“Count Financial bullish on fees”
Article from The Australian - Count Financial chief executive has said that the financial planner will prosper even if the government prohibits investment platform rebates.
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“RBA wants to see price competition in the ATM market”
Article from Banking Day - The Reserve Bank may pursue further regulatory intervention due to its dissatisfaction with price competition in the ATM market. The RBA is not satisfied that there has been genuine price competition in the ATM market since its direct charge reforms came into effect early last year.
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“RBA chief calls for right balance of regulation”
Article from ABC - Reserve Bank Governor Glenn Stevens has warned against the financial sector growing too large for the economy.
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“Australia Central Bank’s Stevens says too much regulation may hurt economy”
Article from Bloomberg - Central Bank Governor Glenn Stevens has asserted that potential global financial regulations must balance the prevention of market crises against the risk of restricting economic growth.
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“Australia cbank warns on over-regulation of finance”
Article from Reuters - The Reserve Bank of Australia’s Governor, Glenn Stevens, warned against overregulation of the finance industry in the wake of the global financial crisis.
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“Capital raising reform urged”
Article from Business Spectator - A leading financial research firm has called for a series of reforms aimed at improving transparency and fairness in the capital raising system.
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“NAB supports Labor policy on bank fees”
Article from Sydney Morning Herald - The National Australia Bank has said that credit card law reforms would benefit consumers. NAB’s personal banking boss has said that the bank has already made changes to its credit card portfolio which are consistent with the government’s proposed changes.
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“Letter to ADIs: Proposals to strengthen the resilience of the banking sector”
Letter by APRA - Capital and liquidity reforms will be proposed by the Basel Committee at the G20 Heads of Government meeting in November. The reform package includes the definition of capital, the treatment of counterparty credit risk, the leverage ratio and the global liquidity standard.
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“Market integrity rules”
ASIC - On 1 August, ASIC made new market integrity rules pursuant to the Corporations Amendment (Financial Market Supervision) Act 2010. These rules do not change the substance of pre-existing obligations held by participants of the relevant markets.
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“Some longer-run consequences of the financial crisis”
Glenn Stevens’ Address to the Anika Foundation Luncheon - The Governor of the Reserve Bank of Australia discusses the financial crisis and, in particular, the financial regulation pursued by international bodies. He asserts that such regulation will result in lower economic growth levels.
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“CFDs in the gun sights of the corporate regulator”
Article from The Australian - The Australian Securities & Investments Commission, which released its highly anticipated "health check" report on the CFD market yesterday, has warned that it will lobby the federal government to introduce regulatory reforms if the industry fails to lift its standards.
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“Minister announces ASIC to takeover supervision of Australia’s financial markets from August 1”
Media release - The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, today announced that the transfer of supervisory responsibility for Australia's domestic licensed financial markets will take place on 1 August 2010.
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“Government Releases Cooper Review into Superannuation”
Media release - The Government welcomes the final report of the review into the governance, efficiency, structure and operation of Australia's Superannuation System (the Cooper Review).
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“National consumer credit protection amendment regulations”
Media release - The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP has welcomed the release of regulations which make amendments and enhancements to the existing National Consumer Credit Protection Regulations, including changes to the transitional provisions for residential property investment loans, the referral exemption relating to referral via website link, and the responsible lending obligations for pre-existing contracts.
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“Corporate reporting regulations approved”
Media release - The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has welcomed the final approval of Regulations to accompany legislation passed by Parliament last week to reduce red-tape on business.
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“New reforms to the taxation of financial arrangements”
Media release - The Assistant Treasurer, Senator Nick Sherry, today announced further refinements to the income tax law relating to the Taxation of Financial Arrangements Stages 3 & 4 provisions to provide certainty and clarity on the operation of the law.
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“New national consumer credit laws protect consumers from predatory lenders”
Media release - The Commonwealth Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, and Victorian Minister for Consumer Affairs, Tony Robinson, launched the National Consumer Credit Code, to improve consumer protection in credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and brokers.
