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 […]
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 […]
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 […]
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 […]
ASIC has today finalised and published benchmarks rules, a significant benchmarks declaration, and a regulatory guide in a further series of measures towards establishing a comprehensive regulatory regime for financial benchmarks. This follows the establishment of a robust licensing regime for financial benchmarks through the recent passage of legislation through the Parliament. ASIC Commissioner Cathie […]
ASIC has announced it will give financial firms, including superannuation trustees, transitional relief until 1 July 2019 to allow them time to update mandatory disclosure documents and periodic statements with the contact details of the Australian Financial Complaints Authority (AFCA). AFCA is the new single external dispute resolution (EDR) scheme for consumer and small business […]
ASIC has today released a consultation paper proposing a modified licensing regime for foreign financial service providers carrying on a financial services business in Australia with wholesale clients. These foreign providers are global investment banks or wholesale managed funds. This approach would provide ASIC with a broader range of tools to regulate the activities of […]
ASIC has completed a review designed to identify unlicensed accountants recommending clients set up self-managed superannuation funds (unlicensed SMSF advice). The review found no systemic concerns around the provision of unlicensed SMSF advice but did identify significant levels of inaccurate and out of date information on websites and in promotional material of accountants reviewed. Since […]
The Government has released draft legislation on the second phase of the ASIC industry funding model – the introduction of ASIC fees-for-service. The introduction of the ASIC industry funding model was a recommendation of the Murray Financial System Inquiry, intended to strengthen ASIC and better protect Australian consumers. Under the new fees-for-service regime, fees for […]
The Minister for Revenue and Financial Services has introduced the Corporations Amendment (Asia Region Funds Passport) Bill to parliament. The Funds Passport aims to provide Australian fund managers with access to high net worth individuals in the Asia region, by allowing them to offer their products into the region without having to go through duplicative […]