In the media – National
Super clarity needed to help resolve
deficit
MEDIA – 8 July 2016 – The federal government's lack
of clarity on tax concessions for superannuation may be costly,
particularly given the rising concerns over Australia's
structural deficit, according to KPMG Australia.
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AIST welcomes move to improve access to
superannuation
AIST – 7 July 2016 – New guidance issued by AUSTRAC
will make it easier for Aboriginal and Torres Strait Islander
peoples to access the superannuation system, AIST said today.
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FSC life insurance code of practice
delayed
MEDIA – 7 July 2016 – The Financial Services
Council's (FSC) new Life Insurance Code of Practice is facing
delays from its original deadline of 1 July 2016, and will now
commence in October.
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FSC unleashes fresh assault on life insurance
taxes
MEDIA – 4 July 2016 – The imposition of state taxes and
levies on life insurance has worsened in the past seven years,
according to an updated Financial Services Council (FSC) report.
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ASIC cancels Queensland practice's
AFSL
ASIC – 4 July 2016 – Regulators have cancelled
Queensland advice practice Advamode Financial's Australian
financial services (AFS) licence. The company was
put into liquidation in May after a number of conditions were
imposed on it last year, including the requirement to appoint a
compliance expert to monitor advice.
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ASIC cancels AFS licence for failing to lodge financial
statements
ASIC – 1 July 2016 – ASIC cancelled Etern Wisdom's
Australian financial services (AFS) licence on 6 June 2016. Etern
Wisdom was authorised to provide general financial product advice
in relation to derivatives and foreign exchange contracts to
Australian retail clients. The annual lodgement of audited accounts
is an important part of a licensee demonstrating it has adequate
financial resources to provide the services covered by its licence.
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APRA Insight Issue Two 2016
APRA – 30 June 2016 – This Issue includes:
- International capital comparison update;
- The Financial Claims Scheme for ADIs;
- APRA's technical assistance activities in the Asia-Pacific region; and
- Renovating the regulatory framework for life and general insurers in Australia. More...
SIC cancels licence of AFS wholesale service
provider
ASIC – 29 June 2016 – ASIC has cancelled the Australian
financial services (AFS) licence of Ergo Capital
Pty Ltd (AFS licence No 420978) for failing to comply with a number
of its obligations as a financial services licensee.
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ASIC remakes key general advice class
order
MEDIA – 27 June 2016 – Both the Financial Services
Council (FSC) and the industry funds have backed
ASIC's remaking of a class order underpinning the provision of
general advice by bank and industry fund employees after receiving
positive feedback from both the industry funds and the FSC.
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Australia as a financial centre – 7 years
on
FSC – 26 June 2016 – The Financial Services Council
(FSC) welcomes the release of a new report by Mark Johnson AO
identifying barriers to exporting Australia's financial
services. Australia as a Financial Centre – Seven years
on; The Second Johnson Report is a follow up to the 2009
report Australia as a Financial Centre – building on our
strengths, known as the Johnson Report.
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ASIC consultation: regulatory sandbox licensing
exemption
ASIC – 8 June 2016 – ASIC has identified some barriers
faced by new financial technology (fintech) businesses seeking to
enter the financial services market. ASIC encourages members of the
financial services and fintech industry and consumers to make a
submission on the consultation paper. The closing date for
submissions on CP 260 is 22 July 2016.
More...
Cases
Idylic Solutions Pty Ltd as trustee for Super Save
Superannuation Fund and Others [2016] NSWSC
907
CORPORATIONS – unregistered managed investment schemes
– where liquidators of several unregistered managed
investment schemes applied for various directions under s 601EE(2)
of the Corporations Act 2001 (Cth) – where the
managed investment schemes accepted investments from international
business companies – where direction sought whether
liquidators were justified in treating as the true investors the
individuals who established the international business companies
rather than the companies themselves – where directions
sought whether liquidators were justified in proceeding on the
basis of a pari passu distribution among investors in the relevant
schemes in proportion to their unit holdings subject to investors
first bringing into hotchpot any "returns" received
– where liquidators also sought various other directions
– whether the administrators of the schemes held investor
funds on express or resulting trust for the scheme investors
– whether the directions sought should be made.
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