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Updated fee and cost disclosure - transition period extended
Insight 29 Nov 2016

ASIC has today announced that superannuation fund trustees and responsible entities will have until 1 October 2017 to comply with the updated fee and cost disclosure rules for PDSs set out in ASIC Regulatory Guide 97 and ASIC Class Order 141252 - but only if they comply with certain conditions ...

Designing effective remediation programs
Insight 19 Sep 2016

ASIC issued Regulatory Guide 256 Client review and remediation conducted by advice licensees late last week In short RG 256 says an Australian financial services licensees duty to provide financial services efficiently honestly and fairly means they have to take responsibility for the consequences ...

ASIC's guidance on conflicts in vertically integrated funds-management businesses
Insight 24 Mar 2016

ASIC has released a report looking at the way vertically integrated funds management businesses deal with conflicts of interest The report summarises the findings of ASICs recent review of a number of businesses and sets out some good practice recommendations Partner Marc Kemp and Senior Associate ...

Defining the objective of superannuation
Insight 09 Mar 2016

The Government released a discussion paper on the Objective of Superannuation today The paper says that the Government will enshrine in legislation the primary objective recommended by the Financial System Inquiry being To provide income in retirement to substitute or supplement the Age Pension ...

New ASIC funding - looking beyond the headlines
Insight 04 May 2016

Along with the public release of the ASIC Capability Review Report the Government announced a suite of reforms giving ASIC additional but targeted funding and has also sought to remove some of the shackles on hiring it believes may be hindering ASICs ability to recruit top talent At the same time ...

Personal Property Security regime commences in PNG
Insight 10 May 2016

The commencement of the personal Property Security regime means an important changes to the companies transact business's report in Papua New Guinea. ...

Are super funds and managed investment schemes the next frontier for shareholders with activist agendas?
Insight 07 Oct 2016

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
Insight 07 Oct 2016

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 ...

Mandatory margining: APRA final rules released
Insight 20 Oct 2016

APRA has released its long-awaited Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives While these rules are based on the Draft released in February of this year and address some of the concerns raised during the consultation process there are still a ...

Senate report card on ASIC
Insight 30 Jun 2014

While the media has focused on the more sensational recommendations of last weeks Senate report on the Australian Securities and Investments Commission there are a number of other interesting comments and themes that provide some clues about future regulation by the Federal Government surveillance ...

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