The New Rules are slated to come into force on July 1,
The 10% Rule has been rewritten to accommodate many of the
issues we had highlighted previously. The New
Rules now provide that an administrator may not make an
additional investment or loan in a person (including
associated or affiliated persons) if 10% or more of the plan's
total market valued assets have already been invested or
loaned to that person.
The Related Party rules have also been revised, and in a
The "nominal or immaterial" exception has been
The ability to enter into a transaction with a related party
(other than an investment or loan) on terms no less favourable
than market terms has been retained (the draft required that
the terms be on market terms); and
A "corrective period" of 5 years from the date of a
contravention has been added to deal with any investment that
contravenes the Related Party rules, provided the offending
transaction was entered into by someone other than the
administratoror an entity controlled by the
administrator. It is not entirely clear to whom this
provision is referring; but presumably to an investment manager or
other arm's length investor unable to take advantage of any of
the other new exceptions to the Related Party rules.
Federally Regulated Plans
No substantive changes were made from the proposed draft.
Please see our commentary.
Most of the changes are scheduled to come into force on April
1, 2015. The additional disclosure for member annual
statements, disclosure on DC plan investments and statements for
retirees come into force on July 1, 2016.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The arbitrator's decision covered a number of issues including whether the termination was appropriate and whether the City had breached the grievor's human rights. The following, however, will focus on the privacy issue raised.
In my December 15, 2016 article, Federal Government's Cannabis Report: What does it mean for employers?, I noted the Report's1 suggestion that there was a lack of research to reliably determine when individuals are impaired by cannabis.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).