Managed funds

March 20, 2017 7:47 AM | Posted by Batten, Richard | Permalink
December 6, 2016 8:46 PM | Posted by Batten, Richard | Permalink
Our submission to ASIC on Consultation Paper 268 Licensing relief for foreign financial services providers with a limited connection to Australia supports the continued need for both the exemption for wholesale services provided outside Australian (CO 03/824) and the passporting class order relief that ASIC has provided to regulated entities from the US, the UK, Hong Kong, Singapore, Germany and Luxembourg.  Further details can be found in our submission which is available here. read more
October 4, 2016 4:54 PM | Posted by Batten, Richard | Permalink
ASIC is reviewing the application of existing exemptions for overseas regulated and unregulated financial services providers.  The exemption for certain regulated providers is being extended but for only two years.  ASIC is also proposing to repeal the general exemption which permits overseas providers to provide services to wholesale clients. read more
August 11, 2016 6:15 PM | Posted by Batten, Richard | Permalink
ASIC has released a new Consultation Paper CP 263 on Risk management systems of responsible managers which provides guidance which is potentially relevant to other non-APRA regulated licensees as well. read more
March 24, 2016 5:30 PM | Posted by Richard Batten and Justin Locke | Permalink
ASIC has made some important observations about conflicts management practices in the funds management sector which have broad relevance not confined to fund managers. read more
November 25, 2015 10:59 PM | Posted by Batten, Richard | Permalink
In a surprise move, the Senate has agreed to pass a cut-down version of the FOFA Streamlining Bill, but after the amendments made to the Bill in the Senate there is not much left of the Government's original streamlining initiative. read more
October 23, 2015 9:37 AM | Posted by Batten, Richard | Permalink
The release of the Government's response to the Murray Inquiry provides a roadmap for regulatory action affecting the sector over coming years and much needed certainty for industry. read more
October 20, 2015 8:29 AM | Posted by Batten, Richard | Permalink
The Government has released its response to the Financial System Inquiry's Final Report which includes specific measures which the Government plans to implement before the election and beyond. read more
July 30, 2015 4:15 PM | Posted by Pinar Ozer | Permalink
ASIC announced yesterday that it will now use its power to recover expenses and costs of its investigations.   read more
December 8, 2014 5:59 PM | Posted by Richard Batten, Stuart Johnson | Permalink
The Final Report of the Financial System Inquiry was released on the weekend. Here, we discuss key points arising from the Report and Mr Murray's speech to CEDA. read more
July 15, 2014 3:32 PM | Posted by Payne, Karen | Permalink

The Financial System Inquiry Interim Report (the Report) has identified taxation as one of three main sources of distortions which hamper the operation of price mechanisms that would otherwise promote an efficient allocation of funding and risk (the other two being regulation and market imperfections).

The Report is somewhat restrained in its comments on specific tax reforms, and defers to the Tax White Paper due out in 2015.  However it does make comment on the need to retain dividend imputation.  The Report suggests that the case for retaining dividend imputation is now less clear than it was in the past and may act as a subsidy to domestic equity. However, some tax distortions are intentional and by design and provide intended integity benefits, which will need to be considered and weighed against any potential adverse distortions.  These issues are sensible to defer to the Tax White Paper ...

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May 8, 2014 3:00 PM | Posted by Michael Lawson, Janine Ding | Permalink
The APEC consultation paper on the Asia Region Funds Passport has been released. The Passport introduces a new streamlined regulatory framework to facilitate the distribution of eligible 'collective investment schemes' to retail investors in passport member countries, and will allow Australian fund managers to benefit from the growing funds market in Asia. read more
April 17, 2014 4:33 PM | Posted by Andrew Yik | Permalink
The recently released discussion paper by the Corporations and Markets Advisory Committee (CAMAC) provides a broad review of the establishment and management of managed investment schemes. The discussion paper may provide an indication of the types of issues that the Financial System Inquiry (FSI) will consider in relation to managed investment schemes. read more
April 1, 2014 8:38 AM | Posted by Richard Batten, Tim Sutton, Thomas Ellicott | Permalink
The retail/wholesale client distinction is central to the current regulatory framework. Retail clients are afforded considerable additional conduct and disclosure protection. Reforming the retail/wholesale distinction has been on the regulatory agenda for some time, particularly in the wake of the GFC. read more
March 27, 2014 5:15 PM | Posted by Richard Batten, Tim Sutton, Thomas Ellicott | Permalink
One issue to pay close attention to in the Financial System Inquiry is whether there will be any developments in relation to complex products. The current financial services regime affords consumers with access to almost any financial product, regardless of complexity, provided that proper disclosures are given. This approach stems from the Wallis Inquiry, which recommended removing the prohibition on retail participation in OTC derivative markets.
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March 21, 2014 3:21 PM | Posted by Richard Batten, Tim Sutton | Permalink
In order to pre-empt the challenges and opportunities of the coming decades, the Financial System Inquiry will need to consider a number of significant trends. For example, the impact of China and other Asian countries as consumer economies is increasing. Our financial system will also need to be prepared for the oncoming demographic change in Australia's population.
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