the financial planning industry and underscores critical need for reform. Read the Briefing Note here. Download document
APRA's regulatory priorities - an
update
Author: John Laker's speech at Finsia Financial Services
Conference, Sydney 25 October 2011
focussed on Basel III and the concept of ?living wills? for
financial institutions.
More...
Practice Notes
Encouraging more investment in infrastructure -
Discussion Paper
27 October 2011
The purpose of the discussion paper is to provide interested
parties with an opportunity to comment on the design and
implementation details of the proposal. Consultation on the
discussion paper closes on 9 December 2011. Copies of the
Discussion Paper are on the Treasury website at.
More...
Supervision of Australia?s financial market
infrastructure
The Council of Financial Regulators has released a
consultation paper on proposals to enhance the supervision of
Australia?s critical financial market infrastructure. The
consultation paper provides stakeholders with the opportunity to
comment on proposals that the Council is now considering. The
Council, whose members include the Governor of the Reserve Bank,
the Secretary to the Treasury, and the Chairs of both APRA and
ASIC. Closing date for submissions: Friday, 2 December 2011.
More...
ASIC consults on equity market structure
issues
20 October 2011
ASIC has released a second-phase consultation paper on equity
market structure issues arising from recent and anticipated
developments in Australia?s financial markets. Consultation Paper
168 Australian equity market structure: Further proposals
(
CP 168) seeks views on proposed market integrity rules.
Submissions to CP 168 close on 20 January 2012.
More...
AUSTRAC draft AML/CTF Rules published
18 October 2011
AUSTRAC has released 2 sets of draft amendments to the AML/CTF
rules:
Chapter 23 draft amendments to Chapter 23
Chapter 28 amendments to Chapter 28
A public consultation period is open from Tuesday 18 October to Tuesday 15 November 2011.
Amendments to Chapters 23 and 28
National Business Names Bills passed
October 2011
The
Business Names Registration Bill 2011,
Business Names Registration (Fees) Bill 2011 and
Business Names Registration (Transitional and Consequential
Provisions) Bill 2011 have been passed by both Houses of
Parliament and are awaiting Royal Assent. The Bills provide for a
single national business name registration system which will allow
businesses to register a business name once in Australia,
regardless of how many state or territory jurisdictions they
operate in. The scheme will commence on a date to be determined,
expected to be between May and July 2012.
Legislation
Commonwealth
Acts
Banking Amendment (Covered Bonds) Act No. 125 of
2011
24 October 2011
An Act to amend the Banking Act 1959, and for related
purposes
Administered by: Treasury Originating Bill: Banking Amendment
(Covered Bonds) Bill 2011. More..
Superannuation Legislation Amendment (Early Release of
Superannuation) Act No 108 of 2011
21 October 2011
An Act to amend the law relating to superannuation, and for
related purposes
Originating Bill: Superannuation Legislation Amendment (Early
Release of Superannuation) Bill 2011
Date of Assent 14 October 2011. More...
Superannuation Legislation Amendment (Early Release of
Superannuation) Act 2011 - Proclamation
24 October 2011
This Proclamation provides for the commencement of Schedule 1 of
the Superannuation Legislation Amendment (Early Release of
Superannuation) Act 2011. - 1 November 2011 as the day on which
Schedule 1 to that Act commences. More...
Regulations
Corporations Legislation Amendment Regulations 2011 (No.
1) SLI 193/2011
21 October 2011
These Regulations commence on 31 October 2011.
These Regulations amend the Corporations Regulations 2001,
Australian Securities and Investments Commission Regulations 2001,
Life Insurance Regulations 1995, and Superannuation Industry
(Supervision) Regulations 1994. The Regulation supports the
introduction of competition in trade execution in Australia's
financial markets. More...
Retirement Savings Accounts Amendment Regulations 2011
(No. 3) (SLI 197/2011)
21 October 2011
These Regulations commence on the commencement of Schedule 1 to
the Superannuation Legislation Amendment (Early Release of
Superannuation) Act 2011 - to be proclaimed. More...
Legislative Instruments
Self-managed Superannuation Funds (Assets Acquired on
Marriage Breakdown) Repeal Determination 2011
26 October 2011
This Determination repeals the Self-managed Superannuation Funds
(Assets Acquired on Marriage Breakdown) Determination 2006. More...
Banking (Foreign Exchange) Regulations 1959 - Direction
Relating to Foreign Currency Transactions and to Syria - Amendment
to the Annex - Variation of Exemptions - Amendment to the Annexes -
(13/10/2011)
18 October 2011
This Direction amends the Banking (Foreign Exchange) Regulations
1959 - Direction Relating to Foreign Currency Transactions and to
Syria (16/06/2011), the Banking (Foreign Exchange) Regulations 1959
- Variation of Exemption (sub-regulation 6(1)) - Syria
(16/06/2011), and the Banking (Foreign Exchange) Regulations 1959 -
Variation of Exemption (sub-regulation 8(1)(a))- Syria (16/06/2011)
by substituting a new Annex.
Banking (Foreign Exchange) Regulations 1959 - Direction
Relating to Foreign Currency Transactions and to Libya - Amendment
to the Annex - Variation of Exemptions - Amendment to the Annexes -
(13/10/2011)
18 October 2011
This Direction amends the Banking (Foreign Exchange) Regulations
1959 - Direction Relating to Foreign Currency Transactions and to
Libya (04/03/2011), the Banking (Foreign Exchange) Regulations 1959
- Variation of Exemption (sub-regulation 6(1)) - Libya
(04/03/2011), and Banking (Foreign Exchange) Regulations 1959 -
Variation of Exemption (sub-regulation 8(1)(a)) - Libya
(04/03/2011) by substituting a new Annex. More...
Cases
KCA Super Pty Limited as Trustee of the Superannuation
Fund Known as 'KCA Super' [2011] NSWSC 1204
TRUSTS - Trustees - Application for judicial advice - trustee of
superannuation fund seeks judicial advice as to whether it can
communicate with members of fund, whether it should accept an offer
from company employing employees who are members of fund and
whether it should commence proceedings against company - trustee
justified in communicating with members as to proposed transaction
- trustee should also communicate that proposed unilateral
variation of contracts of employment of dubious validity. More...
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