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ASIC updates guidance on product disclosure statements
ASIC has released updated Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations).
DIY Syndicates
Brendan Ivers recently helped Australian Property Investor magazine with an article on establishing small property syndicates.
ASIC strengthens disclosure requirements for debentures and unsecured notes
ASIC has released updated requirements for unlisted debentures and unsecured notes to improve disclosure to retail investors.
Government introduces legislation to crack down on unsolicited share offers and insider trading
Chris Bowen MP has introduced legislation to stamp out unsolicited, below-value share offers and to crack down on insider trading and market manipulation.
Corporations Amendment Regulations 2010 (No. 5)
Regulations have been passed prescribing the content of short form PDS for simple managed investment schemes and margin loans.
The Corporations Amendment (Corporate Reporting Reform) Bill
The Corporations Amendment (Corporate Reporting Reform) Bill was recently introduced to parliament and will significantly change the law about dividend payments. Click above or call us for details.
ASIC disclosure rules for agribusiness schemes: consultation paper released
Langton Clarke was recently interviewed about ASIC's benchmark disclosure reforms for agribusiness MIS offer documents. Click on the link above to listen.
Legislation reversing Sons of Gwalia introduced into parliament
Chris Bowen MP has introduced a bill into parliament to give effect to the government's decision to reverse the high court's decision in Sons of Gwalia v Margaretic.
Information for investors in frozen funds
ASIC has published information to better inform investors in ‘frozen funds’ about their rights in relation to the freezing of funds...
Government introduces legislation to cut red-tape for business
Chris Bowen MP has introduced a Bill into Parliament to reduce red-tape on business and improve Australia's corporate reporting framework.
Government releases draft legislation to help put an end to below-value unsolicited share offer scams
Chris Bowen MP has released draft laws giving effect to the Government's commitment to clamp down on unsolicited share offers by restricting access to company registers.
Government releases draft legislation cracking down on insider trading and other market offences
Chris Bowen MP has released draft legislation giving effect to the Government's commitment to crack down on market offences, such as insider trading.
Release by the Treasury - Future of Financial Advice website
The website for the Future of Financial Advice reforms was announced by the Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP, on 26 April 2010.
Parliament approves Rudd government's tax protection package for investors in forestry managed investment schemes
Senator Nick Sherry has welcomed the passage through Parliament of amendments that protect investors in forestry managed investment schemes (MIS) from an adverse and unintended tax outcome.
New tax certainty for managed investment trusts as legislation passes parliament
Senator Nick Sherry has welcomed the passage of legislation containing the 2009-10 Budget measure to allow a MIT to elect to have the capital gains tax regime as the primary code...
Market update on confidential information and rumours
ASIC has announced it will continue working closely with the market over the next six to nine months to improve industry standards on the responsible handling of rumours...
Prospectus relief to help corporate bond market
ASIC has provided class order relief which will help promote the issue of vanilla corporate bonds to retail investors.
Regulations made supporting the new margin loan regulatory regime
The Minister for Financial Services, Superannuation, and Corporate Law, Chris Bowen MP, has welcomed the prescribing regulations as part of the Commonwealth's new margin lending regime.
Information for trustee companies providing traditional services
ASIC has released updated policy and regulatory guidance to assist trustee companies providing traditional trustee company services to comply with the licensing and conduct requirements...
New tax system for managed investment trusts
The Assistant Treasurer, Senator Nick Sherry has announced the Rudd Government will put in place a new tax system for Managed Investment Trusts (MITs) for commencement on 1 July 2011.
Financial advice and product distribution - beginning of the new era
While much of the nation enjoyed the Anzac Day public holiday, the Federal Government was busy releasing its “Future of Financial Advice Information Pack”.
Draft legislation to reverse Sons of Gwalia released
Chris Bowen MP, has released an exposure draft of legislation giving effect to the Government's decision to reverse the High Court decision in Sons of Gwalia v Margaretic.
Overhaul of financial advice
The Rudd Government has announced reforms to financial advice that will improve the trust and confidence of Australian retail investors in the financial planning sector.
ASIC consults to improve disclosure by infrastructure entities
ASIC has released a consultation paper aimed at improving disclosure to retail investors by infrastructure entities, including listed and unlisted companies and registered managed investment schemes.
McMahon Clarke Legal submission to Treasury
We recently lodged a submission with Treasury in response to the draft regulations issued in relation to amending the disclosure regime for managed investment schemes.
ASIC consults to improve agribusiness scheme disclosure
ASIC has released a consultation paper aimed at improving disclosure to retail investors by responsible entities of agribusiness schemes.
