Australia: Superannuation, Funds Management and Financial Services - What's News - 12 January 2016

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.  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.  Closing date for submissions is 30 March 2016.  More...

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.  More...

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.  More...

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.  More...  More...

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'.  More...

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.  More...

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'.  More...  More...

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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