ASIC 'sunsetting' class order on financial
product advice – exempt documents
ASIC – 24 June 2016 – ASIC has remade the class order
following public consultation. The new legislative instrument is
ASIC Corporations (Financial Product Advice – Exempt
Documents) Instrument 2016/356. ASIC has remade the class
order following public consultation. The instrument has the same
effect as relief that ASIC had granted by Class Order [CO 03/606].
FSC's LIF approach dubbed 'cartel'
MEDIA – 23 June 2016 – The Financial Services Council
(FSC) engaged in cartel behaviour when creating
the Life Insurance Framework (LIF) as it was
driven by the big banks and insurance companies, and the industry
should have gone to the Australian Competition and Consumer
Commission (ACCC) with the proposition.
ASIC reports on decisions to cut red tape –
October 2015 to March 2016
ASIC – 23 June 2016 – ASIC has released its latest
report outlining decisions on relief applications, highlighting
ASIC's efforts to reduce red-tape and achieve a practical,
positive outcome for companies seeking some regulatory flexibility.
ATO extends SuperStream deadline
MEDIA – 22 June 2016 – The Australian Taxation
Office (ATO) has announced it will provide
"compliance flexibility" to small businesses who have not
implemented SuperStream ahead of the 30 June deadline. More...
ASIC finalises transition for responsible entities to
implement new tax system for managed investment
ASIC – 21 June 2016 – Under the relief, responsible
entities may make changes to a scheme constitution to the extent
that it is necessary or incidental to the scheme being able to be
operated in a manner permitted by the new tax system.
APRA expanded information for the public in relation to
the Financial Claims Scheme
APRA – 21 June 2016 – APRA has expanded its
information for the public in relation to the Financial Claims
Scheme. See Financial
Claims Scheme and for detailed information on the Financial
Claims Scheme go to the FCS website: www.fcs.gov.au.
Tribunal cuts former financial adviser
MEDIA – 20 June 2016 – The Administrative Appeals
Tribunal (AAT) has reduced the banning term for a
former Sydney-based financial adviser from providing financial
services from three years to 18 months, revoking Australian
Securities and Investments Commission's
(ASIC's) previous decision.
ASIC and Singapore regulator sign co-op agreement ASIC –
16 June 2016 – ASIC and the Monetary Authority of Singapore
(MAS) have signed a co-operative agreement to
facilitate regulatory harmony between the two countries.
AIST – 17 June 2016 – This submission is AIST's
response to the Government's plans to modernise financial
regulation rules around the distribution of materials taking into
account recent tech developments.
Miljevic v Holden Employee Superannuation Fund Pty Ltd 
SUPERANNUATION – appeal from Superannuation Complaints
Tribunal under s 46 of Superannuation (Resolution of
Complaints) Act 1993 (Cth) – where Tribunal affirmed a
decision of the trustee to reject applicant's claim for a total
and permanent disability benefit – whether Tribunal erred in
not making further inquiries to resolve inconsistencies in expert
evidence – consideration of duty of a trustee of a
superannuation fund when considering an application for a benefit
– where medical evidence inconsistent – where applicant
unable to identify particular matter or particular inquiry which
might lead to resolution of conflict in medical evidence. Held:
Legislation – Commonwealth
Corporations (Amendment) Instrument
This instrument amends ASIC Corporations (Attribution Managed
Investment Trusts) Instrument 2016/489 to clarify that
paragraph 601GCA(3)(b) applies to all schemes. Registered: 23 June
ASIC Corporations (Attribution Managed Investment Trusts)
This instrument provides relief to enable a responsible entity of
a registered scheme to change the scheme's constitution without
a members' meeting where it reasonably considers the changes to
be necessary for or incidental to the scheme being able to be
operated as an attribution managed investment trust. The instrument
also provides relief from the requirement to treat members who hold
interests of the same class equally where a responsible entity is
making an attribution in accordance with requirements under the new
tax system for managed investment trusts. Registered: 21 June
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
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
This newsletter includes links to recent documents relating to superannuation, funds management & financial services.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).