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FoFA Bill passed by Senate
The Governments Future of Financial Advice Bill was passed by the Senate yesterday While the Bill began its life as the so-called Streamlining Bill introduced by the Government on 19 March 2014 the Bill as passed yesterday bears very little resemblance to the Bill as originally introduced It is ...
Guarantors owed a duty of care under the Code of Banking Practice
A recent decision of the Victorian Court of Appeal has given a wide meaning to the Code of Banking Practice finding that the duty of care owed by a lender in assessing the borrowers ability to repay extends to guarantors Effectively the bank was responsible to guarantordirectors for funding their ...
Bill to repeal equal representation rules for superannuation trustee boards
Treasury today released what appears to be an extract from an Exposure Draft Bill that will remove the equal representation rules in the Superannuation Industry Supervision Act 1993 Cth and require at least a third of the directors of superannuation trustee boards to be independent If passed the ...
Bitter Harvest yields fertile ground for MIS reform
Last month the Senate Economics References Committee handed down its long-awaited report on the structure and development of agribusiness-managed investment schemes The Committees inquiry into agribusiness schemes had been instigated in June 2014 by Greens Senator Peter Whish-Wilson While there had ...
Road map to anti-money laundering and counter-terrorism financing reform
The Federal Attorney-Generals Department has released its draft Project Plan for the implementation of the wide-ranging recommendations arising from the recent statutory review of Australias anti-money laundering and counter-terrorism financing regime Partner Peter Haig Associate Andrew Shetliffe ...
Budget superannuation changes passed
The Governments main changes to superannuation have been passed by Parliament We look at what this means for the superannuation industry and for you. ...
Are super funds and managed investment schemes the next frontier for shareholders with activist agendas?
A recent Federal Court appellate decision highlights the fundamental tension in the Corporations Act between shareholders power to propose resolutions at members meetings and the proposition that a company is to be managed by its Board of directors ...
Default superannuation under the microscope
You may be forgiven for thinking the Productivity Commission is fixated on superannuation at the moment Its latest review centres on developing alternate models of allocating default members to products ...
Amendments to Retail Leases Act (NSW)
New legislation has been introduced into the NSW Parliament that if passed will make significant amendments to a number of the provisions of the existing legislation governing retail shop leases ...
Spotting hurdles in the race to market Australian funds in Asia
The introduction of the Asia Region Funds Passport ARFP has been in the works for some time The ARFP was one of the recommendations coming out of the 2009 Johnson Report and aims to provide a basis for cross-border marketing of managed funds in the Asia region While there has been a tendency to ...