Regulator - November 2009
Mallesons’ Regulator Newsletter offers perspectives on current regulatory issues from the Market Regulation team.
Regulator - October 2009
Mallesons’ Regulator Newsletter offers perspectives on current regulatory issues from the Market Regulation team.
Cooper Review: phased consultation begins - 25 August 2009
The Super System Review headed by Jeremy Cooper has today announced that its examination of Australia’s superannuation system will be conducted in three phases. The Review Panel has also called for submissions in response to the Phase One: Governance - Issues Paper also released today.
ASIC proposes radical reforms - 18 August 2009
The Australian Securities and Investments Commission has proposed some fundamental reforms to the Australian financial services industry. If adopted, the reforms would reshape the financial advice industry. Some would also have implications for the broader financial services industry and consumers.
Regulator - 2nd edition - 14 August 2009
Mallesons’ Regulator Newsletter offers perspectives on current regulatory issues from the Market Regulation team.
Government announces options paper to tackle legacy financial products - 5 August 2009
In the opening session of the Investment and Financial Services Association (IFSA) conference, the Minister for Financial Services, Superannuation and Corporate Law, the Hon. Chris Bowen MP, announced that an options paper will be released in coming weeks to tackle product rationalisations.
Loss roll-over for merging superannuation funds - 4 August 2009
The Government has released an exposure draft bill to provide roll-over relief for merging superannuation funds that have losses. The measure will provide roll-over relief for net capital losses and revenue losses, including for past income years. The relief extends to transfers where assets have been and/or will be held through a PST or life company. However, there are restrictions on the relief’s availability.
Class order relief for simple advice - 10 July 2009
ASIC has issued class order relief for intra-fund superannuation advice. Trustees who hold an Australian Financial Services Licence authorising them (and their authorised representatives) to provide personal advice, can give personal advice to a member without complying with section 945A of the Corporations Act if the advice relates to the member’s interest in the fund.
New margin lending regulation: 7 steps for advisers - 7 July 2009
Legislation regulating margin lending as a financial product has been introduced into Federal Parliament. This alert provides seven steps to help financial planners and others involved in advising on and distributing margin loans to develop a plan to comply with the new regime.
Regulator - 2 July 2009
Mallesons’ Regulator Newsletter offers perspectives on current regulatory issues from the Market Regulation team.
Unfair Contracts Bill: implications for financial services providers - 30 June 2009
Financial services providers will be regulated under a proposed national unfair contracts regime (“regime”) from 1 January 2010. The regime will apply to new contracts entered into after 31 December 2009, and also affect contracts that are varied after that date (but only to the extent of the variation). The first step will be to identify the affected products and services.
ATO issues new ruling on “ordinary time earnings” - 14 May 2009
The ATO has today issued a new ruling on the meaning of “ordinary time earnings” and “salary or wages” in the superannuation guarantee regime. The final ruling differs significantly from a draft of the new ruling released in November 2008. While addressing some of the concerns of employers with the draft ruling, the final ruling does include some new items in the superannuation contribution base.
Default fund nomination in modern awards to be reviewed - 1 May 2009
The Australian Industrial Relations Commission (AIRC) process for selecting default superannuation funds for modern awards will be reviewed as part of the recently announced examination of Australia’s superannuation system.
Government announces extension of APRA's supervisory and enforcement powers - 2 March 2009
Today the Assistant Treasurer and the Minister for Superannuation and Corporate Law announced that the Government proposes to introduce a Bill (to be known as the Financial Sector Legislation (Enhancing Supervision and Enforcement) Bill 2009) to regulate the non-operating holding companies (NOHCs) of life companies.
Government announces drawdown relief for pensioners and annuitants - 18 February 2009
Today the Treasurer and the Minister for Superannuation and Corporate Law issued a joint press release announcing relief from the requirements for minimum drawdown amounts for certain pensions and annuities.
New super guarantee draft ruling: Can overtime be “ordinary time earnings”?
The ATO has released a Draft Superannuation Guarantee Ruling (SGR 2008/D2) explaining the meaning of the terms “ordinary time earnings” and “salary or wages”. The ATO says that overtime and paid parental leave can both be included in an employee’s ordinary time earnings. Both views represent significant departures from the existing ruling and are likely to increase minimum superannuation contributions for many employers who have relied on the ruling.
Government releases consultation paper on superannuation clearing house & lost members - 14 November 2008
Today the Minister for Superannuation and Corporate Law released a two-part consultation paper entitled Superannuation Clearing House and the Lost Members Framework. The issues canvassed in the paper are far-reaching and will be relevant to employers, superannuation trustees, administrators and custodians.
Superannuation for temporary residents - Bills introduced - 26 September 2008
Following an extensive consultation period which commenced with the release of a discussion paper on 5 May 2008, the Government yesterday introduced legislation into the House of Representatives which addresses the number of lost accounts and unclaimed money in the superannuation system which is referable to temporary residents who have departed Australia.
Managed Funds - changes to the eligible investment rules (Division 6C) - 26 September 2008
The Government has introduced into Parliament changes to the rules which govern the types of eligible investment business (eg. investing in land and securities) with which certain ‘public unit trusts’ need to comply in order to maintain their “flow through” character and prevent being taxed as companies (i.e. as public trading trusts - Division 6C).
