Australia: Superannuation, Funds Management & Financial Services News – 18 June 2018

Last Updated: 25 June 2018
Article by Chris Lovell, Paul Faure and Bill Glover

Most Read Contributor in Australia, September 2018

In the media

Pay us to collect the SG, says small business
Small businesses should be compensated for undertaking their superannuation guarantee (SG) responsibilities because they are currently going unrecompensed for doing the job of the Commonwealth, according to the Council of Small Business Organisations of Australia (COSBOA) (15 June 2018). More...

IPA says SG amnesty will help small businesses
The Institute of Public Accountants has come out in support of a 12 month superannuation guarantee amnesty period, saying it would help "mainly compliant" employers from small businesses (14 June 2018). More...

SMSFs should pull their weight – AIST
The Australian Institute of Superannuation Trustees, has told the self-managed superannuation funds (SMSFs) should be made to pay their way alongside major Australian Prudential Regulation Authority (APRA)-regulated funds (14 June 2018). More...

Early release of superannuation on compassionate grounds transferred to the Australian Taxation Office
From 1 July 2018, responsibility for the administration of the early release of superannuation benefits on compassionate grounds will be transferred from the Department of Human Services (DHS) to the Australian Taxation Office (ATO). DHS will accept early release applications up until 30 June 2018 (12 June 2018). More...

Commonwealth will not pay Royal Commission compensation
The Federal Treasurer, Scott Morrison has strongly signalled the Commonwealth will have no part in paying compensation resulting from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (08 June 2018). More...

FOS: AFCA consults on draft Rules to enhance dispute resolution
The AFCA will commence on 1 November 2018. AFCA has drafted proposed Rules governing its jurisdiction and process for resolving complaints. The Rules, when finalised and approved by ASIC, will apply from the commencement of AFCA on 1 November 2018 (8 June 2018). More...

ASIC extends disclosure relief for super trustees, MIS
ASIC has extended relief for managed investment schemes and superannuation trustees in fulfilling certain disclosure obligations, as the government takes further time to decide upon its position (5 June 2018). More...

Criminal cartel charges laid against ANZ, Citigroup and Deutsche Bank
Citigroup Global Markets Australia Pty Limited (Citigroup), Deutsche Bank Aktiengesellschaft (Deutsche Bank) and Australia and New Zealand Banking Group Ltd (ANZ) have been charged with criminal cartel offences following an investigation by the ACCC. Criminal charges have also been laid against several senior executives: John McLean, Itay Tuchman and Stephen Roberts of Citigroup; Michael Ormaechea and Michael Richardson formerly of Deutsche Bank; and Rick Moscati of ANZ (5 June 2018). More...

Consultation on class action reform a welcome first step
The AICD welcomes the Australian Law Reform Commission (ALRC) discussion paper on reforms to Australia's class action regime, including regulation of litigation funders (1 June 2018). More...

In practice and courts

ASIC consultation: foreign financial services providers relief proposals
CP 301 sets out a proposal to enable foreign providers to apply for a modified form of Australian financial services (AFS) licence (foreign AFS licence). This follows ASIC's review of the regulatory settings behind our foreign providers relief. The current foreign provider licensing relief due to sunset on 27 September 2018, will be extended until 30 September 2019 while we consult with stakeholders. SIC invites submissions on CP 301 by 31 July 2018.

APRA: Review of the superannuation prudential framework
The aim of the review is to ensure the prudential and reporting standards, and related guidance, have achieved their objectives and continue to remain fit for purpose. To commence this review, APRA today released the first of a series of consultation papers on aspects of the prudential framework. APRA invites written submissions on all consultation papers by 26 September 2018. Click here to view the consultation papers. More...

Industry Super Australia (ISA) Submissions
ISA Submission on Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 - 01 June 2018

Australian Institute of Superannuation Trustees (AIST) Submissions
15 Jun 2018 - ASX Corporate Governance Principles & Recommendations
AIST supports the proposed amendments to the ASX Corporate Governance Principles & Recommendations.

15 Jun 2018 - Victims of crime compensation
AIST conditionally supports the proposal to allow victims of crime to access a perpetrator's superannuation where the perpetrator made contributions to intentionally shield their assets.

8 Jun 2018 - Financial Institutions Supervisory Levies 2018-19
AIST supports the improvements in the process for raising levies. However, greater transparency, accountability and fairness are needed.

8 Jun 2018 - Draft CPS 234 – Information Security
AIST supports CPS 234 as a useful mechanism to promote increased focus on information security and to promote continuous improvement.

Association of Superannuation Funds of Australia (ASFA) Submission
12 June 2018 -Submission to the Treasury
ASFA response to the discussion paper for the proposed Financial Institutions Supervisory Levies for 2018-19.

Superannuation: Performing for all members?
Speech: Deputy Chair, Karen Chester, presented a speech to the McKell Institute Executive Policy Forum boardroom luncheon on 6 June 2018 in Melbourne. More...

Legislation

ASIC Superannuation (Amendment) Instrument 2018/474
07/06/2018 – Date of repeal - This instrument extends the exemption for a registrable superannuation entity (RSE) licensee of a superannuation entity from section 29QB of the Superannuation Industry (Supervision) Act 1993 to the extent it requires publication on the website for a superannuation fund of personal information or information that relates to a standard-employer sponsored sub-plan.

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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