News
FOFA debate will follow PJC report:
Shorten
The Minister for Financial Services has confirmed the Future of
Financial Advice (FOFA) legislation will not be debated in
Parliament before the Parliamentary Joint Committee (PJC) makes its
recommendations late this month (03 February 2012)
More...
FOFA's unintended consequence on superannuation
advice
The Superannuation Complaints Tribunal (SCT) has warned that the
Government's Future of Financial Advice (FOFA) regime could
give rise to unintended consequences around disputes involving
financial advice delivered by superannuation funds (03 February
2012)
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ASIC continues Trio crackdown
The investigation into the collapse of failed fund manager Trio
Capital continues, with the banning of another figure with ties to
the firm. ASIC accepted an enforceable undertaking from Maher,
after the Commission found he engaged in misleading conduct, and
failed to disclose conflicts of interest, resulting in him gaining
financial benefits from various financial deals (02 February 2012)
More...
ASIC imposes conditions on Saxo AFSL
ASIC has imposed additional licensing conditions on the Australian
financial services licence (AFSL) of Saxo Bank (Saxo). Saxo
provided the trading platform for collapsed broker Sonray Capital
Markets Pty Ltd (02 February 2012) More...
Super funds push for green investments
Under new guidelines released yesterday by the industry, fund
managers in the $1.3 trillion sector will be expected to consider
environmental, social and governance (ESG) principles when
designing their investment strategy ( 02 February 2012)
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ASFA wants longer implementation on
MySuper
The Association of Superannuation Funds of Australia (ASFA) is
calling on the Government to provide a longer implementation period
for the introduction of MySuper arrangements. ASFA has argued that
the employer compliance date for MySuper arrangements should be
extended beyond the Government's planned 1 October, 2013,
deadline to 1 July, 2014 (01 February 2012)
More...
ASIC defines limits on superannuation funds
advice
The Australian Securities and Investments Commission (ASIC) appears
to have drawn a line under how far it is prepared to go in allowing
superannuation funds to provide financial advice utilising
web-based facilities and third parties without holding an
Australian Financial Services (AFS) licence (01 February 2012)
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Agribusiness guidance carries price tag
ASIC has outlined a number of options to address disclosure
concerns within Australia's agribusiness sector that could
result in cost increases for select responsible entities, financial
advisers and retail investors (31 January 2012) More...
Agribusiness actions return to court
Class action cases against select Australians agribusiness firms
that collapsed following the global financial crisis will return to
court this month. Much of what's at issue in each of the cases
is dependent on the individual projects' product disclosure
statements that were issued that people signed up on (01 February
2012) More...
FOFA report will be ready by deadline:
PJC
The Parliamentary Joint Committee (PJC) is on track to deliver its
Future of Financial Advice (FOFA) reform findings to the federal
government, with PJC chairman Bernie Ripoll declaring the evidence
provided through industry submissions and public hearings is enough
to return recommendations by the scheduled 29 February deadline (30
January 2012) More...
Former ARP Growth Fund operator prevented from
participating in financial services, managing
companies
ASIC has accepted an enforceable undertaking (EU) from the former
operator of the ARP Growth Fund (ARP) permanently preventing him
from working in the Australian financial services industry or
managing a corporation (01 February 2012)
More...
ASIC finalises investigation into Saxo Bank A/S following
Sonray collapse
ASIC has finalised its investigation into Saxo Bank A/S, the former
provider of the trading platform for collapsed broker, Sonray
Capital Markets Pty Ltd (in liquidation) (01 February 2012)
More...
Financial planners get voice at superannuation
roundtable
The financial advice industry may have been denied a significant
voice in consultations around the Stronger Super changes, but it
has been given a solid voice on the Government's forthcoming
superannuation roundtable (30 January 2012)
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ASIC bans insurance director
A former insurance company director has been banned from providing
financial services for two years after obtaining more than $400,000
of clients' money without their permission (31 January 2012)
More...
Bid launched to widen superannuation
options
A new superannuation roundtable will work on providing Australians
with more options to bolster their retirement savings, the
government says. The first stage will focus on improving the
delivery of specific concessions, and the work to be completed by
December 2012 (29 January 2012)
More...