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“Parliament approves thin capitalisation tax reforms”
Media release - The Assistant Treasurer, Senator Nick Sherry, today welcomed the passage through Parliament of important reforms to Australia's thin capitalisation tax laws as they apply to authorised deposit - taking institutions.
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“Government introduces legislation to crack down on unsolicited share offers and insider trading”
Media release - The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has today introduced legislation to stamp out unsolicited, below-value share offers and to crack down on insider trading and market manipulation.
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“Parliament passes legislation to cut red-tape for business”
Media release - The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has welcomed today's passage of legislation that will reduce the red-tape burden on business and improve Australia's corporate reporting framework.
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“Tax reform - a dynamic process”
Keynote Address by the Assistant Treasurer, the Hon Nick Sherry, to the Australian School of Taxation Post-Henry Review Tax Conference, the Museum of Sydney
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“Important reforms to benefit Managed Investment Funds”
Media release - The Assistant Treasurer has today announced the detail of amendments to the definition of a managed investment trust (MIT) which widen the scope of trusts to benefit from taxation concessions available through the capital account and withholding tax arrangements.
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“Further reforms for simpler GST administration”
Media release - The Parliament has passed important legislation that will see significant improvements to the administration of the goods and services tax (GST).
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“National Consumer Credit Protection Amendment Regulations”
Media release - The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP has welcomed the release of regulations and explanatory material, which make key amendments and enhancements to the existing National Consumer Credit Protection Regulations.
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“New rules on non-commercial loans improve fairness and integrity of the tax system”
Media release - The Assistant Treasurer, Senator Nick Sherry, said the passage of changes to the non-commercial loan rules will improve the integrity and fairness of the tax system. The non-commercial loan rules are integrity provisions designed to ensure private companies cannot make payments or loans to shareholders disguised as tax-free dividends.
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“New laws boost fight against Phoenix tax fraud”
The Assistant Treasurer, Senator Nick Sherry, has highlighted a significant strengthening of laws to fight fraudulent 'phoenix' activity which was passed by Parliament today.
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Address to better regulation business forum
Speech - Address by the Hon. Chris Bowen to better regulation business forum. Topics include standard business reporting, Financial Services Working Group, Corporate Reporting Bill, directors liability and trustee corporations.
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“Impacts of proposed regulatory reforms on unregulated or ‘less-regulated’ market segments (Panel 2)”
Speech by Tony D'Aloisio, Chairman, ASIC, to the 35th IOSCO Annual Conference of the International Organization of Securities Commission.
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“The Australian banking system under stress?”
Speech by APRA Chairman, John Laker to the Australian Business Economists Sydney.
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“A guide to the unfair contract terms law”
ACCC press release - A guide to the unfair contract terms law, a new publication developed jointly by the Australian Competition and Consumer Commission (ACCC), the Australian Securities and Investments Commission (ASIC) and state and territory consumer protection agencies, has been released.
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“Volatile markets to hit super again”
Article from The Australian online by Geoffrey Newman - “Superannuation fund members are at risk of losing thousands of dollars from their accounts as an increase in the volatility of returns…”
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“Government Introduces Legislation to Cut Red-Tape for Business”
Media release - Chris Bowen has introduced a Bill into Parliament to reduce red-tape on business and improve Australia's corporate reporting framework.
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“ASIC consults on Markets Disciplinary Panel”
Media release - ASIC has released a consultation paper seeking comment on the proposed operation of its Markets Disciplinary Panel. The panel is being set up as part of the regulatory infrastructure for the supervision of real-time trading on Australia’s domestic licensed financial markets.
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“Government Releases Draft Legislation Cracking Down on Insider Trading and Other Market Offences”
Media release - Chris Bowen has released draft legislation giving effect to the Government's commitment to crack down on market offences, such as insider trading.
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“Rudd Government Commences Consultation on Future of Financial Advice Reforms”
Press Release - Chris Bowen has announced the commencement of consultation on the Future of Financial Advice reforms announced on 26 April 2010.
