In the media
Foreign investment review framework
GOVERNMENT – 25 November 2015 – The Senate
has referred an inquiry into the foreign investment review
framework to the Senate Economics References Committee for inquiry
and report by 4 February 2016. Closing date for submissions
is 15 January 2016.
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Criminal, civil and administrative penalties for white
collar crime
GOVERNMENT – 25 November 2015 – The Senate
has referred an inquiry into the inconsistencies and inadequacies
of current criminal, civil and administrative penalties for
corporate and financial misconduct or white-collar crime to the
Senate Economics References Committee for inquiry and report by 27
July 2016. Closing date for submissions is 30 March
2016.
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Financial adviser standards released for
consultation
GOVERNMENT – 3 December 2015 – The Government
has released legislation for consultation on measures to raise
education, training and ethical standards for financial
advisers. The new requirements will be effective from 1 July
2017, with the code of ethics requirements coming into force from 1
July 2019.
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Tax Commissioner proposed new power to modify the
operation of the law
GOVERNMENT – 4 December 2015 – Treasury exposure draft legislation proposes to give
the Commissioner of Taxation statutory remedial power to ensure tax
and superannuation laws are administered to achieve their purpose
or object. An Information Paper has also been released
highlighting some of the matters related to the remedial
power. Comments on the draft legislation and the issues
raised in the Information Paper close on 15 January 2016. More...
ASIC: Consumer testing of the Choice product
dashboard
ASIC – 11 December 2015 – The testing was
conducted ahead of the introduction of the requirements for all
registrable superannuation entity (RSE) licensees
to include Choice dashboards on websites from 1 July 2016. More...
Reminder: APRA Consultation
APRA – 11 December 2015 – APRA has released a
consultation on proposed amendments to product dashboard
requirements for superannuation.
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APRA Consultation
APRA – 15 December 2015 – APRA released nine
final superannuation reporting standards. For queries
relating to APRA's superannuation prudential framework reforms
or MySuper authorisation, please contact superannuation.policy@apra.gov.au.
More...
APRA Superannuation Reporting Framework
APRA – 16 December 2015 – APRA uses
validation rules within D2A to validate the data submitted by
reporting entities. Entities are expected to correct any
reporting errors identified by these rules.
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Electronic lodgement of financial reports and dual
lodgement relief
GOVERNANCE INSTITUTE OF AUSTRALIA – 16 December
2015 – The Governance Institute of Australia has released
their submission to ASIC titled 'Remaking ASIC class orders on
electronic lodgement of financial reports and dual lodgement
relief'.
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The Fraser Governance Review
INDUSTRY SUPER AUSTRALIA – 21 December 2015 –
Industry Super Australia (ISA) and Australian
Institute of Superannuation Trustees (AIST) have
asked Bernie Fraser to lead a review of governance arrangements in
respect of Not for Profit superannuation funds and to propose a
best practice Governance Code for such funds. Comments and
submissions should be sent to submissions@thefraserreview.com
by Monday, 1 February 2016.
More...
Consultations on resilience and collateral protection
and client money
TREASURY – 22 December 2015 – The Minister
for Small Business and Assistant Treasurer has released draft
legislation and regulations for public consultation on resilience
and collateral protection, and a policy paper on client
monies. The draft regulations will enable trustees of
superannuation entities and life companies to grant security in the
manner required to access certain international capital markets and
liquidity.
More...
ASIC consultation: 'sunsetting' class order
about financial calculators
ASIC – 22 December 2015 – The consultation
paper proposing to remake its class order on generic financial
calculators. The class order is due to expire
('sunset') on 1 April 2016. The new instrument would
continue the relief currently given by [CO
05/1122] Relief for providers of generic calculators
with some changes. Submissions on CP 249 are due on 12
February 2016.
More...
APRA holds off on governance reform
MEDIA – 29 December 2015 – The prudential
regulator has signalled it will not be "going it alone"
on superannuation governance reform in the absence of the
successful passage of legislation through the Senate.
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ASFA Submissions
ASFA – 4 January 2016 – ASFA has
released their submission to Treasury titled 'Lifting
the professional, ethical and education standards in the financial
services industry'.