Market supervision reforms pass through the parliament
Legislation reforming the way financial markets in Australia are supervised passed the senate today, paving the way for transfer of market supervision responsibility to ASIC.
Financial Services Consumer Protection Framework extended to superannuation borrowing arrangements
The government proposes to amend the Corporations Regulations 2001 to provide that certain borrowing arrangements by super fund trustees permitted by the SIS Act 1993 are financial products…
Corporations Amendment Regulations 2010 - trustee companies - draft regulations and explanatory material
Draft Regulations and explanatory material for the Corporations Amendment Regulations 2010 and the ASIC Amendment Regulations 2010 in relation to trustee corporations have been released for comment.
Invitation : Instalment trust arrangements—Superannuation and borrowing
To assist you in answering your client’s questions regarding superannuation funds borrowing, we are pleased to invite you to a seminar on instalment trust arrangements.
Government moves to stop preying on shareholders
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has released proposals designed to prevent predatory share offers to vulnerable and unsuspecting shareholders.
Greater powers to the corporate regulator to pursue market misconduct
The Minister for Financial Services, Super and Corporate Law has announced proposed changes to the law to strengthen ASIC's investigative powers and increase penalties for market related offences.
Draft managed investment scheme PDS regulations released
The much anticipated draft regulations establishing the new disclosure regime for managed investment schemes have now been released for consultation.
ASIC grants conditional relief to improve access to capital for investors in frozen mortgage funds
ASIC has announced its intention to grant conditional relief for investors in frozen mortgage funds.
ASIC releases new best practice proposals for the handling of confidential information and conduct of market soundings
ASIC has released proposed best practice guidelines to help improve market practices relating to the handling of confidential information by listed entities.
Superannuation and Managed Investment Scheme Disclosure - Public Consultation
The Hon Chris Bowen MP has released for public comment draft regulations and an example Product Disclosure Statement for superannuation and managed investment product disclosure.
Forestry Managed Investment Scheme Amendments: Exposure Draft Legislation and Explanatory Material
The Assistant Treasurer has released exposure draft legislation, and associated explanatory material, on the proposed changes to the four year holding period rule for forestry MIS.
Release of draft legislation on tax treatment
Senator Nick Sherry has released for consultation the Rudd Government's draft legislation on the proposed changes to the taxation of gains and losses on disposal of investments by MITs.
ASIC seeks feedback on proposal to develop listed corporate bond market
ASIC has released a consultation paper to assist with the development of a sustainable listed corporate bond market in Australia.
Improving Australia's corporate reporting framework
The Minister for Financial Services, Superannuation and Corporate Law has released an exposure draft of the Corporations Amendment (Corporate Reporting Reform) Bill 2010...
Life after the PJC Inquiry - what happens next?
The Parliamentary Joint Committee’s report into financial products and services in Australia (“PJC Inquiry”) was issued on 23 November 2009.
Dates for reporting on anti-money laundering and counter-terrorism financing compliance announced
AUSTRAC has released dates for businesses to report on their compliance with Australia's anti-money laundering and counter-terrorism financing laws.
Parliamentary Joint Committee on Corporations and Financial Services report
The Parliamentary Joint Committee on Corporations and Financial Services has submitted its report to parliament on their inquiry into financial products and services in Australia.
MINCO agrees on principles for reform of directors' liability provisions
Chris Bowen MP, has welcomed the agreement reached at the Ministerial Council for Corporations (MINCO) meeting in Sydney on the next step in reform of directors' liability provisions.
Updated compensation and insurance arrangements for licensees
ASIC has released an updated version of Regulatory Guide 126 Compensation and insurance arrangements for AFS licensees.
ASIC releases second report and proposals on unlisted, unrated debentures
ASIC has released its second report on the unlisted, unrated debenture market and a consultation paper outlining proposals to improve the benchmarks...
Government to provide tax certainty to investors
Senator Nick Sherry has announced the Rudd Government will amend the tax law to protect around 19,000 investors in forestry managed investment schemes from an unintended and adverse tax outcome.
ASIC consults further on facilitating online financial services disclosures
ASIC has issued a Consultation Paper seeking further feedback on how to better facilitate the delivery of financial services information online.
New Margin Lending Investor Disclosure Regime released
The Rudd Government has released draft regulations for margin lending disclosure and an example Product Disclosure Statement for public consultation.
Consumer Credit Reforms – Senate Amendments
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP has announced a number of enhancements to the National Consumer Credit Protection legislation.
ASIC releases responsible rumour handling proposals
ASIC has released a Consultation Paper, Responsible handling of rumours, outlining some proposed principles and guidelines designed to assist market participants in their dealing with market rumours.
