By Luke Hooper, Special Counsel
Welcome to the April edition of MOving Ahead! This publication is filled with legal and regulatory developments designed to help super fund trustees meet the challenge of minimising the impact and maximising strategic opportunities arising from regulatory change.
In this edition…
- ASIC states its indicative minimum levy for the 2018 Financial Year;
- APRA releases the results of a review of remuneration practices of 12 large financial institutions (including superannuation funds);
- proposed superannuation guarantee legislation is introduced into the House of Representatives;
- proposed legislation is introduced into the House of Representatives proposing to require ASIC to consider the effects that the performance of its functions and the exercise of its powers will have on competition in the financial system;
- superannuation fund trustees become exempt from the requirements to follow applicable customer identification procedures when cashing out of low value superannuation funds and for the Departing Australia Superannuation Payment; and
- Treasury releases exposure drafts of Bills and Regulations for consultation in respect of ASIC’s fees-for-service industry funding model.
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