29. September 2011 15:07
Volume 10, Issue 4 of the Financial Services Newsletter is now available.
This issue contains the following articles:
- ‘Draft Future of Financial Advice legislation released’ by Eugene Chen, Adrian Verdnik and Harry New of Hall & Wilcox
- ‘The best interests duty — we have the detail at last and the devil is certainly in there!’ by Mark Radford of Radford Lawyers
- ‘Investment Manager Regime — draft legislation released’ by Peter Norman, Fadi Khoury and Anna Wilson of Norton Rose
- ‘A fund manager’s guide to the new personal property securities regime’ by Emma Stapleton and Brendan Ivers of McMahon Clarke Legal
- ‘ASIC releases proposed good practice guidance on advertising financial products and advice services’ by Fadi Khoury and Daniel Jung of Norton Rose
- ‘ASIC v AAT: Deferred tax assets excluded for purposes of AFSL financial conditions’ by Greg Drew of Ninth Floor Selborne Chambers, Sydney
And on the Bulletin Board:
- ‘The best interests adviser test — fathoming the depths’ by Michael Vrisakis of Freehills
22. September 2011 09:36
The latest issue of the Financial Services Newsletter, Volume 10, Issue 3, is now available.
Articles in this issue include:
- "Apple v Buzzle: staying out of the shadows", by Daniel Goldberg and Chuanchan Ma, Addisons Commercial Lawyers
- "Regulation of MISs: CAMAC discussion paper released", by Brendan Ivers, McMahon Clarke Legal
- "Globalisation roundup 2011", by Stephen Etkind, Minter Ellison
- "ASIC Consultation Paper 163: Unlisted property schemes: Update to RG 4", by Harry New and John Bassilios, Hall & Wilcox
As well as much more.
6. January 2011 09:53
Against the background of the government’s Competitive and Sustainable Banking Reforms (an exposure draft of the proposed amending legislation is available on the Treasury site, comment closes 14 January 2011), APRA is reviewing the conditions for approval for the use of the term ‘bank’.
Under s 66 of the Banking Act 1959, financial businesses must obtain consent from APRA before they can use the restricted terms ‘bank’, ‘banker’ and ‘banking’.
Since 2000, building societies and credit unions have been able to use the adjective ‘banking’ in relation to their services under the terms of a class consent granted by APRA. However, ‘bank’ and ‘banker’ remain restricted to ADIs with $50m or more in Tier 1 capital.
APRA is looking for written submissions on the guidelines as part of its review – submissions are open until Friday 31 January 2011. The current guidelines on implementation of s 66 are available on the APRA site in pdf format.
Submissions may be made by email to email@example.com. More information is available on the APRA site.
9. December 2010 12:40
The latest issue of our regulation and compliance update, Financial Services Newsletter, is now online.
We note the following articles in particular:
- "The future of financial advice - some clarity on changes" by Adrian Verdnik, Hall and Wilcox;
- "Effective product disclosure: the long and the short of it" by Lisa Simmons and Alison Ng, Blake Dawson; and
- "2010 regulatory roundup for responsible entities: the new paradigm" by Stephen Etkind, Richard Batten and Andrew Yik, Minter Ellison.
16. November 2010 13:55
The latest issue of our Financial Services Newsletter is now online.
We note the following feature articles:
- "The common ethical risks associated with financial advice: removing the roadblocks to quality financial advice" by June Smith, Argyle Partners;
- "ASIC proposes increased financial requirements for responsible entities" by Fadi C Khoury and Emmelyn Teo, Norton Rose Australia;
- "Recent developments in relation to taxes" by Mark Radford, Colin Biggers and Paisley; and
- "‘The definition of life insurance business and APRA's administration’ of s 12A of the Life Insurance Act 1995" by Michael Vrisakis, Freehills.