Mediaboss Marketing

To print this article, all you need is to be registered or login on Mondaq.com.

ASFA supports super portfolio disclosureregulationsMedia 12 November 2021 changes to thesuperannuation portfolio holdings disclosure regulations willachieve greater transparency for consumers, according to theAssociation of Superannuation Funds of Australia. More...

Superannuation portfolio holdings disclosureTREASURY 11 November 2021 in a major boostto superannuation transparency, Australians will have access toinformation about how superannuation funds are investing theirmoney following the finalisation of new regulations dealing withportfolio holdings disclosure by superannuation funds. More...

APRA sets out framework for using macroprudential toolsto promote financial stabilityAPRA 11 November 2021 the AustralianPrudential Regulation Authority (APRA) has set outits framework for the use of macroprudential policy measures topromote the stability of Australia's financial system. More...

APRA urges super members to prioritise their own bestfinancial interestsAPRA 10 November 2021 the APRA is urgingsuperannuation members especially those whose MySuperproducts failed the recent performance test to moreactively engage with their super to maximise their retirementfutures. More...

ASIC releases guidance and examples on records ofadviceASIC 05 November 2021 ASIC has released aninformation sheet on records of advice (ROA) andthree ROA examples to provide clarity to financial advisers andadvice. More...

ASIC obtains Federal Court orders against unlicensedinvestment scheme A One Multi ServicesASIC 04 November 2021 ASIC has moved toshut down unlicensed financial services business A One MultiServices Pty Ltd (A One Multi), which is suspectedto be engaging in unlawful activity and protect investors. More...

The Financial Accountability Regime (FAR)progressesFSC 03 November 2021 the FSC notes thatthe FAR Bill is substantially the same as the exposure draftcirculated for public consultation in July 2021, although therehave been a number changes including (a) imposing legal obligationson auditors and actuaries to assist APRA with investigations, (b)imposing accessorial liability on accountable persons in certaincircumstances, and (c) allowing the regulator to publicly disclosecertain details of the register of accountable persons. More...

'Your Super Follows You'TREASURY 01 November 2021 from 1 November2021, where an employee has an existing superannuation account,that account will be 'stapled' and follow them when theychange jobs. This means employers will now pay super contributionsinto their new employee's existing super account unless theemployee nominates a different account. More...

Members urged to check their super as staplingbeginsAIST 01 November 2021 as stapling measurescome into effect, AIST has urged Australian workers to ensurethey're happy with the performance of their super fund and notrisk getting stapled to a dud for life. More...

ASIC commences proceedings against Ferratum Australiafor charging prohibited credit feesASIC 01 November 2021 ASIC has commencedcivil penalty proceedings in the Federal Court against FerratumAustralia Pty Ltd (Ferratum) for chargingprohibited fees and and overcharging consumers who paid off loansearly. More...

Super fund trustee snouts in the troughMEDIA 01 November 2021 the country's$3.3 trillion superannuation industry has been rocked byrevelations that some could have been switching their investmentfunds for personal gain. It's the latest scandal to hit thecountry's $3.3 trillion investment management industry, andthis time around it has the potential to tarnish the reputation ofmany of the country's industry super funds (01 November 2921).More...

ASIC Updates

10/11/2021 PF 209Australian financial services licence conditions(reissued)Condition 54 amended to better align its wording withparagraph 7.6.01(1)(na) of the Corporations Regulations and toinclude an administrative requirement for licensees to maintain aregister of their related overseas financial service providers whorely on the exemption under that paragraph.

02/11/2021 INFO155 Shorter PDSs complying withrequirements for superannuation products and simple managedinvestment schemes (reissued)Miscellaneous technical amendments to update, re-order andsimplify guidance including: Removal of introductory Stronger Supercontent; insertion of a new Table 1 and insertion of a new columnin the former Table 1 (now Table 2) outlining the products to whichthe shorter PDS warnings listed are applicable; and the addition ofa new section titled 'What is a simple managed investmentscheme?' moved from INFO 133.Withdrawn: INFO 133 Shorter PDSregime superannuation managed investment schemes and marginlending (relevant information has been incorporated into INFO 155).

ASIC Industry funding: 2020-21 CostRecovery Implementation Statement (CRIS)The statement details ASIC's estimated levies by industrysector and subsector. ASIC released the draft CRIS in July 2021(ASIC MR21-185) for industry feedback. The final statement summarisesthe feedback we received. The actual levies will be published inDecember 2021 and invoiced in January 2022 (11 November 2021). More...

ASIC Corporations (Amendment) Instrument 2021/381Amends the ASIC Corporations (Auditor Independence) Instrument 2021/75and ASIC Corporations (Parent Entity Financial Statements)Instrument 2021/195to change the repeal dates from April 2026 to April 2024.

APRA publishes additional FAQs on the SuperannuationData Transformation Phase 1 reporting standardsThe APRA has published 4 additional frequently askedquestions (FAQs) to provide further guidance toRSE licensees on the reporting standards for Phase 1 of theSuperannuation Data Transformation project.TheFAQs are available on the APRA website at:Frequently AskedQuestions Superannuation Data Transformation (04November 2021).

APRA publishes new frequently asked questions on YourFuture, Your Super performance testThe APRA has published two new frequently asked questions(FAQs) to provide further general guidance on theGovernment's Your Future, Your Super performancetest. The FAQs are available on the APRA websiteat: Your Future, Your SuperFrequently Asked Questions (03 November 2021).

AIST Legislation updatesStay up to date with the status of legislation inAustralia's parliamentSuperannuation Legislation update 11 November2021Superannuation Legislation update 4 November 2021

Commonwealth

CorporationsAmendment (Portfolio Holdings Disclosure) Regulations202111/11/2021 this instrument amends the CorporationsRegulations 2001 to provide how information made publicly availableunder the portfolio holdings disclose regime is to beorganised.

AuditingStandard ASA 2021-5 Amendments to Australian AuditingStandards08/11/2021 this instrument amends ASA (AustralianAuditing Standards) 101, 200, 240, 330, 502, 540, 550, 560, 570,610, 620, 710 and ASRE (Auditing Standard on Review Engagement)2415. The amendments represent editorial corrections to reviseminor inaccuracies, including misspellings and numbering orgrammatical mistakes.

This publication does not deal with every important topic orchange in law and is not intended to be relied upon as a substitutefor legal or other advice that may be relevant to the reader'sspecific circumstances. If you have found this publication ofinterest and would like to know more or wish to obtain legal advicerelevant to your circumstances please contact one of the namedindividuals listed.

Read more from the original source:
Inside track: Superannuation, funds management & financial services In the media, in practice and courts and legislation - Finance and Banking -...