Australia: Superannuation, Funds Management and Financial Services - What's News - 3 May 2016

Last Updated: 9 May 2016
Article by Chris Lovell, Adeline Hiew and Paul Faure

Most Read Contributor in Australia, September 2017

In the media – National

Strengthening AML/CTF capability to tackle new threats
JUSTICE DEPARTMENT – 29 April 2016 – The Coalition Government have tabled the Report on the Statutory Review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Associated Rules and Regulations.  There are 84 recommendations in the report designed to shape a modern AML/CTF regime that positions Australia to address current and future challenges.  More...

Associations support adviser standards amendments
MEDIA – 29 April 2016 – The latest legislative amendments to raise the education, training and ethical standards of financial advisers have been welcomed by the industry's peak representative groups.  More...

Election 2006: Senate probe into women's low super balances to focus on equal pay
MEDIA – 29 April 2016 – A Senate probe into the superannuation gender gap, where women retire with half the savings of men, will urge drastic action on equal pay and push for new tax incentives.  More...

Whistleblowing research will improve corporate culture says Governance Institute
GOVERNANCE INSTITUTE – 28 April 2016 – The world's largest research project into whistleblowing launched today by Griffith University at an event hosted by Governance Institute of Australia will support a dramatic uplift in corporate culture at a critical time when the government, regulators and community are demanding higher standards of ethical conduct from Australian corporations.  More...

Asia Region Funds Passport – signing the Memorandum of Cooperation
GOVERNMENT – 28 April 2016 – The Passport is an international initiative that facilitates the crossborder offering of eligible collective investment schemes while ensuring investor protection in economies participating in the Passport.  The Memorandum of Cooperation sets out the internationally agreed rules and cooperation mechanisms of the Passport, which comes into effect on 30 June 2016.  See the Minister's Statement: More...

APRA Submission: Inquiry into the scrutiny of financial advice – Life Insurance
APRA – 28 April 2016 – In support of the supervision arrangements discussed, APRA has also strengthened the prudential framework as it applies to both insurers and superannuation trustees.  More...

Helping NSW police officers save for their retirement
TREASURY – 27 April 2016 – The Turnbull and Baird Governments have entered into a four year transitional arrangement to ensure New South Wales (NSW) Police officers can make voluntary superannuation contributions towards their retirement.  More...

'Ultra-low' interest rates punishing super returns
MEDIA – 21 April 2016 – The governor of the Reserve Bank of Australia (RBA), Glenn Stevens, has warned that the 'ultra-low' interest rate environment is becoming a significant issue for superannuation returns.  More...

Strengthening ASIC is good for the community: ASFA
ASFA – 20 April 2016 – The Association of Superannuation Funds of Australia (ASFA) is pleased that the Federal Government has announced that it is strengthening ASIC and greater funding for the Superannuation Complaints Tribunal (SCT) to clear the current backlog of cases.  More...

ASIC: 'sunsetting' class order about financial calculators
ASIC – 21 April 2016 – ASIC has released updated regulatory guidance on relief for generic financial calculators in Section D of Regulatory Guide 167 Licensing: Discretionary powers (RG 167) and Report 477 Response to submissions on CP 249 Remaking ASIC class order on generic financial calculators: [CO 05/1122].  See the new instrument: More... More...

Legislation – Commonwealth

ASIC Superannuation (Amendment) Instrument 2016/345
This instrument amends ASIC Class Order [CO 14/509] to defer the start date until 1 July 2017 for certain disclosures required under subsection 29QB(1) of the SIS Act for standard employer-sponsored sub-plans, giving RSE licensees enough time to comply with the full requirements of section 29QB.  Registered: 28 April 2016. 

ASIC Corporations (Amendment) Instrument 2016/351
This instrument amends the ASIC Class Order [CO 14/443] the commencement date of the choice product dashboard regime by 12 months to 1 July 2017 and the first reporting date for portfolio holdings disclosure to 31 December 2017.  Registered: 27 April 2016. 

This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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