341-350 of 593 results
BEAR Bill implementation date likely to change
This afternoon the Senate Standing Committee on Economics released their report on the Treasury Laws Amendment Banking Executive Accountability and Related Measures Bill 2017 BEAR Bill The Economics Committee recommends that the BEAR Bill be passed but recommends the commencement date be pushed out ...
First civil penalty order for breach of FOFA duties
The Federal Court recently imposed a 1 million civil penalty on a licensee for breaches by its representatives of the best interests and appropriate advice duties The penalties were the same amount that was agreed between ASIC and the licensee The decision is a reminder to financial services ...
The BEAR has dropped, where to from here?
The commencement date of the BEAR legislation is fast approaching and institutions should start planning how to comply with the regime We look at the changes made to the BEAR legislation following industry submissions the timing for implementation and key steps to take ...
Updated guidance on conflicted remuneration and other banned benefits
Earlier today ASIC released an updated version of Regulatory Guide 246 concerning conflicted remuneration and other banned benefits such as volume-based shelf-space fees The changes are largely to address the life insurance remuneration reforms which take effect on 1 January 2018 But there are other ...
Financial advice - vertically integrated institutions and conflicts of interest
ASIC has released its report on financial advice provided by vertically integrated institutions which is likely to be read with great interest by Commissioner Hayne and his team Senior Regulatory Counsel Michael Mathieson and Partner Michelle Levy report ...
Move to require big banks' participation in comprehensive credit reporting
The Federal Government has introduced draft legislation to establish a long-awaited mandatory comprehensive credit reporting regime for the major banks from 1 July 2018 Partner Gavin Smith Senior Associate Emily Cravigan and Lawyer Dougald Coulson report ...
Contract Law Update 2017
The phrase ready and willing to perform a contract is very familiar to lawyers But what exactly does it mean and why is it important The NSW Court of Appeal gave the answer last year in one of many interesting appellate decisions summarised in our annual Contract Law Update Some other principles ...
Preparing a target market determination for a financial product
As the design and distribution obligations for issuers and distributors of financial products inch closer there is a good deal of hand-wringing taking place Much of it concerns what a target market determination should look like Guidance from the European Securities and Markets Authority on MiFID II ...
CCIVs: Lost in translation?
The long-awaited Exposure Draft containing the tax treatment of the proposed new corporate collective investment vehicle has been released for consultation. ...
Draft code of ethics for financial advisers - in need of much more work
You would be hard pressed to find a bigger load of nonsense than the draft code of ethics for financial advisers issued recently by the Financial Adviser Standards and Ethics Authority ...