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“Super clearing house available from July: SuperChoice”
The Australian online article - The federal government's superannuation clearing house for small business has passed through parliament and will be available from July. Article by Sara Rich.
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“Reforms to the Supervision of Australia’s Financial Markets - Exposure Draft of Regulations and Consultation Paper”
The Treasurer and Minister for Financial Services, Superannuation and Corporate Law, have announced the release of draft regulations transferring the responsibility for the supervision of Australia’s domestic licensed financial markets from market operators to the Australian Securities and Investments Commission (ASIC).
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“Market update on confidential information and rumours”
Media release - ASIC will continue to work to improve industry standards on the responsible handling of rumours and corporations’ management of confidential information but does not plan to issue regulatory guidance on at this stage.
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“2010-11 Budget – Responsible Management and a Faster Return to Surplus”
Press release from the Treasurer, the Hon. Wayne Swan M.P. announcing the 2010-2011 Budget measures.
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“ASX imposes new rules on energy projects”
Article from the Australian Financial Review - The Australian Securities Exchange is planning a sweeping overhaul of reporting requirements for oil and gas companies to increase transparency to investors in the booming sector.
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“Regulator probing Rio Tinto on Stern Hu”
Article from The Australian online - ASIC has confirmed it was conducting routine inquiries into whether Rio Tinto broke any laws over the Stern Hu affair. Chairman Tony D'Aloisio said the inquiries were aimed at determining whether Rio had breached any Australian laws after the successful Chinese prosecution of Hu on bribery charges.
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“An interest in reduced tax burden on deposits”
The Australian banking system’s heavy reliance on offshore money to fund loans can be easily reduced by giving people a tax break on the interest they earn on bank deposits. Banks want Treasury secretary Ken Henry’s review of the tax system to lower the tax interest earned on bank deposits.
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“Australia Leads Global Forum International Tax Transparency Review Process”
Media release - The Assistant Treasurer, Senator Nick Sherry, has announced Australia's two-year term as Chair of the Global Forum on Transparency and Exchange of Information has begun with a major step in the fight against international tax evasion.
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“ASIC acts against unregistered offshore fund operators targeting Australian investors and self managed superannuation funds”
ASIC has taken action in the Supreme Court of New South Wales against the unlicensed operators of 14 unregistered offshore managed investment funds operating in Australia.
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“Australia Signs Tax Information Agreement with Monaco”
Media release - The Assistant Treasurer, Senator Nick Sherry, has announced the signing of a Tax Information Exchange Agreement (TIEA) with Monaco, as Australia's global network of jurisdictions committed to greater tax and financial transparency grows to 23. By signing this agreement Monaco has committed to implementing international tax standards of information exchange.
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“Australia's Campaign for Greater Global Tax Transparency Gathers Pace with Seven More Tax Information Treaties Signed”
Media release - The Assistant Treasurer, Senator Nick Sherry has announced the signing of a further seven Tax Information Exchange Agreements (TIEAs) as Australia's global efforts for greater transparency in tax matters gathers pace.
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“Removal of Large Deposits and Wholesale Funding Guarantee”
Media release - Treasurer Wayne Swan has announced that the Government Guarantee of Large Deposits and Wholesale Funding has closed.
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“Government Announces Competition in Financial Markets”
Media release - Chris Bowen MP has announced the Government's support for competition between markets for trading in listed shares in Australia as well as in-principle approval of Chi-X Australia Pty Ltd’s (Chi-X’s) Australian market licence application.
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“Guidance for credit licensees about compensation and insurance obligations”
ASIC has released regulatory guidance for credit licensees and insurers about the compensation and professional indemnity (PI) insurance obligations under the National Consumer Credit Protection Act (National Credit Act).
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“APRA consults on proposals for the supervision of conglomerate groups”
Media release - APRA has released a discussion paper containing proposals on supervising conglomerate groups.
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“OECD Review of Regulatory Reform in Australia Released”
Media release from Lindsay Tanner - Minister for Finance and Deregulation - The OECD has released a report which confirms the Rudd Government’s economic and regulatory reforms have protected Australia from the global financial crisis.
