In the media
More than one million super fund members in
underperforming funds urged to take the time to understand their
retirement savings options
AIST - 29 September 2021 - with more than one million
super fund members in underperforming funds now having received
notification from their fund, the Australian Institute of
Superannuation Trustees (AIST) is urging members
to take the time to understand their options. More...
Better Advice Bill - Exposure Draft Regulations
TREASURY - 29 September 2021 - the Morrison Government has
released for consultation exposure draft regulations and a draft
legislative instrument underpinning the Financial Sector Reform
(Hayne Royal Commission Response-Better Advice) Bill 2021 (the
Better Advice Bill). The Better Advice Bill establishes a single
disciplinary body and new registration system for financial
advisers, including tax (financial) advisers. More...
Release of Retirement Income Covenant Exposure
Draft
TREASURY - 27 September 2021 - the Morrison Government has
released exposure draft legislation that will introduce a
Retirement Income Covenant to give retirees the confidence to spend
their superannuation savings, while enabling choice and competition
in the retirement phase of superannuation. More...
Advisers' code of ethics offers a wider
opportunity
AFCA - 27 September 2021 - the Code of Ethics for
financial advisers is not all about catching out bad players, or
about trading profit for "doing good", says Australian
Financial Complaints Authority Deputy Chief Ombudsman June Smith.
More...
ASIC publishes guidance on hawking reforms
ASIC - 23 September 2021 - ASIC has published updated
regulatory guidance on the prohibition of hawking financial
products. ASIC's updated regulatory guide reflects the reforms
to the anti-hawking regime under the Financial Sector Reform (Hayne
Royal Commission Response) Act 2020, which commence on 5 October
2021. More...
ASIC to take 'practical' and
'reasonable' approach to disciplinary body
MEDIA - 22 September 2021 - the Australian Securities and
Investments Commission (ASIC) expects to take a
"practical and reasonable" approach to the single
disciplinary body which is due to take effect on 1 January, 2022.
More...
In practice and courts
Consultation: Better Advice Bill - Exposure Draft
Regulations
The Better Advice Bill establishes a single disciplinary
body and new registration system for financial advisers, including
tax (financial) advisers. The exposure draft regulations and
legislative instrument will implement key elements to support the
operation of the Better Advice Bill.
The Exposure Draft Regulations and Legislative
Instruments are available on the Treasury website.
Submissions are invited by Friday 15 October 2021 and can be sent
to SDBconsultation@treasury.gov.au.
ASIC updates
23/09/2021 RG 38 The hawking prohibition
(reissued); REP 701 Response to submissions
on CP 346 The hawking prohibition: Update to
RG 38; ASIC Corporations (Amendment and Repeal) Instrument 2021/799.
Updated to reflect reforms to the anti-hawking regime under
the Financial Sector Reform (Hayne Royal Commission
Response) Act 2020, commencing 5 October 2021: See 21-257MR and 21-213MR.
22/09/2021 INFO 260 FAQs: Timeframe for passing the
financial adviser exam.
ASIC consultation: Draft guidance for the hawking
reform
'ASIC's guidance gives additional clarity on how
the changes may affect commercial practices, systems and processes.
All interested stakeholders have until 17 August to provide
feedback on CP 346. ASIC will publish its final guidance in
September 2021, ahead of the revised hawking prohibition commencing
on 5 October 2021. More...
ASIC consultations: CP 340 Breach reporting and
related obligations
This consultation paper set out our proposals for
providing guidance to Australian financial services licensees and
Australian credit licensees (credit licensees) on the breach
reporting obligation that applies from 1 October 2021. The
obligations require these licensees to notify, investigate and
remediate breaches of the law in certain circumstances. More...
APRA Consultation: Proposed revisions to Prudential
Standard SPS 530 Investment Governance (SPS 530)
SPS 530 aims to ensure registrable superannuation entity
licensees meet their obligations to prudently select, manage and
monitor investments. The updates focus on enhancements to stress
testing, valuation and liquidity management practices. The
consultation will run until 16 February 2022. A letter
outlining the proposed revisions and a draft version are available
on the APRA website at: Consultation on Prudential Standard SPS 530
Investment Governance in Superannuation (29 September
2021).
APRA publishes additional FAQs on the Superannuation
Data Transformation Phase 1 reporting standards
The FAQs released provide an update on the staged
implementation approach, including an extension to the timeframe
for the initial submission of data due by 30 September 2021 to due
by 28 October 2021. The new FAQs are available on the APRA website
at: Frequently Asked Questions - Superannuation Data
Transformation.(27 September 2021).
APRA publishes additional FAQs on the Superannuation
Data Transformation Phase 1 reporting standards
APRA is releasing FAQs to clarify reporting issues raised
by RSE licensees and to help them meet their reporting
obligations. APRA has also made updates to the SRS 251.0
Insurance worked example. The FAQs and
worked examples are available on the APRA website at: Frequently Asked Questions - Superannuation Data
Transformation (23 September 2021).
APRA updated schedule of policy priorities for
2021
The APRA has released a letter providing an updated
schedule of policy priorities for the remainder of 2021, focusing
on key reforms to strengthen financial resilience. The letter
outlining APRA's updated policy priorities can be found on the
APRA website at: APRA policy priorities: Interim
update (24 September 2021).