Confirmation of product rationalisation - 8 August 2008
Today at the IFSA Conference, Geoff Miller from the Government Product Rationalisation Panel provided some insight into what the Government’s final product rationalisation proposal might look like.
Australia-Hong Kong mutual recognition of retail funds - 8 July 2008
The Australian Securities and Investments Commission (ASIC) and the Hong Kong Securities and Futures Commission (SFC) have announced a regime to facilitate the offering of retail funds to investors in each other's market. The announcement opens up new investment opportunities in both markets.
Government releases consultation paper on superannuation clearing house & lost members - 14 November 2008
Today the Minister for Superannuation and Corporate Law released a two-part consultation paper entitled Superannuation Clearing House and the Lost Members Framework. The issues canvassed in the paper are far-reaching and will be relevant to employers, superannuation trustees, administrators and custodians.
A changing superannuation landscape for employers - 22 May 2008
The pace of superannuation reform continues with a number of proposals and recent changes that will affect the way employers are required to satisfy their superannuation obligations.
Online delivery of financial services information - Consultation Paper released - 4 April 2008
ASIC released a Consultation Paper “Facilitating online financial services disclosures” on 2 April.
Affordable housing initiative will create new property industry sector - 3 March 2008
Mallesons Stephen Jaques predicts the emergence of a new property industry sector catering for affordable housing developments, kick started by the government’s affordable housing subsidy.
Taxation review of managed investments – 26 February 2008
On 22 February 2008, the Assistant Treasurer announced that he had requested the Board of Taxation to review the taxation arrangements that apply to managed funds (Review).
Product Rationalisation - Treasury has released submissions - 8 February 2008
Treasury has released 17 of the 20 submissions it received in response to its product rationalisation issues paper.
First Home Saver Accounts - Consultation Paper released - 8 February 2008
The Federal Government has released its Consultation Paper on First Home Saver Accounts, which the Government anticipates will hold around $4 billion in savings after four years.
Managed investment scheme issuers are now subject to anti-money laundering laws - 30 January 2008
On Thursday 31 January 2008, the Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008 will take effect under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act).
AUSTRAC clarifies treatment of securities dealing and other AML/CTF Act developments - 31 August 2007
On Friday 31 August 2007, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released draft anti-money laundering and counter-terrorism financing (AML/CTF) Rules.
AML/CTF Act has commenced - 14 December 2006
The Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) has commenced. It received Royal Assent on 12 December 2006. Some key obligations under the Act commenced on 13 December 2006 as follows.
Australian Parliament passes AML/CTF Acts - 7 December 2006
On 7 December 2006, the Australian Senate passed the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006. There are heavy penalties for non compliance.
Banking and finance alert - 23 December 2004
On 1 December 2004 the Ministerial Council on Consumer Affairs released for public comment a Discussion Paper proposing a national regulatory scheme for finance and mortgage brokers. The proposal will have a significant effect on the business of brokers, and will also impact credit providers. The Discussion Paper calls for submissions by 15 February 2005. More…
Banking and finance alert - 20 December 2004
This alert highlights some issues that are likely to affect the financial services industry in 2005. Mallesons Stephen Jaques’ financial sector regulatory team hopes that it will help in planning for the changing regulatory environment ahead. More…
Funds management alert - 25 November 2004
By now you would be aware that International Accounting Standards will be incorporated into Australian accounting standards and will apply from 1 January 2005. This means that financial reports prepared for financial reporting periods after this date will need to incorporate these changes. More...
Banking and finance alert - 15 November 2004
This alert discusses ASIC's recently published policy statement entitled Licensing: Managing conflicts of interest and guide for research report providers entitled Managing conflicts of interest: An ASIC guide for research report providers. More...
Superannuation and pensions article - 5 November 2004
New requirements introduced as part of the Superannuation Safety Amendment Act 2004 will have a material impact on many of the functions traditionally outsourced by Trustees of superannuation funds. More...
Financial services law alert - 3 May 2004
This alert discusses the liability of directors of corporate trustees in situations where there are insufficient trust assets to meet the trust's debt and suggests some possible strategies for addressing the additional risk as a result of Hanel v O'Neil. More…
Superannuation alert - 26 November 2003
The Federal Government recently released its response to Senate recommendations on taxing transfers from overseas funds. More…
Superannuation alert - 17 November 2003
The Taxation Laws Amendment (Superannuation Contributions Splitting) Bill 2003 was introduced to Parliament on 11 September 2003. More…
Superannuation alert - November 2003
Amended portability regulations (replacing those criticised by Choice of Fund by stealth) were gazetted on 10 October 2003. More…
Superannuation alert - 24 June 2003
Treasury issued draft regulations under the SIS Act and the RSA Act relating to the portability of superannuation balances on 27 May 2003. More…
Superannuation alert - June 2003
The Assistant Treasurer has released for public comment an exposure draft of the Superannuation Safety Amendment Bill 2003. More…
International tax reform alert - May 2003
The following discussion addresses the implications for the funds management industry of tax reform measures arising from the Government's Review of International Tax Arrangements. More…
Employee Option Plans alert - May 2003
The Treasurer has announced the Government's intention to review Australia's current legislation and international tax treaty arrangements relating to employee share options. More…
Employee Share Plans alert - May 2003
ASIC releases its long awaited revised policy on employee share plans. More…
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