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.
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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.
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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.
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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
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.
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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...
Cases
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.
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