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“Opening Statement to the Senate Standing Committee on Economics”
Speech by John F Laker, Chairman, Australian Prudential Regulation Authority.
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“Bank support scheme to end”
Article from The Australian online - The Federal Government has ended its wholesale bank guarantee to lenders.
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“Margin lending licensing commences”
Press release issued by ASIC - Issuers and advisers of margin lending facilities will be able to apply for an Australian Financial Services licence (AFSL), or a variation to an existing licence, from today, 1 February 2010 until 30 June 2010.
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“Greater Powers to The Corporate Regulator To Pursue Market Misconduct”
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“Banks buoyant as regulation risk fades”
Article from The Australian - Earnings forecasts for major Australian banks have been upgraded amid expectations they will escape the fallout from regulatory changes imposed on some of the world's biggest lenders.
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“Corporate Insolvency Law Reform Package”
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has today announced a package of reforms to Australia's corporate insolvency laws.
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“Executive Remuneration in Australia - Inquiry report”
Report from the Productivity Commission on executive remuneration reforms.
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“Product Rationalisation of Managed Investment Schemes and Life Insurance Products - Proposals Paper”
Treasury Paper on proposed product rationalisation framework for managed investment schemes and life insurance products.
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“Information for issuers and advisers of margin lending facilities”
Press release - ASIC has today released updated policy and regulatory guidance to assist issuers and advisers of margin lending facilities comply with new licensing, conduct and disclosure requirements.
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“ASIC seeks feedback on proposal to develop listed corporate bond market”
Press release - ASIC has released a Consultation Paper to assist with the development of a sustainable listed corporate bond market in Australia.
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“Securitisation’s spark”
Article from INSTO - Securitisation is now following the rest of the economy upwards, with a number of recent Australian residential mortgage-backed securities (RMBS) deals taking place.
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“APRA aligns general insurance prudential reporting with accounting standards”
APRA has released a consultation package relating to proposed changes to prudential reporting for general insurers.
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“ASIC prepares for the transfer of market supervision”
ASIC has announced arrangements for managing the transfer of front line market supervision from the Australian Securities Exchange (ASX) to ASIC.
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“APRA finalises position on remuneration”
APRA has released its prudential requirements on remuneration for ADIs and general and life insurance companies.
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“ASIC gives credit ratings agencies improved control over ratings use”
Press release - ASIC has decided to withdraw current class order relief that allows issuers of investment products to cite credit ratings without the consent of credit rating agencies.
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“ASIC outlines improvements to regulation of credit rating agencies in Australia”
Press release - ASIC has outlined changes to the regulation of credit rating agencies in Australia.
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“Joint Statement with H.E. Sri Mulyani Indrawati Minister of Finance, Republic of Indonesia”
Joint Statement between H.E. Sri Mulyani Indrawati, Minister of Finance of the Republic of Indonesia and The Hon. Wayne Swan MP, Treasurer of the Commonwealth of Australia, Jakarta, 10 November 2009.
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“Facilitating capital raising for corporate Australia”
A speech by Belinda Gibson, Commissioner ASIC, to the Corporate Finance World Australia 2009 conference.
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“MINCO Agrees On Principles for Reform of Directors' Liability Provisions”
Press release from Chris Bowen - The Ministerial Council for Corporations (MINCO) has agreed on a set of principles for reform of directors’ liability provisions.
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“APRA defers development of enhanced superannuation statistics”
Media release - APRA has deferred the update of its superannuation statistical collections and publications pending the outcome of the Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System (the Cooper Review).
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“ASIC grants transitional relief from regulation for funded class actions”
Media release - ASIC has announced its intention to grant transitional relief to lawyers and litigation funders involved in legal proceedings structured as funded class actions.
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“Mid-Year Economic and Fiscal Outlook 2009-10”
Press release from Wayne Swan MP - The 2009-10 Mid-Year Economic and Fiscal Outlook (MYEFO) has been released.
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“APRA signs multilateral insurance MoU”
Press release from APRA - APRA has signed the International Association of Insurance Supervisors’ (IAIS) Multilateral Memorandum of Understanding (MMoU) at the IAIS Annual Conference in Brazil.
