ASIC consults on communicating audit findings to directors, audit committees or senior managers

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ASIC yesterday released a consultation paper about it directly communicating specific financial reporting and audit findings identified from ASIC reviews of external audit files to directors, audit committees or senior managers of companies, responsible entities or disclosing entities. ‘We are consulting about reporting the most significant findings from our reviews of audit files to assist audit […]

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ASIC consults on proposed guidance on risk management

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ASIC yesterday released a consultation paper and proposed regulatory guidance on risk management practices for responsible entities in the managed funds sector. Consultation Paper 263 Risk management systems of responsible entities: Further proposals (CP 263) and the proposed guidance builds on the proposals in Consultation Paper 204 Risk management systems of responsible entities (CP 204). The […]

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ASIC reports on review of due diligence practices in IPOs

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An ASIC review of issuer due diligence in initial public offerings (IPO), has found a close correlation between defective disclosure in a prospectus and poor due diligence. REP 484 Due diligence practices in initial public offerings (REP 484) includes this and other findings and provides ASIC’s recommendations for good practice due diligence for issuers and directors. […]

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ASIC warns 185 SMSF auditors to lodge annual statements or their registration will be cancelled

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ASIC is sending a final warning to 185 approved SMSF auditors that their registration will be cancelled if their outstanding annual statements are not lodged with fees paid by 22 July 2016. As part of its compliance program, ASIC contacted SMSF auditors who had not lodged their annual statements. ASIC sent emails and letters and […]

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Macquarie notes agreed settlement with ASIC

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Macquarie Investment Management Limited (MIML) notes yesterday’s ASIC announcement that MIML and ASIC have filed joint court submissions relating to an agreed settlement over MIML’s role as Responsible Entity of one of the van Eyk Blueprint Funds, van Eyk Blueprint International Shares Fund (VBI). VBI was one of the Blueprint series of funds of which van […]

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Singaporean and Australian regulators sign agreement to support innovative businesses

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The Monetary Authority of Singapore (MAS) and ASIC have signed an Innovation Functions Co-operation Agreement which aims to help innovative businesses in Singapore and Australia in their foray to the respective markets. The agreement will enable innovative FinTech companies in Singapore and Australia to establish initial discussions in each other’s market faster and receive advice on […]

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Limited AFS licensing regime: Transitional arrangements end 30 June 2016

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ASIC has warned that from 1 July 2016, accountants must hold a limited Australian financial services (AFS) licence or be an authorised representative of a licence-holder or licensee in order to provide financial product advice on self-managed superannuation funds (SMSFs). This follows the three-year transition period that commenced on 1 July 2013. On 25 August 2015, […]

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ASIC smooths transition for responsible entities to implement new tax system for managed investment trusts

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ASIC has granted relief to assist responsible entities of registered schemes to allow them to make changes to their constitutions without automatically holding a members’ meeting. The relief will assist responsible entities to smoothly implement the new tax system for managed investments trusts should they make the choice to do so. The new system was […]

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ASIC releases its third licensing activity report

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ASIC yesterday published its third report on its approach to licence applications. Report 478 Overview of licensing and professional registration applications: July to December 2015 (REP 478) sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications, company auditor and approved SMSF auditor registration […]

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Innovation Hub: Regulatory sandbox proposal

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ASIC has provided a further update on its Innovation Hub (see 15-211MR for our previous update). ASIC’s Innovation Hub has now been operating for just over a year and is continuing to assist financial technology (fintech) start-ups navigate the regulatory framework. See the Background section of this release for an overview of the Innovation Hub activity, […]

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