Australia: Superannuation & Funds Management - What's News - 3 October 2012

Last Updated: 10 October 2012
Most Read Contributor in Australia, September 2016

In the media

ASIC grants first licence authorisations for emissions units – ASIC – 28 September 2012 - ASIC have started to grant authorisations to Australian businesses intending to provide financial services in emissions units. More...

FOFA - ASIC consults on conflicted remuneration provisions – ASIC – 28 September 2012 - As part of ASIC's commitment to consulting on the Future of Financial Advice (FOFA) reforms, proposed guidance on the conflicted remuneration ban has been released. More...

No charge for MySuper application - APRA - 27 September 2012 - Australian financial services companies will not be charged a fee to have their MySuper applications processed by the Australian Prudential Regulation Authority (APRA), according to an updated version of APRA's frequently asked questions documentation. More...

ASIC bans two advisers – ASIC - 26 September 2012 – ASIC has banned two advisers from providing financial services following breaches including unlawful early release of superannuation benefits (26 September 2012) More...

NZ Superannuation Fund excludes four firms from portfolio – MEDIA – 26 September 2012 - New Zealand Superannuation Fund has excluded four companies from its $19 billion investment portfolio, following severe breaches of its responsible investment standards (26 September 2012) More...

Directors sweat over 'two strikes' – MEDIA – 25 September 2012 - This AGM season marks the first year that the full impact of the ''two strikes'' rule can be tested, which means for those 108 listed companies that suffered a first strike against their remuneration report last year, a second strike this year will automatically result in a resolution to dump the board, and it will pass if supported by 50 per cent of votes. More...

Lehman Brothers ordered to pay compensation – MEDIA – 22 September 2012 - The judgment is considered a test case as it is the first in the world to look at the conduct of an investment bank, on both legal and ethical grounds, in the lead-up to the global financial crisis and how they behaved in the aftermath. More...

IPA rejects APESB's advice standard – MEDIA – 20 September 2012- The IPA has filed a submission with the Accounting Professional and Ethical Standards Board over its proposed financial planning services standard, stating it cannot support the standard in its current form. More...

Formal MIS dispute measures needed: ASIC – MEDIA – 20 September 2012- ASIC has called on responsible entities (RE) of managed investment schemes (MIS) to consider adopting a formal internal dispute resolution procedure to handle complaints made by retail and wholesale clients. ASIC has called for industry feedback on an MIS consultation paper that proposes, among other things, the introduction of formal dispute resolution measures for RE. More...

Storm lawyers seek dismissal of ASIC case – MEDIA – 19 September 2012- The founders of collapsed firm Storm Financial want allegations made by the corporate watchdog that they breached their business duties struck out. In this proceeding ASIC is alleging the Cassimatises breached their duties under the Corporations Act to provide honest and fair financial services. More...

ASIC sets up SMSF taskforce – MEDIA – 19 September 2012- ASIC has formed a taskforce on self-managed superannuation funds (SMSF) to examine the advice that is being provided to investors and consumers who are considering setting up their own super fund (19 September 2012). More...

New hedge fund rules for post-GFC environment – MEDIA – 19 September 2012- ASIC's new guidance on hedge funds will force managers to greater disclosure on where money is invested, how assets are valued, the fund's structure and the risks involved to better protect investors following recent high-profile cases of fraud. More...

Directors' Liability Reforms Introduced In Parliament – APH – 19 September 2012 - Australia has moved a step closer towards a seamless national economy with the introduction of the Personal Liability for Corporate Fault Reform Bill 2012 (the Bill) by Parliamentary Secretary to the Treasurer. The reform commits all jurisdictions to establishing a nationally consistent and principles-based approach to the imposition of personal criminal liability on directors for corporate fault. More...

APRA releases superannuation reporting consultation – MEDIA - 19 September 2012 - Reporting requirements for superannuation funds would be changed for the first time since 2004 under proposed revisions released in an APRA consultation paper, which includes 31 draft reporting forms and instructions. More...

Member accounts saved from tax hit with CGT relief for super – ASFA – 19 September 2012- Australia's peak superannuation supports legislation introduced that will allow super funds to merge without triggering an adverse tax event. The Association of Superannuation Funds of Australia (ASFA) said capital gains tax (CGT) relief for super funds carrying capital losses will ensure the account balances of members are protected. More...

FSC welcomes APRA's consultation paper on collection of date for super funds – FSC – 19 September 2012 -The Financial Services Council (FSC) has welcomed APRA's draft consultation paper on the collection of data on superannuation funds released. This will replace the current collection of fund level data by APRA which the FSC describes as 'inadequate' and 'misleading'. More...

Draft legislation to streamline trans-Tasman retirement savings – MEDIA - 19 September 2012 - The government has released a draft legislation to establish a trans-Tasman retirement savings portability scheme, expected to assist the thousands of Australians and New Zealanders who move across the Tasman every year. The new legislation is expected to take effect from July 2013. More...

Code approval expected early-2013: FPA - –18 September 2012 - The FPA expects to receive ASIC approval for its professional code of conduct early next year following further regulatory guidance. More...

IFM appoints new leadership in European Infrastructure Debt- Ramps up capacity in key market - – IFM - 18 September 2012 - Industry Funds Management (IFM) has appointed David Cooper as Investment Director, Debt Investments, to lead the expansion of IFM's infrastructure debt capability into the UK and Europe. Mr Cooper will be based in London and report to Global Head of Debt Investments. More...

Published – articles, papers, reports

Overview of decisions on relief applications (February to May 2012)
Author: Australian Securities and Investments Commission: Report 303
This is a report for participants in the capital markets and financial services industry who are prospective applicants for relief. It summarises examples of situations where we have exercised, or refused to exercise, our exemption and modification powers from the financial reporting, managed investment, takeovers, fundraising or financial services provisions (28 September 2012). More...

