ASIC recently released a class order to facilitate term deposits that are only breakable on 31 days’ notice. Here is a link to ASIC’s media release (click here), the class order (click here) and an explanatory statement (click here).
The Government announced plans to establish a register for financial advisers in October 2014, and ASIC is well advanced with work on an industry-wide public register to be up and running at the end of March. Here is a link to ASIC’s media release (click here) and to ASIC’s dedicated webpage (click here).
APRA is conducting consultation with the superannuation industry on additional superannuation data to be collected under reporting standards and primarily to be used by the ABS. The proposed standards would take effect from 1 January 2016. Here is a link to the consultation package on APRA’s website (click here) and an ABS information Paper (click here).
The Government has released exposure draft legislation to amend the income tax law to provide look through treatment for instalment warrants and instalment receipts. Here is the link to the consultation paper (click here)
The Government has released exposure draft legislation which would amend the income tax law to improve the tax treatment of employee share schemes as part of the Industry Innovation and Competitiveness Agenda. Here is the link to the consultation paper (click here)
The High Court has confirmed that a trustee cannot rely on a its general trustee powers to make an in specie distribution of assets to unit holders in a managed investment scheme without their consent. In Wellington Capital Limited v Australian Securities and Investments Commission [2014] HCA 43, the High Court dismissed an appeal from a decision […]
7 November 2014 Yesterday, ASIC amended Class Order 12/749 to extend the interim relief from the shorter PDS regime for certain funds that was due to expire on 30 June 2015. The relief will now expire on 30 June 2016, pending the outcome of the Financial System Inquiry and further work by the Government on the shorter PDS […]
31 October 2014 Today, ASIC released a revised policy and new class orders dealing with employee share schemes. While the revised policy will continue to extend existing benefits to listed companies, ASIC has added new disclosure relief for unlisted companies wishing to offer incentives to their employees. To read the media release and updated policy, click the following link: http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-287mr-asic-update-of-employee-incentive-scheme-policy-and-release-of-class-orders/ […]