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“Standard Business Reporting Gains International Momentum”
Joint press release from Chris Bowen MP and Lindsay Tanner MP about the Standard Business Reporting (SBR) program attracting interest internationally.
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“Research, ratings firms 'are not fraud watchdogs'”
Article from The Australian about ASIC’s role in determining whether a corporate entity has been fraudulent.
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“Regulatory Response to the Financial Crisis”
Speech by ASIC chairman Tony D’Aloisio to the Asia Securities Forum in Sydney.
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“Nomination of Australian Executive Director to the European Bank for Reconstruction and Development”
The Treasurer, The Hon Wayne Swan MP, has announced that the Australian Government has nominated Dr John Eyers to the role of Executive Director to the European Bank for Reconstruction and Development (EBRD).
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“Further Support for Competition in the Mortgage Market”
The Treasurer, The Hon Wayne Swan MP, has announced an extension to the Government’s investment in Australian residential mortgage-backed securities (RMBS) to further support competition in Australia’s mortgage market.
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“Top Australian Regulator Recognised in Appointment to Major International Financial Body”
Press release from the Minister for Financial Services, Superannuation and Corporate Law on the nomination of the Chairman of the Australian Securities and Investments Commission (ASIC), Tony D’Aloisio to chair a major international regulatory body.
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“Australia’s financial system ranks 2nd to UK: World Economic Forum”
Business Spectator article - Australia has been ranked second in the World Economic Forum’s second annual Financial Development Report.
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“Australia Convenes Pacific Economic Ministers to Discuss Global Recession”
The Assistant Treasurer, Senator The Hon Nick Sherry, has convened another round of the informal dialogue with Pacific Economic Ministers during the IMF and World Bank Annual Meetings.
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“Statement by Glenn Stevens: Monetary Policy”
Media Release from the Reserve Bank of Australia website - The RBA has announced an increase in the cash rate by 25 basis points, effective 7 October 2009.
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“Government Action on Executive Pay”
The Productivity Commission today released its Discussion Draft on Executive Remuneration in Australia. The Commission proposes reforms that would improve the accountability of boards, remove conflicts of interest and enhance shareholder engagement on remuneration.
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“ASIC provides hedging relief to market makers”
Announcement - ASIC has issued Class Order [CO 09/774] that allows short selling to hedge risk from market making activities.
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“Australian regulator helps clean up the mess”
Article from The Age online about Australian-born IOSCO chairwoman Jane Diplock and her views on market regulation.
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“Clearing house alert on up to 15 brokerages”
Article from The Age online about the RBA’s latest annual assessment on the number of brokerages placed on the Australian Clearing House watchlist amidst market volatility.
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“Government measures to address confidence concerns in the financial sector - The Financial Claims Scheme and the Guarantee Scheme for Large Deposits and Wholesale Funding”
Report by the Senate Economics References Committee on the potential introduction of an optional fee-based government guarantee on RMBS.
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“Senate requests more bank competition, regulation”
Article from ABC online about a Senate committee recommending more transparency and reporting about bank mergers and the state of competition in the banking sector.
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“Ratings agencies under scrutiny over toxic debt”
Article from The Age about ratings agencies coming under pressure in the economic downturn.
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“APRA proposes enhanced liquidity requirements for ADIs”
The Australian Prudential Regulation Authority (APRA) has today released for consultation proposals to enhance liquidity risk management by authorised deposit-taking institutions (ADIs).
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“ASIC consults on responsible lending conduct obligations for credit licensees”
ASIC released its policy proposals on implementing the responsible lending obligations for credit licensees on 2 September 2009. This is part of the extensive consultation process that ASIC is undertaking to implement the proposed National Consumer Credit Protection Program.
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“Report on the National Consumer Credit Protection Bill 2009 and related bills”
The Senate Standing Committee on Economics has released its report on the National Consumer Credit Protection Bill 2009 and related bills.
