ASIC has moved to disqualify or add conditions to the registration of three auditors of self-managed superannuation funds (SMSFs). The actions arose following ASIC concerns about failures to meet requirements, including independence standards and auditing standards, or failing to comply with further conditions on the approved SMSF auditor’s registration. SMSF auditors disqualified ASIC disqualified the […]
continue readingASIC has called on superannuation trustees to improve the standard of communication to fund members about important reforms impacting member insurance arrangements. As a result of the recent Putting Members’ Interests First (PMIF) reforms, by 1 December 2019 superannuation trustees are required to write to members with a balance of less than $6,000. These members […]
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04
Nov
2019
The Australian Taxation Office (ATO) today revealed it received a record-breaking 15,000 tip-offs to its Tax Integrity Centre in the first quarter of this financial year as the agency continues its focus on the black economy. The top categories of tip-offs the ATO has received so far this year have been about: Not declaring income Demanding […]
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04
Nov
2019
The European Securities and Markets Authority (ESMA) and the Australian Securities and Investments Commission (ASIC) are pleased to announce that they have signed a Memorandum of Understanding (MoU) setting out cooperation arrangements in respect of Australian benchmarks[1]. The EU Benchmarks Regulation (BMR) prescribes a European common framework to ensure the integrity and accuracy of benchmarks […]
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24
Oct
2019
ASIC has announced that it will make a legislative instrument to provide relief to Australian financial services (AFS) licensees from financial adviser compliance scheme obligations, following a Government announcement last week. On Friday, the Hon. Josh Frydenberg MP, Treasurer, and the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator the Hon. Jane Hume, jointly […]
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18
Oct
2019
MetLife Australia have worked with the The Banking and Finance Oath to encourage other financial services organisations to back lifting ethical standards across the industry, by supporting their employees to take the Oath. MetLife is the first insurer to support The BFO at an organisational level, by encouraging its own staff to take the Oath, […]
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17
Oct
2019
ASIC has warned Australian investors considering establishing their own self-managed superannuation fund (SMSF) to be particularly aware of the potential downside to such a strategy, and that many Australians set up SMSFs that are inappropriate for their circumstances. ASIC has identified eight ‘red flag’ situations which, together or in part, would make it extremely unlikely […]
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16
Oct
2019
ASIC is reminding all Australian Financial Services (AFS) licensees to lodge their annual financial statements and auditor reports by the due date as required under the Corporations Act 2001. ASIC expects all AFS licensees to comply with the financial reporting requirements within the specified timeframe. Body corporate AFS licensees that are not disclosing entities, and have a […]
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08
Oct
2019
The federal government’s announcement this week of an independent review into the retirement income system (“the review”) could facilitate important scrutiny of the government’s own fiscally unsustainable policies. Heffron director and superannuation expert Martin Heffron says the restriction of the terms of reference to establishing facts rather than making recommendations offers an unusual opportunity to […]
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03
Oct
2019
ASIC’s latest report on its oversight of corporate finance activity between January to June 2019 has been published today and includes an update on specific focus areas for the next six months. Report 630 ASIC regulation of corporate finance: January to June 2019 (REP 630) provides statistical data, and includes relevant guidance, about ASIC’s regulation of: fundraising […]
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24
Sep
2019
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