IMF World Economic Outlook Update - January
Update
The IMF has downgraded growth forecasts in its World Economic
Outlook update released today, citing the European crisis and
deteriorating financial conditions as causes of weaker global
activity. The IMF forecasts our region will continue to perform
strongly and underpin global growth. China and India are still
forecast to grow a solid 8.2 per cent and 7.0 per cent respectively
in 2012 (25 January 2012)
More...
Consumer Price Index - December Quarter
2011
The Consumer Price Index (CPI) was flat in the December quarter
2011, down from its 0.6 per cent increase in the September quarter.
Headline inflation was 3.1 per cent through the year, down from 3.5
per cent in the September quarter (25 January 2012)
More...
Company directors win watered-down liability
provisions
Company directors have won a breakthrough in their push for less
onerous liabilities, with the government declaring it will dump
some provisions that hold directors personally responsible for
corporate misconduct (28 January 2012)
More...
Another credit squeeze threatens corporate
Australia
A fresh credit squeeze threatens to entangle corporate Australia if
Europe fails to resolve its debilitating debt crisis, according to
new research by accounting consultancy Mercer (26 January 2012)
More...
ASIC shadow shop results highly
preliminary
ASIC has released highly preliminary figures from its financial
planning shadow shop exercise at the Parliamentary Joint Committee
(PJC) hearing, having given only 24 hours notice to the industry of
its intention to do so (25 January 2012)
More...
ASIC releases new regulatory guidelines for
infrastructure entities
The Australian Securities and Investments Commission (ASIC) has
released new disclosure benchmarks and principles for
infrastructure entities in order to provide retail investors with a
better understanding of the associated investment risks (24 January
2012)
More...
Rice Warner predicts super industry to grow to $3.3
trillion by 2026
New research by Rice Warner Actuaries outlines the key challenges
for the superannuation industry over the next decade, including a
shift to post-retirement assets (23 January 2012)
More...
Relief decisions - June to September 2011
Author: Australian Securities and Investments Commission
A report outlining decisions on relief applications between 1 June
and 30 September 2011. The report also discusses the various
publications released during this period (31 January 2012)
More...
ASFA Submissions 2012
PJC on Corporations and Financial Services: MySuper Core
Provisions
Inquiry intoSuperannuation Legislation Amendment (MySuper Core
Provisions) Bill 2011 (31 January 2012) Submission
Senate Economics Committee: Future of Financial
Advice
Corporations Amendment (Future of Financial Advice) Bill 2011
and Corporations Amendment (Further Future of Financial Advice
Measures) Bill 2011(31 January 2012) Submission
Productivity Commission inquiry into default
superannuation funds in modern awards
The Australian Government has announced an inquiry
into default superannuation funds in modern awards by the
Productivity Commission. The Government indicated that the
inquiry is expected to commence in early February 2012, after
formal receipt by the Commission of the terms of reference.
The purpose of the inquiry is to design transparent and objective criteria for the selection and ongoing assessment of superannuation funds eligible for nomination as default funds in modern awards (January 2012)
ASIC Act updated: unconscionable conduct in financial
services
Comlaw has published a consolidated Australian
Securities and Investments Commission Act incorporating new
sections 12CB and 12CC made by the Competition and Consumer
Legislation Amendment Act 2011. The sections simplify the
unconscionable conduct provisions of the Australian Securities and
Investments Commission Act 2001. The changes commenced 1 January
2012
Legislation
Commonwealth
Legislative Commencements
Anti-money laundering and counter-terrorism financing
rules amendment instrument 2012 (No. 1)
Commencement: 1/2/2012 (Part) - The amendments relate to Chapters
1, 8, 9, 21, 28 and 51, as well as the addition of Chapter 67,
which provides an exemption from the applicable customer
identification procedure in regard to "warrants" (31
January 2012)
The Rules are available at: www.comlaw.gov.au/Details/F2012L00111
and the Explanatory Statement is available at:
http://www.comlaw.gov.au/Details/F2012L00111/Explanatory%20Statement/Text
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