MOving Ahead February 2017
By Luke Hooper, Special Counsel
Welcome to the February edition of MOving Ahead! This publication is filled with legal and regulatory developments designed to help super trustees meet the challenge of minimising the impact and maximising strategic opportunities arising from regulatory change.
In this edition…
- APRA writes to all APRA-regulated entities advising that Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives will commence on 1 March 2017;
- ASIC reminds trustees of the requirement to publicly disclose transparency information in respect of any standard employer-sponsored sub-plan, from 1 July 2017;
- Amendments to the Departing Australia Superannuation Payments Tax, the level of education, training and ethical standards of financial advisers, the value of Commonwealth penalty units, and delays to the commencement of SIS, section 29QC have been enacted;
- the Government releases a proposal paper in respect of the Financial System Inquiry Report’s recommendations to create new accountability obligations for entities that issue or distribute financial products and to strengthen consumer protection by introducing financial product intervention powers;
- the ATO releases draft guidelines in response to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016; and
- the Former Governor of the Reserve Bank of Australia, Bernie Fraser, releases his report in response to the Government’s proposals to require the trustee boards of superannuation funds to have at least one-third independent directors, including an independent Chair.
To read the full publication, please click here.
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