ASIC seeks comment on credit rating use in disclosure documents
ASIC is seeking public comment on whether to withdraw current class order relief that allows issuers of investment products to cite credit ratings in disclosure documents...
Agribusiness MIS inquiry report tabled in parliament
Click on the link above to view the report.
ASIC consults on responsible lending conduct obligations for credit licensees
ASIC released its policy proposals on implementing the responsible lending obligations for credit licensees on 2 September 2009. This is part of the consultation process that ASIC is undertaking...
Inquiry into financial products and services in Australia
The Parliamentary Joint Committee on Corporations and Financial Services is inquiring into and will report on issues associated with the recent collapse of financial product and service providers.
Reforms to the supervision of Australia's financial markets
Wayne Swan MP and Chris Bowen MP, have announced changes to the supervision of Australia's financial markets that will enhance the integrity of Australia's financial markets…
Draft regulations reforming margin loans, trustee companies and debentures released
Chris Bowen MP has released for comment draft Regulations and explanatory material for the Corporations Amendment Regulations 2009 in relation to margin loans, trustee corporations and debentures.
ASIC issues report on relief applications decided between December 2008 to March 2009
ASIC has released a report outlining recent decisions on applications for relief from the corporate finance, financial services and managed investment provisions of the Corporations Act...
Competence and training for credit licensees
ASIC has released its policy proposals on competence and training for credit licensees. This is part of the extensive consultation process that ASIC is undertaking…
ASIC consults on dispute resolution requirements for consumer credit and margin lending
ASIC has released a paper seeking public comment on proposals designed to ensure that consumers have timely access to dispute resolution if they have a problem with consumer credit or margin lending.
ASIC consults on licensing requirements for credit licensees
ASIC has released the first package of policy proposals on the implementation of the proposed National Consumer Credit regime.
ADPIA submission
The submission, which has been lodged with ASIC was prepared by McMahon Clarke Legal on behalf of ADPIA and concerns the operation of s1017E of the Corporations Act.
Improving disclosure of securities lending
ASIC has released consultation on guidance on disclosure of substantial holdings arising from securities lending or prime broking.
ASIC review of 30 June 2009 financial reports
ASIC has highlighted a number of areas on which company Boards and those responsible for the preparation of financial reports should focus in the upcoming reporting period.
Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009
Chris Bowen MP, has introduced the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 (Modernisation Bill) into Parliament.
National Consumer Credit Protection Reform Package
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, will today introduce the Rudd Government's national consumer credit laws into Parliament.
AD09-110 New market disclosure measures to enhance capital raising and continuous disclosure by unlisted entities
ASIC has released new measures to enhance market disclosure and efficiency in capital raisings and unlisted disclosing entities.
Government releases findings of review of non-forestry managed investment schemes
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen MP, has released the findings of a review of non-forestry agricultural managed investment schemes.
Minister releases options paper on unsolicited off-market share offers
Senator Nick Sherry has released for public consultation a range of reform options to reshape the regulation of undervalued off-market share offers made to shareholders of publicly listed companies…
New inquiry into agribusiness managed investment schemes
Mr Bernie Ripoll MP has confirmed a new inquiry into agribusiness managed investment schemes following the recent high-profile collapses of Timbercorp and Great Southern.
Immediate action on unscrupulous off-market share offers
Senator Nick Sherry has announced regulatory changes to increase the disclosure requirements for off-market share offers where payment is to be made through instalments over several years.
ASIC consolidates guidance on conduct and disclosure obligations for financial advisers
ASIC has released an updated Regulatory Guide 175 Licensing: Financial product advisers – Conduct and disclosure (RG 175).
ASIC lifts ban on covered short selling of financial securities
ASIC has announced it would lift the current ban on covered short selling of financial securities from 10am on 25 May 2009.
Invitation : Estate planning for blended families
To assist you identify and address the relevant issues when advising your clients on estate planning issues, we are pleased to invite you to a seminar on “Estate planning for blended families”.
Anti-Money Laundering and Counter-Terrorism Financing—Independent AML/CTF Program Review
Reporting entities under the AML/CTF Act 2006 are required to ensure they establish and maintain an AML/CTF program and 'Part A' of that program is independently reviewed on a regular basis.
Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009
On 7 May 2009, Senator the Hon Nick Sherry, announced the release for public exposure of the draft Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009.
Exposure Draft: National Consumer Credit Regime
On 27 April 2009 Senator the Hon Nick Sherry released for public exposure the draft National Consumer Credit Reform legislation and associated commentary to explain the legislation.
ASIC and ASX act to protect retail investors of partly paid securities
ASIC and the ASX have agreed that ASX will implement changes to its market rules relating to partly paid securities and instalment receipts ‘Partly Paid Securities’.
Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2009 (No. 1)
The Rules amend the AML/CTF Rules Instrument 2007 (No. 1) and relate to the transfer of customers under the AML/CTF Act 2006 through business restructuring.
Corporate governance and financial performance in an Australian context
The concept of corporate governance has attracted considerable attention, domestically and internationally, in recent years.
ASIC extends ban on covered short selling of financial securities
ASIC has announced it will keep the ban on covered short selling of financial securities in place until 31 May 2009 but will keep this position under review.
ASIC reviews policy on internet discussion sites
ASIC has released a consultation paper on the regulation of internet discussion sites that have commentary about financial products.
Minister welcomes parliamentary inquiry
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has welcomed a Parliamentary Joint Committee on Corporations and Financial Services Inquiry into recent corporate collapses...
ASIC seeks comment on proposals to facilitate equity capital raising and participation by retail investors
To manage the impact of current market conditions and build confidence in Australia’s financial markets, ASIC has issued a consultation paper which considers measures to facilitate capital raising…
Are you more exposed to Hotel Development than previously hoped?
Attend our presentation in Brisbane on 4 March 2009.
Insurance Council of Australia—2009 Regulatory Update
Views from ASIC. Presented by Jeremy Cooper, Deputy Chairman, Australian Securities and Investments Commission.
ASIC extends ban on covered short selling of financial securities
ASIC has announced it will keep the ban on covered short selling of financial securities in place until Friday, 6 March 2009.
2008 AML/CTF reporting period determined
AML/CTF Rules Amendment Instrument 2008 (No. 8) amends the AML/CTF Rules Instrument 2007 (No. 1) to specify that the reporting period for the year 2008 will be from 1 January 2008 to 31 December 2008.
Government supports ASIC enforcement actions
The government has committed to support the enforcement activities of ASIC, by approving additional funding for two major enforcement actions judged to be in the public interest.
Rudd government confirms strong consumer protection
As part of the agreed Commonwealth takeover of margin lending regulation there will be a significant increase in consumer protection through simpler, more effective disclosure.
Industry wins test case
The Federal Court has handed down its long awaited decision on the ATO test case...
ASIC issues consultation paper on share purchase plan threshold
This consultation paper invites comment on proposals to increase the monetary limit for share purchase plan disclosure relief from the current $5,000 in any consecutive 12 month period to $15,000...
Short selling bill passes the Parliament
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has welcomed the successful passage through Parliament - unamended - of critical legislation to ban naked short selling...
ASIC review of 30 June 2008 reports and areas of focus for upcoming reporting period
The Australian Securities and Investments Commission (ASIC) has issued guidance to entities preparing their 31 December 2008 financial and audit reports.
Bowen introduces cartels legislation into parliament
The Competition Policy and Consumer Affairs Minister, Chris Bowen MP, has introduced into the parliament a package of measures providing criminal sanctions for serious cartel conduct.
Improved Australian controls for credit rating agencies and research houses
Senator Nick Sherry, the Minister for Superannuation and Corporate Law, has announced reforms to the regulation of credit rating agencies and research houses, after a review by Treasury and the ASIC.
Government to legislate for better regulation of short selling
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has announced the details of the final Bill to better regulate the use of short selling in the Australian financial market.
ASIC lifts ban on covered short selling for non-financial securities
ASIC said it would lift the current ban on short selling of non-financial securities from opening of trading on 19/11/08 but would continue the ban on covered short sales in financial securities.
Minister launches capital markets research centre with focus on reducing market manipulation
Senator Nick Sherry, Minister for Superannuation and Corporate Law has tonight launched the renewed Capital Markets Co-operative Research Centre.
Action to further enhance market integrity
The Government has commissioned the Corporations and Markets Advisory Committee to review market practices with a view to further enhancing the integrity and transparency of the Australian market.
Government abolishes CGT trust cloning exemption
The Assistant Treasurer has announced the capital gains tax (CGT) trust cloning exemption will be abolished effective...
Overview of decisions on relief applications (April to July 2008)
ASIC recently released a report outlining recent decisions on applications for relief from the corporate finance, financial services and managed investment provisions of...
ASIC facilitates withdrawals from frozen funds
ASIC recently announced measures that will facilitate operators of mortgage funds providing early withdrawal for members where there is hardship...
Review of the tax arrangements applying to managed investment schemes
The Chairman of the Board of Taxation, Mr Dick Warburton, today announced the release of a discussion paper on the Board’s review of the tax arrangements applying to managed investment trusts...
Requirements for disclosure and reporting of short sales from 19 November 2008
On 21 October 2008, the Australian Securities and Investments Commission (ASIC) announced that it expected to...
