Australia: Superannuation, Funds Management and Financial Services - What's News - 6 September 2016

Last Updated: 16 September 2016
Article by Chris Lovell, Adeline Hiew and Paul Faure

Most Read Contributor in Australia, September 2017

In the media

ISPT outlines ESG commitment
MEDIA – 2 September 2016 – Industry Superannuation Property Trust (ISPT) has published an environmental, social and governance document outlining its commitment to best practice in the investment and funds management sector. More...

Lost superannuation set to be sent to government coffers
MEDIA – 2 September 2016 – In a move that has been described as a "stealth tax", tens of thousands more Australians will soon have their so-called lost superannuation balances sent to the Australian Taxation Office, if you currently have less than $4000 in a super account, haven't been active with it for a year, and the fund does not have your current address. More...

How to assess the superannuation system's performance
PRODUCTIVITY COMMISSION – 2 September 2016 – The Productivity Commission has released its proposed framework to assess the efficiency and competitiveness of Australia's $2 trillion superannuation system. More...

ASIC cancels IMS FX Services Pty Ltd's Australian financial services licence
ASIC – 1 September 2016 – The Administrative Appeals Tribunal (AAT) has rejected an application from IMS FX Services Pty Ltd (IMS FX) that sought confidentiality orders and an interim order that prevented ASIC from amending the public Australian financial services (AFS) licence register to record that ASIC had cancelled IMS FX's AFS licence. More...

Directors of Storm Financial found to have breached their duties under the Corporations Act
ASIC – 26 August 2016 – The Federal Court has today found that the directors of Storm Financial, Emmanuel and Julie Cassimatis, breached their duties as directors. The Court also found that Storm Financial provided inappropriate advice to certain investors. More...

Boost to voluntary savings required to achieve comfortable retirement: ASFA Retirement Standard June quarter
ASFA – 24 August 2016 – Retirees have experienced a slight increase in the cost of living in the June quarter, according to the Association of Superannuation Funds of Australia (ASFA) Retirement Standard. More...

Equity, sustainability and adequacy are key to super: ASFA
ASFA – 24 August 2016 – The Association of Superannuation Funds of Australia (ASFA) acknowledges the Federal Opposition's announcement today of its position on the taxation of superannuation and the May 2016 superannuation proposals. ASFA will take time to assess and fully understand the impacts of the proposed measures on fund members and the system. More...

ASIC remakes instruments that affect financial reporting
ASIC – 26 August 2016 – Following public consultation, ASIC has remade five legislative instruments that affect financial reporting by disclosing entities and entities generally. The relief is set out in the following new legislative instruments: 2016/187 (replaces CO 98/101); 2016/188 (replaces CO 98/2395); 2016/189 (replaces CO 98/96); 2016/190 (replaces CO 98/2016 and 08/15) and 2016/191 (replaces CO 98/100). More...

Productivity Commission (Draft Report): How to Assess the Competitiveness and Efficiency of the Superannuation System
GOVERNMENT – August 2016 – The Productivity Commission has released its proposed framework to assess the efficiency and competitiveness of Australia's superannuation system. The Commission is seeking feedback on whether the objectives, criteria and indicators are fit for purpose. Submissions close 9 September 2016. More...

ASIC consultation: audit relief for proprietary companies and reporting relief for wholly owned companies
ASIC – 15 August 2016 – The Consultation Paper seeks feedback on ASIC guidance documents on audit relief and on reporting relief for wholly-owned companies. The class orders proposed to be remade under Consultation Paper 267 Remaking and repealing ASIC class orders on audit and financial reporting ( CP 267) are: Class Order [CO 98/1417] Audit relief for proprietary companies; Class Order [CO 98/1418] Wholly-owned entities and Class Order [CO 01/1256] Qualified accountant. Comments due 12 September 2016.

ASIC: Communicating audit findings to directors, audit committees or senior managers
ASIC – 25 July 2016 – ASIC is seeking feedback on its recently published CP 265 Communicating audit findings to directors, audit committees or senior managers. This consultation paper seeks feedback on our proposed criteria for determining which findings from our reviews of audit files we would communicate to directors, audit committees or senior managers. Comments due 7 October 2016.


IMS FX Services Pty Ltd and Australian Securities and Investments Commission [2016] AATA 664
The application for a stay of the Decision is refused, PRACTICE AND PROCEDURE – application for stay of decision – decision to cancel Australian financial securities licence – relevant principles – prospects of success – consequences for Applicant – public interest and consequences for Respondent in carrying out its functions – whether application would be rendered nugatory without stay – request for stay order refused.
PRACTICE AND PROCEDURE – suppression orders – proceedings generally held in public – open administration of justice – request for suppression orders refused.
Delegate of the Australian Securities and Investments Commission (ASIC) made a decision to cancel the Australian Financial Securities Licence (AFSL) of the Applicant under s 915C(2)(a) of the Corporations Act 2001 (Cth) (Corporations Act) (the Decision).

Rainbow Legend Group Pty Ltd and Australian Securities and Investments Commission [2016] AATA 65
CORPORATIONS – Financial Services and Markets – Australian Financial Services Licence – Cancellation – Whether applicant breached obligations of financial service licensee – Decision set aside – Decision in substitution that licence suspended subject to conditions. Australian Securities and Investments Commission Act 2001 (Cth), ss 12DA, 12DB. Corporations Act 2001 (Cth), ss 761A, 912A, 913B, 915C(1), 989B(2)-(3), 989D, 1041E, 1274(11), 1317B.

Legislation - Commonwealth

ASIC repeals Class Orders
ASIC has repealed the following Class Orders under ASIC Corporations (Amendment and Repeal) Instrument 2016/247 (25/08/2016) on 26 August 2016 which have been remade as new legislative instruments:
CO 98/2395: Transfer of information from the director's report;
CO 98/2016: Entities which cease to be disclosing entities before their deadline;
CO 98/101: Uncontactable members of entities;
CO 98/96: Synchronisation of financial year with foreign parent company; and
CO 08/15: Disclosing entities — half-year financial reporting relief.

ASIC Corporations (Disclosing Entities) Instrument 2016/190
This instrument provides relief from annual financial reporting to disclosing entities where they are no longer disclosing entities at their reporting deadline or from half-year financial reporting where their first financial year is 8 months or less. Registered: 25 August 2016.

ASIC Corporations (Synchronisation of Financial Years) Instrument 2016/189
This instrument allows an entity to change its financial year to synchronise it with that of an overseas parent where the overseas parent has a legal obligation to cause synchronisation. Registered: 25 August 2016.

ASIC Corporations (Directors' Report Relief) Instrument 2016/188
This instrument allows directors to transfer information from the directors' report to the financial report or an accompanying separate report. Registered: 25 August 2016.

ASIC Corporations (Uncontactable Members) Instrument 2016/187
This instrument relieves entities from the requirement to send hard copies of financial reports to members who are uncontactable. Registered: 25 August 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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