New research shows super fund leaders are confident they’re ready for the 1 July Retirement Income Covenant (RIC) deadline

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With the 1 July 2022 deadline fast approaching, a survey of 19 super funds shows that they are finding getting ready for the RIC challenging – but that they are stepping up to the challenge. Australian super funds will need to publish a retirement income strategy before the deadline to comply with the new legislation.... Read more continue reading

Carter court case most important since Bamford

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In possibly the most significant trust tax case since Bamford (2010), the High Court has held that the attempt to undo, by means of an “after the event” disclaimer, the tax consequences of a default distribution clause of a discretionary trust was ineffective for taxation purposes. In short, the default distribution clause was engaged and... Read more continue reading

CPD: Bigger than Hayne? The ALRC Review and what it means for financial advisers

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The forgotten reform? Of all the regulatory reform implemented or in development – and let’s face it there has been a lot – one that seems to have slipped under the radar of many advisers is the Australian Law Reform Commission (ALRC) Review into the simplification of corporations and financial services regulation. Which is surprising,... Read more continue reading

Responsible Managers in a nutshell

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Having the right Responsible Managers is important to maintaining and managing a financial services business, but who are the right people to be your Responsible Managers. Who is a Responsible Manager? An AFS licence holder has an obligation to always maintain organisational competence. This is demonstrated by relying upon the knowledge and skills of the... Read more continue reading

The Fold Legal prepares submission on the future of crypto regulation

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The Fold Legal is delighted to have made a submission to the Treasury Consultation Paper on Crypto asset secondary service providers: Licensing and custody requirements, which is looking at how the industry will be regulated in the future. The regulation of the crypto industry is an important step for both the local and global crypto... Read more continue reading

ASIC announces financial reporting changes for AFS licensees

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ASIC has announced new financial reporting requirements for Australian financial services (AFS) licensees, following changes to the accounting standards. Under the new reporting requirements, AFS licensees’ financial reports must contain disclosures consistent with the financial reports of other for-profit entities, prepared under standards set by the Australian Accounting Standards Board (AASB). ASIC Commissioner Sean Hughes... Read more continue reading

LEI consultation highlights ASIC’s push for greater global alignment

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A new consultation paper by the Australian Securities and Investments Commission (ASIC) will facilitate increased global regulatory harmony for Australian derivative transaction reporting through the adoption of international best practice, said APIR Systems chief executive, Chris Donohoe. “APIR has been a long-standing supporter of legislation that aligns Australia with international best practice and facilitates global... Read more continue reading

“Have you tried turning it off and on again?” – A review of the decision in ASIC V Ri Ad

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On 5 May 2021, the Federal Court handed down a landmark decision in Australian Securities and Investments Commission v RI Advice Group Pty Ltd (2022) FCA 496 by declaring that RI Advice Group Pty Ltd (RI Advice) had breached its obligation to: provide financial services efficiently, honestly, and fairly, and have in place adequate risk... Read more continue reading

Who watches The Watchmen? We do – a review of the ASIC Enforcement Update

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On 28 March 2022 the Australian Securities and Investments Commission (ASIC) released Report 722 ‘ASIC Enforcement Update July to December 2021’ (Report 722). In this article, we: review the key data points in Report 722 and compare them against the previous update – ‘ASIC Enforcement Update January to June 2021’ (Report 699) provide you with... Read more continue reading

Superannuation trustees strengthen governance practices following ASIC surveillance of investment switching

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Trustees in Australia’s superannuation industry have revised their internal policies and procedures after an ASIC surveillance found significant deficiencies in their conflicts management arrangements relating to investment switching. ASIC found a lack of oversight and control measures in relation to investment switching. ASIC expected to find robust systems in place to prevent directors and senior... Read more continue reading