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Financial Services
- 16 May 12 GST changes which will affect super funds and MIS The Federal Government is proposing that from the beginning of the 2012-13 financial year amendments will be made to the GST law in relation to some superannuation funds and management investment schemes. Brendan Leighton, Senior Associate from McCullough Robertson’s Corporate Advisory Group outlines the planned changes.
- 8 May 12 AFSL requirements for carbon market participants Two recent updates, ASIC’s Regulatory Guide 236 and the Corporations Amendment Regulation 2012 (No. 1), provide further information on whether a carbon market participant will need to hold an Australian Financial Services Licence (AFSL). McCullough Robertson’s Tim Wiedman summarises ASIC’s position and provides practical guidance to assist participants in determining whether they will require an AFSL for their intended activities.
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27 Mar 12
FOFA update - the washup post-PJC and SELC
The future of financial advice (FOFA) reform package has seen a flurry of activity over the past month, with the Parliamentary Joint Committee on Corporations and Financial Services (PJC) and the Senate Economics Legislation Committee (SELC) releasing their reports and recommendations on the FOFA reforms as well as further activity by the Government in response to these inquiries.
McCullough Robertson Partner, Tim Wiedman, surveys the FOFA landscape post- the PJC and SELC recommendations and summarises recent Government developments on the FOFA reforms. - 24 Feb 12 Advertising financial products and advice services - riskier than fast food and real estate but safer than cigarettes ASIC has released Regulatory Guide 234 outlining its good practice guidance for advertising of financial products and advice services. Unsurprisingly, despite industry concerns, the good practice guidance is broadly the same as the proposals contained in the consultation paper issued by ASIC last year. McCullough Robertson Partner Tim Wiedman identifies the products and services to which ASIC’s guidance applies and summarises the good practice guidance.
- 2 Feb 12 New financial requirements for responsible entities - trips and traps Following on from our article in November last year explaining the new financial requirements for responsible entities which commence in November 2012, McCullough Robertson partner Tim Wiedman discusses some trips and traps responsible entities should consider in assessing the impact of the new financial requirements on their business and preparing to satisfy these new requirements.
- 6 Dec 11 Future of financial advice reforms - tranche 2 bill The Government has released draft legislation containing the remaining reforms proposed under its Future of Financial Advice reforms program. Partner at McCullough Robertson, Tim Wiedman, summarises the key changes between the bill and the consultation draft released earlier this year.
- 24 Nov 11 FOFA reforms update - a stay of execution? Controversial Government reform of the financial services industry has stalled with proposed legislation referred to Parliamentary and Senate Committees for review. Partner at McCullough Robertson, Tim Wiedman and lawyer, Tehani Goonetilleke, outline the implications for financial advisers of this latest development.
- 17 Nov 11 New financial requirements for responsible entities Originally slated for a March 2011 release, ASIC has finally published its long awaited policy on the new financial requirements which will apply to responsible entities. McCullough Robertson partner, Tim Wiedman, summarises the new requirements and comments on the method of implementation chosen by ASIC. Links to practical examples showing how the new obligations will apply to responsible entities are provided. The article also discusses other changes introduced by the new financial requirements.
- 19 Oct 11 New enrolment requirements to reporting entities From 1 November 2011 new enrolment obligations will apply to all reporting entities that are required to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
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30 Sep 11
Future of financial advice reforms - draft legislation - tranche 2
Earlier this week, the Government released an exposure draft of the legislation for the second tranche of proposed reforms to the Corporations Act 2001 (Corporations Act) to implement its ‘future of financial advice’ (FOFA) program. The FOFA program aims to improve the quality of financial advice and align the interests of the adviser with their client to reduce conflicts of interest, and build confidence in the financial planning industry. The reforms are also designed to facilitate improved access to financial advice.
Partner at McCullough Robertson, Tim Wiedman, has prepared this advisory detailing the changes proposed by the draft legislation for this second tranche of the FOFA reforms. - 7 Sep 11 Future of financial advice reforms - draft legislation Financial Services specialists Sean Robertson, Tim Weidman and Brendon Leighton examine in detail the implications of proposed changes to financial services legislation.
- 25 Aug 11 Additional requirements for responsible entities offering investment to NZ residents The impact of recent changes to financial services laws in New Zealand on Australians operating across the Tasman are discussed by financial services lawyers Sean Robertson, Tim Weidman and Brendon Leighton.
- 19 Jul 11 Watershed decision relating to responsible entity's power to amend constitution Partner and specialist in financial services and funds management, Sean Robertson examines a recent Federal Court decision with implications for all responsible entities.
- 24 Mar 11 Win for fund managers - scheme documents protected In a recent case, a member of a registered managed investment scheme lodged a broad and wide-ranging request for information, seeking access to the scheme’s internal documents. The request was denied by the Supreme Court. The responsible entity was successfully represented by McCullough Robertson.
- 18 Feb 11 AML/CTF compliance reports due 31 March 2011 The lodgement period for 2010 AML/CTF compliance reports closes on 31 March 2011. If you are a ‘reporting entity’ which provided ‘designated services’ during any part of 2010, you will be required to submit an AML/CTF compliance report to AUSTRAC.
