ASIC obtains orders to wind up York Capital Limited

From

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 […]

continue reading

Trustees and advisers making a mountain out of a collectables molehill

From

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 […]

continue reading

ASIC imposes conditions on iPlan licence

From

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 […]

continue reading

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

From

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, […]

continue reading

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

continue reading

Pre-open pricing on the ASX

From

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 […]

continue reading

Sharia compliant finance

From

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 […]

continue reading

The New De Facto Property Laws

From

On March 1 we passed the first anniversary of the new laws which affect the property rights of de facto couples when a break-up occurs, so it’s timely to present a reminder of the provisions. The changes affected the way property is divided and maintenance is paid in the event of a separation, including the […]

continue reading