Entries by chris

ASIC approves Australian Financial Complaints Authority rules

The Australian Securities and Investments Commission (ASIC) has approved the Australian Financial Complaints Authority (AFCA) Complaint Resolution Scheme Rules and the Terms of Reference of the AFCA Independent Assessor (IA). ASIC is required to approve material changes to the AFCA scheme under the Corporations Act, 2001.  This is a key part of ASIC’s role in […]

ASIC updates guidance for trustees of wholesale equity schemes

ASIC has released Regulatory Guide 192 Licensing: Wholesale equity schemes (RG 192) following public consultation. The updates to the guidance reflect: the changes made to the relief provided in ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849 to trustees of wholesale equity schemes that are operated by a manager holding an Australian financial services (AFS) licence; […]

ASIC’s review of exchange traded products identifies areas for improvement

ASIC has completed a review of the exchange traded products (ETP) market in Australia, including exchange traded funds, aimed at ensuring the market is delivering on promises to investors. The review found that the market is generally performing well, and ETPs are meeting the relatively low cost and liquidity expectations of investors.  However, the review […]

Development of Asia Region Funds Passport

Australia’s funds management industry has gained access to a far larger market thanks to the passage of legislation which will open the gateway to the Asia region’s financial services market. Australia has one of the world’s largest and most sophisticated funds management industries looking after $3 trillion of assets under management, but only around 4 […]

Corporate Collective Investment Vehicle – tranche two

The Government has released for public consultation the second tranche of the Treasury Laws Amendment (Corporate Collective Investment Vehicle) Bill 2018 and explanatory materials. The Corporate Collective Investment Vehicle (CCIV) will offer an internationally recognisable investment vehicle which can be readily marketed to foreign investors, including through the Asia Region Funds Passport. The Government previously […]

Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Power) Bill 2018

The Government has released for public consultation a revised exposure draft of the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 and explanatory materials. The revised exposure draft of the Bill has been developed in response to the feedback received during the Government’s previous round of consultation. Closing date for […]

External report on fees and costs disclosure welcomed by ASIC

The Australian Securities and Investments Commission (ASIC) has today released the external report into Regulatory Guide 97 Fees and costs disclosure (RG 97) commissioned in November 2017. The report, prepared by expert Darren McShane, concludes changes to the disclosure regime would be advantageous, and includes discussion of: the way fee and cost information is presented […]

New prices for ASIC regulatory services

The fees ASIC charges for specific regulatory activities have changed to reflect the actual cost to ASIC associated with the work. In most cases this has resulted in a fee increase. The Government passed required legislation on 28 June 2018. New pricing is effective 4 July 2018. ASIC’s ‘fees for service’ impact a range of […]

Attribution Managed Investment Trusts (AMIT) – Technical Amendments

The Government is seeking submissions on the draft AMIT Technical Amendments Bill and explanatory materials.  The draft Bill proposes a package of technical amendments to the new tax system for managed investment trusts (MITs).  These amendments were foreshadowed in July 2017 by the Minister for Revenue and Financial Services. The new tax system for MITs […]

Consultation on the first tranche of the Corporate Collective Investment Vehicle Bill

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released the first tranche of the Corporate Collective Investment Vehicle (CCIV) Bill for public consultation. The vehicle complements the Asia Region Funds Passport initiative, which the Government introduced into Parliament earlier this year. The first tranche of the CCIV Bill covers: A […]