In the media

APRA releases final guidance on successor fund transfers and wind-ups for superannuation trustees (17.24)
APRA – 21 July 2017 - The Australian Prudential Regulation Authority (APRA) today released final guidance on successor fund transfers and wind-ups for APRA-regulated superannuation trustees (RSE licensees), after a period of consultation with the superannuation industry.  More...

Bank-owned super funds failing to meet their social license
ISA – 20 July 2017 - Independent data measuring the performance of Australia’s superannuation funds shows that the performance gap is widening between not-for-profit industry super funds and for-profit bank-owned super funds.  More...

ASFA: Super statistics made simple
ASFA – 19 July 2017 - Superannuation is the critical savings that underwrites Australian retirements and provides a $2.3 trillion investment bank for infrastructure and other nation-building assets. Super plays a crucial role in improving the living standards of Australians in retirement. ASFA publishes an extensive amount of material, including well-sourced statistics and other facts outlined here.  

Improving Australia’s financial services taxation regime
TREASURY – 19 July 2017 - The Government is clarifying that when a foreign investor invests in Australia through a foreign fund or an independent Australian fund manager it will be in the same tax position as if it had invested directly. This outcome was intended when the Government implemented the final element of the IMR in 2015.  More...

FSC launches Internal Governance and Asset Stewardship Standard
FSC – 19 July 2017 - Australian asset managers are renowned for their expertise in managing funds in one of largest and most competitive markets in the world, but until now have not been subject to a set of quality benchmarks.  More...

Government shows strong commitment to Australia’s funds management sector
FSC – 19 July 2017 - The government has committed to provide certainty for the sector through a package of changes which will create momentum in the lead up the commencement of the Asia Region Funds Passport.  More...

Industry demands detail of SCT wind-down
MEDIA – 19 July 2017 - ASIC’s user-pay model for its funding should reflect good governance of not-for-profit super funds, ISA believes. Australia’s two major superannuation representative organisations want greater detail from the Government on how it intends to fund the Superannuation Complaints Tribunal (SCT) until it is wound up on 1 July 2020.  More...

Turnbull Government acts to further strengthen financial stability
TREASURY – 17 July 2017 - Today, the Turnbull Government is releasing draft legislation for public consultation that will provide APRA with new powers over the lending activities of non-bank lenders, even where they materially contribute to financial stability risks (17 July 2017).  More...
The exposure draft of this legislation and associated explanatory material is available on the Treasury website. Submissions are due by Monday 14 August 2017.

FSC welcomes Government closure of Superannuation Guarantee loophole
FSC – 19 July 2017 - The Financial Services Council welcomes the Government’s crackdown on unscrupulous employers that use a legislative loophole to avoid paying the full Super Guarantee entitlement to employees.  More...

Crackdown on unpaid super still too weak: ISA
MEDIA – 17 July 2017 - The government’s recent attempts to curb unpaid superannuation will only help one out of 10 affected individuals, according to Industry Super Australia.  More...

Government takes action to address superannuation guarantee non compliance
TREASURY -14 July 2017 - The Government will seek to legislate a key recommendation of the Superannuation Guarantee Cross‑Agency Working Group to close a loophole that could be used by unscrupulous employers to short‑change employees who choose to make salary sacrifice contributions into their superannuation accounts. More...

Action on unpaid super urgent – ‘Crackdown’ tip of iceberg
ISA - 14 July 2017 - Reports today suggesting the Government is considering closing legal loopholes that allow employers to short change employees who make extra salary sacrifice super contributions is very welcome but will only help one in ten affected by unpaid superannuation.  More...

Derivatives platforms ‘vulnerable’, warns AUSTRAC
MEDIA -13 July 2017 - The practice of white-labelling trading platforms is creating significant “operational vulnerabilities” for the securities and derivatives sector, a new AUSTRAC report has found.  More...

ASIC widens its fintech ties in Asia
GOVERNANCE INSTITUTE -11 July 2017 - The Australian Securities and Investments Commission (ASIC) has been swiftly growing its list of fintech cooperation agreements with other financial regulators, adding three new agreements in June alone.  More...

ASIC planning to tighten client money rules
MEDIA -11 July 2017 - ASIC is seeking industry feedback on its plans to impose new reporting rules on AFSLs that hold “derivative retail client money” within the meaning of the Corporations Act.  More...

Published – articles, papers, reports

Competition in the Australian financial system: consultation paper
Productivity Commission: 06 July 2017
The Australian Government has asked the Productivity Commission to undertake an inquiry into competition in Australia’s financial system. As stated in the terms of reference, this inquiry complements other work by the Commission, which will affect the financial system.  More...

Superannuation Guarantee Noncompliance Report
Report of the Superannuation Guarantee Cross‑Agency Working Group, Superannuation Guarantee Non‑compliance: released 14 July 2017. The report makes a number of practical recommendations to improve employer’s compliance with their superannuation guarantee obligations.  More...

In practice and courts

ASIC consults on proposed financial benchmark regulatory regime
ASIC is seeking feedback on proposed ASIC rules for the administration of licensed financial benchmarks and regulatory guidance on how we would administer the proposed financial benchmark regulatory regime. ASIC's proposals are outlined in Consultation Paper 292  Implementing the financial benchmark regulatory regime (CP 292).Submissions to CP 292 are due by 21 August 2017 (17 July 2017).  More...

ASIC Consultation Paper 291: Reporting rules: Derivative retail client money
The paper seeks to impose new record-keeping, reconciliation and reporting requirements on AFS licensees that hold derivative retail client money. The reforms also give ASIC the power to make new client money reporting rules to ensure greater transparency in relation to an AFS licensee's receipt and use of derivative retail client money. The client money rules are proposed to commence on 4 April 2018. Submissions are due by 8 August 2017 (11 July 2017).  More...

Reminder: Transition period for updated fee and cost disclosures
ASIC has extended the transition period for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes (issuers) to comply with updated fee and cost disclosure requirements in relation to product disclosure statements (PDSs), until 30 September 2017.  More...

 

Contacts:

Melbourne

Chris Lovell, Chairman
T: +61 3 9321 9832
E: chris.lovell@holdingredlich.com

Paul Faure, Partner
T: 61 3 9321 9904
E: paul.faure@holdingredlich.com

Bill Glover, Partner 
T: 61 3 9321 9844
E: bill.glover@holdingredlich.com

Disclaimer

The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.

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