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Financial Services Update
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The Financial Services Update provides information on issues relevant to the investment and financial services sector. It is particularly focuses on the issues affecting in-house counsels of investment managers and trustees.
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The Australian Government has announced a range of reforms designed to improve the competitiveness of Australian Managed Investment Trusts. This article outlines the details of those reforms and their likely impact on the managed investment sector. |
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The Federal Court decision in ASIC v Oxford Investments serves as a reminder to financial services companies to ensure that any activities, events, tools or materials which may contain subjective interpretation of figures or information comply with the financial product advice regime. |
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On 28 May 2008, the Federal Government introduced a Bill to amend the Superannuation Industry (Supervision) Act 1993 (Cth) and the Income Tax Assessment Act 1997 (Cth) with effect from 1 July 2008 to remove discrimination against same gender couples and their children. If passed, these amendments will have wide ranging implications for superannuation trustees and their funds. |
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A summary of industry news and legislative developments from the past few months. |
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Click here to print out all of the articles in this edition
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Previous issues:
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| An update of the news around Financial Services from the past few months. |
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The depth of our Financial Services team has increased over the past six months with the appointment of one partner and seven new starters. |
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| Other news affecting the Financial Services industry. |
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A summary of recent announcements from ASIC in December 2007 - January 2008. |
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| An outline of the importance of conciseness in Product Disclosure Statements. |
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A summary of key recent changes including new and proposed legislation, regulations and prudential standards across financial services. |
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A summary of recent announcements from ASIC in June and July. |
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A summary of recent regulatory changes including new and proposed legislation, regulations and prudential standards across the full spectrum of financial services.
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A summary of recent announcements from ASIC, including consultation papers, policy amendments and recent class orders. |
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The Takeovers Panel suffered a loss of jurisdiction in the Federal Court decision in Australian Pipeline v Alinta. Currently on appeal, the High Court's other decisions concerning the quasi-judicial powers of ASIC and the Companies Auditors and Liquidators Disciplinary Board, made just this month, could be a guide to the outcome of the case. |
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Many licensees providing financial services to retail clients will soon be required by law to have professional indemnity (PI) insurance in place. But will this fundamentally change the onus on investors to read disclosure documents and make informed decisions? |
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A summary of recent regulatory changes. |
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A summary of recent announcements from ASIC. |
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New arrangements for unit pricing should be beneficial to issuers, providing certainty and clear rules to follow. To take advantage of the new provisions, and avoid penalties for non-compliance, responsible entities must comply with the conditions, prior to the 1 May 2007 deadline. |
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A summary of recent announcements from ASIC. |
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A summary of recent regulatory changes. |
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Following consultation, the Federal Treasurer and Assistant Treasurer released a report 'A Plan to Simplify and Streamline Superannuation - Outcomes of Consultation' in relation to the new superannuation simplification scheme due to commence on 1 July 2007. |
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