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“Report on the Trade Practices Amendment (Australian Consumer Law) Bill 2009”
The Senate Standing Committee on Economics has released its report on the Trade Practices Amendment (Australian Consumer Law) Bill 2009 and has recommended that the Bill be passed.
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“ASIC acts on illegal early access to super”
ASIC is concerned that the current market conditions are contributing to an increase in the number of people attempting to gain illegal early access to their superannuation.
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“Reforms to the supervision of Australia's financial markets”
The Treasurer, Wayne Swan MP and the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, today announce changes to the supervision of Australia's financial markets that will enhance the integrity of Australia's financial markets and take another step towards establishing Australia as a financial services hub in the region.
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“ASIC expands relief for hardship withdrawals from frozen mortgage funds”
Australian Securities and Investments Commission (ASIC) has announced changes to hardship withdrawals from frozen mortgage funds.
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“Joint Media Release: APRA, ASIC and FICA hold meeting”
On 10 August 2009, the Board of the Finance Industry Council of Australia (FICA) met with the ASIC Commissioners and APRA Members to discuss a range of regulatory and industry issues, against the backdrop of the global financial crisis.
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“ASIC seeks improved disclosure for retail derivative investors”
ASIC is looking to strengthen protections for retail investors trading derivative products such as contracts-for-difference (CFDs).
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6 August 2009
“Enhancing the competitiveness of financial services - lessons learnt and opportunities for improvement”
Opening Remarks to a Keynote Panel by John Laker, Chairman, Australian Prudential Regulation Authority.
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“FED: Customer anger prompts changes to bank penalty fees”
Consumer anger over bank penalty fees could help force change across the banking industry following Westpac's decision to cut its charges from around $45 to $9.
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“Regulatory issues arising from the financial crisis for ASIC and for investors and financial consumers”
A speech by ASIC Chairman Tony D'Aloisio to the Australian Financial Counselling & Credit Reform Association.
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"ASIC advisory: Improving disclosure of securities lending"
ASIC today released consultation on guidance on disclosure of substantial holdings arising from securities lending or prime broking.
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"New market disclosure measures to enhance capital raising and continuous disclosure by unlisted entities"
ASIC today released new measures to enhance market disclosure and efficiency in capital raisings and unlisted disclosing entities.
The new equity raising policies released today seek to streamline the fundraising process by faster and more effective disclosure. The measures also aim to make it easier to include retail investor participation in fundraisings by expanding situations where a full prospectus or product disclosure statement (PDS) is not required.
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"ASIC updates guidance on paperless issues and transfers under a global debenture"
The updated regulatory guide sets out ASIC’s guidance on granting relief from the obligation under section 1071H of the Corporations Act 2001 for an issuer to provide certificates or other title documents for a paperless issue or transfer under a global debenture.
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"BCA Supports Government Employee Share Ownership Paper"
The Business Council of Australia welcomes the discussion paper on employee share ownership plans released today by the federal government.
The paper indicates a clear intent to support employee share ownership plans and to provide certainty to business and employees.
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"Regulatory issues arising from the financial crisis for ASIC and for market participants"
Speech by Tony D’Aloisio, Chairman of the Australian Securities and Investments Commission (ASIC) to the Securities & Derivatives Industry Association (SDIA)
12th Annual Conference, Sydney
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"On Board"
“On Board” is a periodic Mallesons publication for directors of Australian public companies and other large organisations. Our aim is to provide insights and commentary around recent developments in law and policy affecting those directors. This edition of “On Board” is devoted to commentary on the decision of the New South Wales Supreme Court in ASIC’s case against James Hardie Industries NV, James Hardie Industries Limited, and a number of former directors and executives of those companies.
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"Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009"
Australian Government Treasury
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“On Board” is a periodic Mallesons publication for directors of Australian public companies and other large organisations. Our aim is to provide insights and commentary around recent developments in law and policy affecting those directors. This edition reviews developments over the past 18 months including: Recent cases on directors’ duties; decisions of the Takeovers Panel concerning the actions of directors of target companies; and proposals concerning executive remuneration.