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ASIC to regulate credit? ...click here to read more |
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On 12 December 2007 the Productivity Commission (Commission) released a draft report: Review of Australia’s Consumer Policy Framework (Report). In the Report, inter alia, the Commission has recommended (Draft Recommendation 5.2) that the responsibility for regulating finance brokers and other credit providers should be transferred to the Australian Government, with the regulatory requirements encompassed within the financial services regime administered by the Australian Securities and Investment Commission (ASIC). |
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Disclosure in a volatile market: ASX and ASIC warnings ...click here to read more |
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Recent market volatility, in particular the controversy that has surrounded the sharp sell downs of stock of by directors of a number of high profile listed companies, has led to the Australian Securities Exchange (ASX) and the Australian Securities and Investment Commission (ASIC) to respond by issuing new disclosure guidelines to listed entities. |
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Division 6 changes and superannuation ...click here to read more |
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In one of its first moves since entering Government, the Rudd Labour Government has announced a review of the taxation arrangements relating to managed investment schemes. The objective of the review is to explore options for introducing a specific tax regime for managed investment schemes which will reduce complexity, increase certainty, minimise compliance costs and enhance the international competiveness of Australian managed funds. |
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Can the reasonable steps defence save the integrated PDS and incorporation by reference? ...click here to read more |
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The superannuation industry is still not convinced about the value of some of the recent changes to disclosure law, particularly the use of incorporation by reference and ‘integrated product disclosure statements’ . Treasury and the regulators are encouraging product issuers to make product disclosure shorter and more effective. The problem for issuers, and those that advise them, is embedded in the legislation.
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financial services update .......
Breach Reporting - from 1 January 2008
The breach reporting period for AFSL holders was extended from 5 to 10 business days for significant breaches as of 1 January 2008.
APRA regulated bodies are also not required to lodge a separate breach report with ASIC if the auditor or actuary of the licensee has given APRA a written report about the breach within 10 business days after the licensee became aware of the breach.
PI Insurance - from 1 July 2008 ... click here to read more
For most AFSL holders, new compensation requirements will commence on 1 July 2008. AFSL holders must meet ‘implementation period’ requirements until 30 June 2010 after which more extensive ‘adequate insurance’ requirements will apply. |
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