Australia: Superannuation, Funds Management and Financial Services - What's News - 29 June 2016

Last Updated: 6 July 2016
Article by Chris Lovell, Adeline Hiew and Paul Faure

Most Read Contributor in Australia, September 2017

In the media – National

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]. More...

FSC's LIF approach dubbed 'cartel' behaviour
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. More...

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. More...

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 trusts
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. More...

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:

Tribunal cuts former financial adviser ban
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. More...

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. More... More...

AIST Submissions
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. More...


Miljevic v Holden Employee Superannuation Fund Pty Ltd [2016] FCA 718
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: Appeal dismissed.

Legislation – Commonwealth

Corporations (Amendment) Instrument 2016/514
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 2016.

ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489
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 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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