Recommendation 1.15 – Enforceable Code ProvisionsEnforceable code provisions for industry codes of conduct Recommendation 2.1 – Financial Advice Annual RenewalsAnnual Renewal and Payment for Financial Advice Recommendation 2.2 – Financial Adviser IndependenceDisclosure of lack of independence of financial advisers Recommendation Read More …
Tag: obligation
Measures to Strengthen Financial Regulators
Recommendation 1.6 – Reference checking and information sharing for mortgage brokers Recommendation 2.7 – Reference checking and information sharing for financial advisers Recommendation 2.8 – Licensee obligations to report compliance concerns Recommendation 2.9 – Licensee obligations where misconduct by financial Read More …
Completed – No Action Required
Recommendation 1.1 – No change to the National Consumer Credit Protection Act 2009 (NCCP Act) The Government agreed not to amend the NCCP Act obligation to assess unsuitability of credit contracts. Recommendation 1.9 – No extension of the NCCP Act Read More …
Recommendation 3.7
Civil penalties for breach of covenants and like obligations These changes were implemented as part of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019, which received Royal Assent on 5 April 2019
Extension of legislation for PIP/DDO
The Government agrees with the suggestion by the Commissioner to extend the proposed DDOs to apply to NCCP Act products and ASIC Act products and the ASIC PIP to apply to ASIC Act products. The extension of the DDOs will Read More …
6.10 — Co operation memorandum
ASIC and APRA should prepare and maintain a joint memorandum setting out how they intend to comply with their statutory obligation to co‑operate. The memorandum should be reviewed biennially and each of ASIC and APRA should report each year on Read More …
6.9 — Statutory obligation to co operate
The law should be amended to oblige each of APRA and ASIC to: co‑operate with the other; share information to the maximum extent practicable; and notify the other whenever it forms the belief that a breach in respect of which Read More …
6.7 — Statutory amendments
The obligations in sections 37C and 37CA of the Banking Act should be amended to make clear that an ADI and accountable person must deal with APRA and ASIC (as the case may be) in an open, constructive and co‑operative Read More …
3.7 — Civil penalties for breach of covenants and like obligations
Breach of the trustee’s covenants set out in section 52 or obligations set out in section 29VN, or the director’s covenants set out in section 52A or obligations set out in section 29VO of the SIS Act should be enforceable Read More …
3.1 — No other role or office
The trustee of an RSE should be prohibited from assuming any obligations other than those arising from or in the course of its performance of the duties of a trustee of a superannuation fund. Government Response The Government agrees to Read More …