ASIC has extended Class Order [CO 04/526] Foreign collective investment schemes ([CO 04/526]) for two years. This class order was due to expire (sunset) on 1 April 2017. [CO 04/526] provides relief for collective investment schemes from the requirement to register as a managed investment scheme or obtain an Australian financial services licence where the […]
The Federal Government has issued a consultation paper seeking stakeholder views on potential policy options in relation to stapled structures, the taxation of real property investments and the re-characterisation of trading income. Interested parties are invited to comment on the consultation paper. To view a full copy of the consultation paper, please click here. Closing date […]
ASIC has today remade six class orders on application form requirements that are due to expire (‘sunset’) in 2017. A new instrument, ASIC Corporations (Application Form Requirements) Instrument 2017/241, consolidates and replaces the following class orders and instruments: [CO 02/260] Product Disclosure Statements: Application forms created by a licensee; [CO 14/26] Personalised or Australian financial […]
ASIC has commenced proceedings in the Federal Court of Australia against Wealth and Risk Management Pty Ltd (WRM), and related companies Yes FP Pty Ltd (Yes FP) and Jeca Pty Ltd (trading as Yes FS) (Yes FS), in relation to various alleged breaches of the Corporations Act 2001 and the Australian Securities and Investments Commission […]
The Turnbull Government today released the Australian Securities and Investment Commission’s (ASIC) ‘Review of Mortgage Broker Remuneration’ for public consultation. The Government requested ASIC undertake an industry-wide review in November 2015 as part of its response to the Financial System Inquiry. The Review found that some aspects of the current mortgage broker remuneration and ownership […]
On 20 April 2016, the Government announced that it would introduce an industry funding model for ASIC, commencing in the second half of 2017. This consultation process seeks stakeholder views on the draft legislation necessary to support the industry funding model (the model), which will recover ASIC’s regulatory costs though annual levies and fees-for-service. There […]
The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released for public consultation a paper entitled ‘Increasing Transparency of the Beneficial Ownership of Companies’. This consultation delivers on the Government’s commitment in Australia’s first Open Government National Action Plan, released on 7 December 2016. It also reaffirms the Government’s announcement at […]
As part of Australia’s first Open Government National Action Plan the Government committed to improve transparency of information on beneficial ownership and control of companies available to relevant authorities. A key milestone for this commitment was the release of a public consultation paper seeking views on the details, scope and implementation of a beneficial ownership […]
The Turnbull Government has delivered on its commitment to lift the professional, education and ethical standards of financial advisers, Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, announced today. These reforms include: compulsory education requirements for both new and existing financial advisers; supervision requirements for new advisers; a code of ethics for […]
Statement from the Independent Review Panel: Professor Ian Ramsay (Chair), Julie Abramson and Alan Kirkland The Government has released the report of the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Inquiry into small business loans, and as a result of this report has expanded the terms of reference for the review of the financial […]