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 […]
ASIC has granted relief to assist responsible entities of registered schemes to allow them to make changes to their constitutions without automatically holding a members’ meeting. The relief will assist responsible entities to smoothly implement the new tax system for managed investments trusts should they make the choice to do so. The new system was […]
ASIC has released a consultation paper proposing to remake its class order on differential fees for registered managed investment schemes. You can access a copy of the paper here. Key information: Under the Corporations Act, responsible entities (REs) must treat members who hold the same class of interest equally Most REs rely on an existing ASIC class order […]
ASIC today released a consultation paper proposing to remake its class order on differential fees for registered managed investment schemes, which is currently due to expire (‘sunset’) on 1 April 2017. ASIC proposes to remake the class order as, in its view, the class order is operating effectively and efficiently and continues to form a necessary […]
ASIC has today released a consultation paper proposing to repeal Class Order [CO 02/226] – Managed investment schemes – no issue required disclosure that is due to expire (‘sunset’) in 2017. ASIC proposes to repeal this class order as, in our view, it no longer serves a regulatory purpose. Consultation Paper 259 Repealing ASIC class order […]
ASIC today published its third report on its approach to licence applications. Report 478 Overview of licensing and professional registration applications: July to December 2015 (REP 478) sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications, company auditor and approved SMSF auditor registration […]
Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP, today announced the release of the Government’s response to the Senate Economics References Committee’s report on the Inquiry into Digital Currency – Digital currency — game changer or bit player. “The Turnbull Government is committed to fostering innovation in the financial sector and […]