The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2016 (No. 1) has been registered on the Federal Register of Legislation and is available here. These Rules amend the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) in relation to customer identification, share sales for charitable purposes and update references within the Rules. […]
Overview On 20 April 2016, the Australian Government announced a review of the financial system’s external dispute resolution and complaints framework. An expert panel comprised of Professor Ian Ramsay, Ms Julie Abramson and Mr Alan Kirkland is undertaking the review. The review is being conducted to ensure that Australia’s external dispute resolution framework effectively meets […]
ASIC has made a new legislative instrument to replace three class orders on dollar disclosure that were due to expire (‘sunset’) on 1 October 2016 and 1 April 2017 respectively The new legislative instrument is ASIC Corporations (Disclosure in Dollars) Instrument 2016/767. The instrument has the same effect as relief that ASIC had granted by […]
ASIC has today released its guidance on providing digital financial product advice for retail investors: Providing digital financial product advice to retail clients (RG 255). The guide brings together some of the issues that digital advice providers need to consider when operating in Australia – from the licensing stage through to the actual provision of […]
An ASIC review of issuer due diligence in initial public offerings (IPO), has found a close correlation between defective disclosure in a prospectus and poor due diligence. REP 484 Due diligence practices in initial public offerings (REP 484) includes this and other findings and provides ASIC’s recommendations for good practice due diligence for issuers and directors. […]
A new tax system for managed investment trusts, referred to as the attribution managed investment trust (AMIT) regime, commenced on 5 May 2016. ________________________________________ Key information: • The AMIT regime contains a number of positive benefits for members • REs and trustees of qualifying schemes may opt in to apply the new regime for the […]
The Monetary Authority of Singapore (MAS) and ASIC today signed an Innovation Functions Co-operation Agreement which aims to help innovative businesses in Singapore and Australia in their foray to the respective markets. The agreement will enable innovative FinTech companies in Singapore and Australia to establish initial discussions in each other’s market faster and receive advice […]
ASIC today released a consultation paper on proposed further measures to facilitate innovation in financial services, including a regulatory sandbox licensing exemption. ASIC Commissioner John Price said, ‘ASIC is committed to facilitating innovation in financial services, especially where it has the potential to improve consumer outcomes. We are looking forward to engaging with industry on […]
A new tax system for managed investment trusts, referred to as the attribution managed investment trust (AMIT) regime, commenced on 5 May 2016. Key information: The AMIT regime contains a number of positive benefits for members REs and trustees of qualifying schemes may opt in to apply the new regime for the 2015/16 financial year and onwards Trust […]
ASIC today warned that from 1 July 2016, accountants must hold a limited Australian financial services (AFS) licence or be an authorised representative of a licence-holder or licensee in order to provide financial product advice on self-managed superannuation funds (SMSFs). This follows the three-year transition period that commenced on 1 July 2013. On 25 August […]