The race is on to find $20.8 billion in super

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New Australian Taxation Office (ATO) data shows that there is over $20.8 billion in lost and unclaimed super across Australia. Today we published the amount of lost and unclaimed super by postcode to help people find their superannuation they have lost touch with. Assistant Commissioner Graham Whyte said that last year over 540,000 active, lost and unclaimed […]

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ASIC relief from financial adviser compliance scheme obligations takes effect

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ASIC has taken action to provide certainty to Australian financial services (AFS) licensees that they will not be in breach of the law because their financial advisers were not able to register with an ASIC-approved compliance scheme by 1 January 2020, as originally required. ASIC has granted a three-year exemption to all AFS licensees from […]

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ASIC acts against SMSF auditor misconduct

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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 […]

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ASIC warns trustees on new rules for Putting Members’ Interests First

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ASIC 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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European Securities and Markets Authority and ASIC to co-operate on benchmarks

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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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ASIC to provide relief from financial adviser compliance scheme obligations

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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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ASIC urges consumers to question whether SMSFs are right for them

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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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ASIC warns AFS licensees to meet financial reporting obligations on time

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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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ASIC reports on corporate finance regulation – January to June 2019

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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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ASIC extends relief for foreign financial services providers

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ASIC has extended to 31 March 2020 licensing relief for foreign financial services providers (FFSPs) to allow them to provide certain financial services to Australian wholesale clients without needing to hold an Australian financial services licence. The licensing relief that has been extended by ASIC is: ASIC Corporations (Repeal and Transitional) Instrument 2016/396 and ASIC Corporations (CSSF-Regulated […]

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