ASIC releases guidance on operating and financial review disclosure in the...
The Australian Securities & Investments Commission (ASIC) has released Regulatory Guide 247, Effective disclosure in an operating and financial review. The Regulatory Guide on operating and...
View ArticleDo the recent amendments of AASB 10, AASB 11 and AASB 12 affect...
AASB 2012-10 “Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments” amends 25 standards and one interpretation and is effective in annual financial periods beginning...
View ArticleSMSF advice “adequate” but room for improvement, says ASIC
On 18 April 2013, ASIC released a report, SMSFs: Improving the quality of advice given to investors, outlining its findings from a review into the quality of advice provided in the self-managed...
View ArticleASIC to conduct FoFA compliance checks
On 31 July 2013, ASIC announced that it will be conducting “adviser engagement projects” during 2013-14, including visits to around 60 established Australian financial services (AFS) licensees to...
View ArticleStorm Financial class action settlement set aside
The Full Federal Court has upheld ASIC’s appeal against the court-approved settlement of the Storm Financial class action after finding that the 35% “funders’ premium” afforded to the members who...
View ArticleEnd of Transitional Period for Self Managed Superannuation Fund Auditor...
Following the end of the transitional period for self managed superannuation fund (SMSF) auditor registration on 30 June 2013, all auditors must now be registered with ASIC before they can sign off...
View ArticleFinancial planning firm reviewed by ASIC re poor SMSF advice
Source: ASIC release 13-248MR, 5 September 2013 ASIC has announced that an Australian financial services licence holder has agreed to address ASIC concerns relating to the provision of its financial...
View ArticleASIC to impose specific disclosure obligations on SMSF advisers
ASIC has released proposed guidance to improve the quality of SMSF advice given to investors. It said its recent review of the SMSF sector found there was a need to improve disclosure information that...
View ArticleCourt refuses to strike out ASIC’s claim against directors of Storm Financial...
The Federal Court has rejected an interlocutory application seeking to strike out ASIC’s statement of claim against Mr Emmanuel Cassimatis and Mrs Julie Cassimatis, as directors of Storm Financial Ltd...
View ArticleDisclosure of remuneration for superannuation trustees and executives: ASIC...
On 15 October 2013, ASIC registered Class Order [CO 13/1275] to exempt APRA registrable superannuation entity (RSE) licensees from the new trustee remuneration disclosure obligations until 1 July 2014...
View ArticleHow much do you need to start SMSF?
ASIC has confirmed that it is not proposing to prescribe a mandatory minimum account balance for the establishment of self-managed superannuation fund (SMSFs). In a speech to the SMSF Professionals’...
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