Australia: Superannuation, Funds Management and Financial Services - What's News - 16 December 2015

In the media

ASIC releases results of consumer testing for the Choice product dashboard and further detail about super estimators
ASIC – 11 December 2015 – ASIC has today released the results of the consumer testing of the Choice Product Dashboard undertaken last year by researchers Latitude Insights as Report 455 Consumer testing of the Choice product dashboard (REP 455). More...

Common sense changes to superannuation to benefit Australians
TREASURY – 10 December 2015 – The Minister for Small Business and Assistant Treasurer has released draft legislation to improve superannuation fund transparency and to extend choice of fund arrangements to more Australians. More... More... More...

Long-term superannuation returns
GOVERNMENT – 9 December 2015 – ASIC has made a legislative instrument to amend ASIC Class Order CO 10/630 (Long-term superannuation returns). Class Order CO 10/630 provides relief from the operation of the current long-term superannuation performance reporting requirements that are proposed to be refined by amending regulation. It modifies or varies Regulations 7.9.20AA and 7.9.75BA of the Corporations Regulations 2001. The legislative instrument extends the existing relief beyond 31 December 2015 for an indefinite period, ASIC Corporations (Amendment) Instrument 2015/1073, registered on 9 December 2015.

APRA's super priorities for 2016 revealed
MEDIA – 8 December 2015 – In its 2015 annual report, APRA has warned it will be watching superannuation funds closely when it comes to conflicts of interest, insurance in super, investment governance, liquidity management, remuneration disclosure and risk management frameworks in 2016. More...

Board diversity produces better results: ACSI
MEDIA – 8 December 2015 – More diverse corporate boards produce better long term results, according to the president of the Australian Council of Superannuation Investors. More...

ASIC remakes underlying investment class orders
MEDIA – 7 December 2015 – The Australian Securities and Investments Commission (ASIC) has released a consultation paper to remake three class orders that provide relief for dealing in underlying investments that are due to 'sunset', or expire, in April 2017. More... More...

Tax Commissioner proposed new power to modify the operation of the law
GOVERNMENT – 4 December 2015 – Treasury has released exposure draft legislation proposing to give the Commissioner of Taxation statutory remedial power to ensure tax and superannuation laws are administered to achieve their purpose or object. The rules establishing the remedial power will be contained in proposed Division 370 of Schedule 1 to the Taxation Administration Act 1953. An Information Paper has also been released highlighting some of the matters related to the remedial power, including the ATO administrative framework whereby issues can be raised with the ATO and the development of the legislative instrument. The last day for comments on the draft legislation and the issues raised in the Information Paper is Friday, 15 January 2016. More...

Consultation opens on Serious Data Breach Notification Bill
ATTORNEY-GENERAL – 3 December 2015 – The Government is committed to improving the protection of privacy of Australians, particularly where serious data breaches place individuals at risk of harm such as financial loss or identity theft. More...

Financial adviser standards released for consultation
TREASURY – 3 December 2015 – The Government has released exposure draft Corporations Amendment (Professional Standards of Financial Advisers) Bill 2015 for consultation on education, training and ethical standards for financial advisers. The new education and training requirement will be effective from 1 July 2017, with the code of ethics requirements coming into force from 1 July 2019.

First class returns and first class governance
AIST – 2 December 2015 – AIST and ISA will commission a review by former RBA Governor and Treasury Secretary Bernie Fraser to lead the development of a best practice governance code of conduct for not-for-profit super funds by 30 April 2016. More...

ASFA publications
ASFA – 2 December 2015 – ASFA's Ross Clare, Director of Research has released a paper titled 'Superannuation account balances by age and gender'. More...

ASFA submissions
ASFA – 2 December 2015 – ASFA has released their submission to the Assistant Treasurer titled 'Superannuation Governance'. More...

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. The closing date for submissions is 15 January 2016. More...

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. The closing date for submissions is 30 March 2016. More...

Cases

Australian Securities & Investments Commission v Park Trent Properties Group Pty Ltd (No 4) [2015] NSWSC 1767
CORPORATIONS LAW – Declare pursuant to s 1101B(1) of the Corporations Act 2001 (Cth) (Corporations Act) that Park Trent Properties Group Pty Ltd (No 4) (Defendant), throughout the period from March 2010 until the date of the trial, contravened s 911A(1) of the Corporations Act in that it carried on the business of providing financial services, namely financial product advice, by making recommendations or statements of opinion intended to influence persons (or which could reasonably be regarded as intended to have such an influence) in making a decision to acquire, vary or dispose of a superannuation interest within the meaning of the Superannuation Investment (Supervision) Act 1993 (Cth) (SIS Act), without holding an Australian Financial Services Licence (AFSL) covering the provision of the financial services. Contravention of s 911A(1) of the Corporations Act – form of declaration and restraining order – Corporations Act 2001; SIS Act. More...

Legislation

Commonwealth

New Bills Released

Tax and Superannuation Laws Amendment (2015 Measures No. 6) Bill 2015
This Bill amends the Income Tax Assessment Act 1997 to change the capital gain tax treatment of the sale and purchase of businesses involving certain earnout rights. Introduced and read a first time: 3 December 2015. Second reading moved: 3 December 2015. More...

Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015
This Bill and supporting Bills amend the Income Tax Assessment Act 1997, the Taxation Administration Act 1953 and associated Acts to introduce a new tax system for managed investment trusts. Introduced and read a first time: 3 December 2015. Second reading moved: 3 December 2015. More...

Bills Progress

ASIC Corporations (Amendment) Instrument 2015/1073
This instrument amends the ASIC Class Order [CO 10/630] to allow the existing relief to continue beyond 31 December 2015 indefinitely, in order to allow additional time for the proposed amending regulations to be made. Registered: 9 December 2015. More...

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