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Cases
Trilogy Funds Management Limited v Sullivan (No
2) [2015] FCA 1452
CORPORATIONS – directors – officers –
statutory duties of directors – duty of care and diligence
– duties of a responsible entity of a registered managed
investment scheme pursuant to s 601FC of the Corporations Act
2001 (Cth) – duties of directors and officers of a
responsible entity pursuant to s 601FD of the Corporations Act
2001 (Cth) – standard of care and diligence for
directors and officers of a responsible entity acting as a
professional trustee – duty of officers of a responsible
entity to act in the best interests of scheme members – duty
of officers to take steps to ensure responsible entity complies
with Corporations Act 2001 (Cth), scheme constitution and
compliance plan – where the directors and officers of a
responsible entity of a registered managed investment scheme
approved or purportedly approved the increase of a loan facility in
circumstances where scheme constitution and compliance plan not
complied with – whether directors and officers of a
responsible entity of a managed investment scheme acted with care
and diligence in approving increase to loan facility – where
advances above the approved limit of loan facility – whether
directors or officers of a responsible entity of a managed
investment scheme failed to exercise care and diligence in failing
to prevent advances being made – whether non-executive
directors entitled to rely on management and auditors –
failure of directors and officers to comply with the
Corporations Act 2001 (Cth) – contravention of s
601FD of the Corporations Act 2001 (Cth) –
contravention resulting in loss – compensation orders under s
1317H of the Corporations Act 2001 (Cth) – causation
– relevant principles of causation in context of s 1317H of
the Corporations Act 2001 (Cth) – where contraveners
claim that loss inevitable irrespective of contraventions –
where contraveners claim failure to mitigate loss resulting from
contraventions – principles relating to mitigation of loss in
context of compensation orders under s 1317H of the
Corporations Act 2001 (Cth) – exoneration –
whether directors and officers ought fairly to be excused for
contraventions pursuant to ss 1317S and 1318 of the
Corporations Act 2001 (Cth). DAMAGES – losses
resulting from contraventions of s 601FD of the Corporations
Act 2001 (Cth) by directors and officers of a registered
managed investment scheme – whether the responsible entity of
a registered managed investment scheme failed to act reasonably to
mitigate the loss – whether the responsible entity of a
registered managed investment scheme is entitled to a compensation
order pursuant to s 1317H of the Corporations Act 2001
(Cth) – relevant principles of causation and loss –
test for causation and loss – whether any damage suffered by
the responsible entity "resulted from" contraventions of
the Corporations Act 2001 (Cth) – where contraveners
claim that loss would have been suffered irrespective of
contraventions – method of calculating loss. More...
Legislation
Commonwealth
Regulations
Banking (restricted word or expression) consent No. 3 of
2015 – Building Societies, Credit Unions and Trustees of
Superannuation Entities
This instrument revokes and replaces the Banking (consent
to use restricted word or expression) No. 1 of 2015 made on 6
August 2015. Made: 14 December 2015. Registered:
18 December 2015. More...
Bills Progress
[Draft] Superannuation Legislation Amendment
(Transparency Measures) Bill 2015
The Government has released the exposure draft
legislation necessary to increase the ability of superannuation
fund members to compare funds and make choices in a default fund
environment. The exposure draft legislation would enable
employees covered under enterprise agreements or workplace
determinations that are made from 1 July 2016 to choose their own
super fund. The exposure draft legislation is open to comment
until 26 January 2016.
More...
Crimes Legislation Amendment (Proceeds of Crime and
Other Measures) Bill 2015
This Bill amends the Proceeds of Crime Act 2002
(POC Act), Criminal Code Act 1995
(Criminal Code), Anti-Money Laundering and
Counter-Terrorism Financing Act 2006 (AML/CTF
Act) and the AusCheck Act 2007 (AusCheck
Act). The Bill contains a range of measures to
improve and clarify Commonwealth criminal justice
arrangements. On 3 December 2015 the Senate referred the Bill
immediately to the Legal and Constitutional Affairs Legislation
Committee for inquiry and report. The submission deadline is
8 January 2016. The reporting date is 3 February 2016.
More...
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