Short selling: Post-implementation review
Author: Australian Securities and Investments Commission: Report 302
This report highlights the key issues that arose out of the submissions received on Consultation Paper 174 Hedge funds: Improving disclosure— Further consultation (CP 174) and details ASIC responses in relation to those issues (24 September 2012). More...

RBA Financial Stability Review - September 2012
Author: Reserve Bank of Australia
Financial Stability Review - September 2012 includes: The Global Financial Environment; The Australian Financial System; Funding Composition of Banks in Australia' Household and Business Balance Sheets; Households' Mortgage Prepayment Buffers' Developments in the Financial System Architecture. RBA Financial Stability Review - September 2012 (25 September 2012). More...

APRA Insight Issue 2, 2012
Author: The Australian Prudential Regulation Authority (APRA)
This edition of Insight contains the articles: ADI industry risks; The impact of the Basel III capital reforms in Australia; and Supporting Australia's regional neighbours through technical assistance (19 September 2012). More...

MySuper Frequently Asked Questions
Author: The Australian Prudential Regulation Authority (APRA)
APRA has published five new FAQs regarding MySuper (26 September 2012). More...

Prudential Standards for Superannuation Frequently Asked Questions
Author: The Australian Prudential Regulation Authority (APRA)
APRA has published five new FAQs regarding the prudential standards for superannuation (26 September 2012). More...

ASFA Research Centre report: Equity and superannuation – the real issues
Author: Ross Clare, ASFA Research Centre (September 2012). More...

In practice and courts

ASIC Guide: hedge fund disclosure

ASIC's guide, Regulatory Guide 240 Hedge funds: Improving disclosure (RG 240), follows industry consultation earlier this year and the Parliamentary Joint Committee on Corporations and Financial Services (PJC) report into the Trio collapse, and is part of ASIC's forward plan of work to improve the conduct of gatekeepers for managed investment schemes and strengthen the regulatory requirements applying to hedge funds (18 September 2012). Guidance on hedge fund disclosure

ASIC consultation: constitutions of registered managed investment schemes

Consultation Paper 188 Managed investments: Constitutions – Updates to RG 134 ( CP 188) contains proposals about ASIC's views on the requirements in s601GA and s601GB of the Corporations Act 2001 (the Act), and how it will apply them in deciding to register a managed investment scheme.The proposed updates factor in significant developments in the managed investments industry that have occurred, and the operational policy that has developed (18 September 2012). ASIC consults on the constitutions of registered managed investment schemes

APRA consultation package: revised reporting requirements for superannuation

A discussion paper outlines proposed revised reporting requirements for APRA-regulated superannuation funds. Consultation on the draft reporting requirements closes on 16 November 2012

The requirements in the final reporting standards are expected to take effect from 1 July 2013

The discussion paper and the 31 draft reporting forms and instructions can be found on the APRA website at:

ASIC Proposed Guidance: operating and financial reviews
ASIC proposes guidance to assist directors in ensuring that a key part of listed entity annual reports provides information and analysis useful to investors. Consultation Paper 187 Effective disclosure in an operating and financial review ( CP 187) proposes guidance on the operating and financial review (OFR) (17 September 2012). Proposed guidance for operating and financial reviews

ASIC: early termination fees report

ASIC has released a report on industry's compliance with the law on early termination fees for residential loans entered into before 1 July 2011 ( Report 300). ASIC's review covered 20 lenders – including both authorised deposit taking institutions (ADIs) such as banks and credit unions, as well as non-ADIs. ASIC found that, on an average or portfolio basis, lenders' early termination fees generally recovered less than their reported losses arising from early termination (18 September 2012)


Commonwealth Bills

Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 - BILL SHORTEN 19/09/12

Minister for Financial Services and Superannuation Bill Shorten second reading speech introducing the legislation. The Bill and Explanatory Statement can be viewed here.

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 - BILL SHORTEN 19/09/12

Minister for Financial Services and Superannuation Bill Shorten second reading speech introducing the legislation.The Bill and Explanatory Statement can be viewed here.

Superannuation Auditor Registration Imposition Bill 2012- BILL SHORTEN 19/09/12

Minister for Financial Services and Superannuation Bill Shorten second reading speech introducing the legislation. The Bill and Explanatory Statement can be viewed here.

Personal Liability for Corporate Fault Reform Bill 2012

This Bill implements the Council of Australian Governments' (COAG) Directors' Liability reform, which aims to harmonise the imposition of personal criminal liability for corporate fault across Australian jurisdictions. The Directors' Liability reform project forms part of the COAG National Partnership Agreement to Deliver a Seamless National Economy - Intro Reps and Second Reading Speech 19/09/2012. More...

Legislation Progress

[Draft] Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012

Amends: Superannuation (Government Co-contribution for Low Income Earners) Act 2003

Taxation Administration Act 1953; Income Tax Assessment Act 1997

The Government has released draft legislation to establish a trans-Tasman retirement savings portability scheme - 28/09/2012 Submissions close

[Draft] Retirement Savings Accounts Amendment Regulation 2012 (No. )

Commencement: This regulation commences on the day after it is registered.

Amends: Retirement Savings Accounts Regulations 1997

The Government has released draft Regulations which support the operation of the electronic portability request scheme for superannuation benefits - 28/09/2012 Submissions close

[Draft] Superannuation Industry (Supervision) Amendment Regulation 2012 (No. )

Commencement: This regulation commences on the day after it is registered.

Amends: Superannuation Industry (Supervision) Regulations 1994

The Government has released draft Regulations which support the operation of the electronic portability request scheme for superannuation benefits - 28/09/2012 Submissions close

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