Australia: Superannuation & Funds Management - What's News - 02 November 2011

Last Updated: 5 November 2011
Article by Jenny Willcocks

Most Read Contributor in Australia, September 2016


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.




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...


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...


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...

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Mondaq Advice Centre (MACs)
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.