APRA releases update on standard and guidance on
insurance in superannuation
The APRA has published an update on its proposed revisions
to Prudential Standard SPS 250 Insurance in Superannuation and
Prudential Practice Guide SPG 250 Insurance in Superannuation,
released for consultation in January 2021. The letter to industry
is available on the APRA website at: Consultation on Prudential Standard SPS 250
Insurance in Superannuation (21 September 2021).
AFSA feedback on guidance resources
AFSA is seeking your feedback on proposals to improve the
accessibility of our guidance resources for stakeholders including
Inspector-General Practice Statements, Inspector-General Practice
Directions, Official Receiver Practice Statements and Official
Trustee Practice Statements. We have set up a consultation
on AFSAsandpit and invite you to submit your
feedback before 1 October 2021.
AFCA current matters
Sterling group investors (Updated
September 2021).
Retirement Income Covenant Exposure Draft
The Retirement Income Covenant builds on the substantial
reforms the Morrison Government has implemented to improve
Australia's retirement income system. The draft legislation and supporting
materials are available on the Treasury website and
stakeholders are encouraged to provide their feedback. Consultation
will close on 15 October 2021. Subject to the passage of
legislation, the covenant will take effect from
1 July 2022. View the Exposure Draft (27 September 2021).
Cases
Asteron Life & Superannuation
Limited, in the matter of Asteron Life & Superannuation Limited
(No 3) [2021] FCA
1148
INSURANCE - life insurance - scheme for transfer of life insurance
business - application to Court for confirmation of scheme pursuant
to s 193 of the Life Insurance Act 1995 (Cth) (Act) - principles
applicable to confirmation of scheme of transfer
INSURANCE - application pursuant to s 191(5) of the Act to dispense
with the requirement to comply with s 191(2)(c) - principles
applicable to dispensation.
Halvorson & Anor v Birkenhead Super
Pty Limited atf Birkenhead Superannuation Benefits
Fund [2021] QCA 211
PROCEDURE - CIVIL PROCEEDINGS IN STATE AND TERRITORY COURTS -
ENDING PROCEEDINGS EARLY - SUMMARY DISPOSAL - SUMMARY JUDGMENT FOR
PLAINTIFF OR APPLICANT - where summary judgment was given in favour
of the plaintiff for the whole of its claim at first instance -
whether the preconditions to the exercise of the discretion to deal
with the matter summarily were present
Corporations Act 2001 Cth s 254K;,Uniform Civil Procedure Rules
1999 Qld r 292.
Legislation
Commonwealth
Regulations
ASIC Corporations, Credit and
Superannuation (Amendment) Instrument 2021/753
29/09/2021 - this instrument amends the ASIC Corporations, Credit
and Superannuation (Internal Dispute Resolution) Instrument 2020/98
to incorporate an updated version of Regulatory Guide 271 (RG 271)
and removes enforceability from four paragraphs that overlapped
with existing legislative requirements. It therefore amends ASIC
Corporations, Credit and Superannuation (Internal Dispute
Resolution) Instrument 2020/98 (IDR Instrument).
ASIC Corporations (Amendment and Repeal)
Instrument 2021/799
22/09/2021 - this instrument provides consequential amendments to a
number of existing Australian Securities and Investments Commission
(ASIC) legislative instruments and class orders by updating
statutory references to the prohibition on the hawking of financial
products. The instrument also repeals two ASIC legislative
instruments, ASIC Corporations (Securities and Managed Investment
Scheme Hawking Relief) Instrument 2017/184 and ASIC Corporations
(Life Risk Insurance and Consumer Credit Insurance) Instrument
2019/839), the function of which are made redundant by the new
amendments made by the Financial Sector Reform (Hayne Royal
Commission Response) Act 2020 and amendments made to the
Corporations Regulations 2001.
Auditing Standard ASA 2021-4 Amendments to
Australian Auditing Standard ASA 800 Special Considerations -
Audits of Financial Reports Prepared in Accordance with Special
Purpose Frameworks
20/09/2021 - this instrument amends the Australian Auditing
Standard ASA 800 Special Considerations - Audits of Financial
Reports Prepared in Accordance with Special Purpose Frameworks as a
result of changes to the Australian Accounting Standards impacting
the ability for certain for-profit entities to prepare Special
Purpose Financial Statements.
Auditing Standard ASA 2021-2 Amendments to
Australian Auditing Standard ASA 560 Subsequent
Events
20/09/2021 - this instrument amends the Australian Auditing
Standard ASA 560 Subsequent Events to clarify the timing of
communications and possible actions the auditor may take when facts
become known to the auditor after the financial report has been
issued that, had it been known to the auditor at the date of the
auditor's report, may have caused the auditor to amend the
auditor's report.
Banking (prudential standard) determination
No. 3 of 2021
20/09/2021 - this instrument determines Prudential Standard APS 111
Capital Adequacy: Measurement of Capital and revokes Banking
(prudential standard) determination No. 4 of 2017 including
Prudential Standard APS 111 Capital Adequacy: Measurement of
Capital.
Auditing Standard ASA 101 Preamble to
AUASB Standards
20/09/2021 - this Auditing Standard sets out how the Auditing and
Assurance Standards Board (AUASB) Standards are to be understood,
interpreted and applied. AUASB Standards are to be read and applied
in conjunction with this Auditing Standard.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.