ASIC Consultation paper missing Best Interest Test says FPA

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The Financial Planning Association (FPA) says the Scalable Advice Consultation Paper released today by ASIC is a good start to the process of providing guidance for financial planners and the FPA looks forward to working with ASIC on developing this further during the consultation period. However, the FPA cautions that without the consideration of how […]

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ASIC releases proposal to improve unlisted property scheme disclosure

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ASIC has released a consultation paper outlining proposals to improve disclosure for retail investors considering investing in unlisted property schemes. The proposals follow an ASIC review of disclosure documents issued by responsible entities in the $28 billion unlisted retail property sector. ASIC found a number of key disclosures were not adequately addressed, including: the risks associated […]

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ASIC: corporate insolvencies on the rise

Official figures released by ASIC today reveal corporate insolvencies have risen 4.4% in the 2010-11 financial year to date. ASIC’s Senior Executive Leader of the Insolvency Practitioners team, Adrian Brown, said that despite a decrease in external administration appointments in May compared to the same time last year, these latest figures show the number of […]

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ASIC obtains orders to wind up York Capital Limited

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ASIC has obtained orders in the Federal Court of Australia to wind up York Capital Limited (York) following the company’s failure to lodge its financial reports and hold annual general meetings for the past three years. On 29 June 2011, the Federal Court of Australia ordered that York be wound up and appointed Mr Paul […]

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Trustees and advisers making a mountain out of a collectables molehill

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Specialist self-managed superannuation fund (SMSF) education and training provider, The SMSF Academy, says the industry is over-reacting to draft regulations being considered for collectable investments within SMSFs.   “Concerns have been raised around the additional financial burden that will be imposed as a result of changes to collectables held within SMSFs,” says The SMSF Academy’s […]

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ASIC imposes conditions on iPlan licence

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ASIC has imposed additional conditions on the Australian financial services (AFS) licence of Queensland-based, iPlan Financial Services Pty Ltd (iPlan), after a surveillance of its advice business. ASIC’s action follows concerns iPlan entered into an agreement regarding an investment platform which created a conflict of interest. Specifically, ASIC found: iPlan may have advised clients to […]

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Regulators should not judge super funds on size alone, Russell warns

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Recommends trustees use comprehensive test to meet scale requirements Know your fund first – evaluate before reacting to scale concerns Russell Investments is calling on trustees and industry regulators to consider more than just current assets and membership when applying a “test of sufficient scale”. Russell suggests a scale test which incorporates assets, membership, growth, […]

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ASIC consults on dispute resolution requirements for traditional trustee company

ASIC has released a consultation paper seeking public comment on dispute resolution arrangements required of trustee companies providing traditional services, like preparing wills. click here to continue reading this PDF

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Pre-open pricing on the ASX

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Managing an orderly market and ensuring that share prices are not able to be manipulated by participants seeking an unfair advantage over others are important functions of the Australian Securities Exchange (ASX). The arrangements for the opening and closing of markets are particularly important in this regard. Among other things, closing prices can determine margin […]

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Sharia compliant finance

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Several actions by the Government recently have revealed an intention to facilitate the expansion of the opportunities for Islamic finance in Australia. On 15 January the Johnson Report (“Australia as a Financial Centre”) was released, and it included recommendations concerning the specific steps that need to be taken to enable Islamic finance in Australia. On […]

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