Government Initiatives to Support Businesses During Covid-19Net Stripes
With the Covid-19 pandemic battering the global economy, the Government’s decision to provide financial assistance through a stimulus package and grants is a wave of relief among small and medium sized business owners, but how do they actually work for us? https://bit.ly/2WlQ1II
Government Initiatives to Support Businesses During Covid-19Net Stripes
With the Covid-19 pandemic battering the global economy, the Government’s decision to provide financial assistance through a stimulus package and grants is a wave of relief among small and medium sized business owners, but how do they actually work for us? https://bit.ly/2WlQ1II
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on: the new Law on Competition and registration of certain secured transactions.
The government has announced a temporary NIC increase of 1.25% for employees, employers, and the self-employed from April 2022 until April 2023. Revenue raised from the levy will be funnelled into supporting the NHS and equivalent bodies across the UK.
Newsletter on daily professional updates- 17/01/2020CA PRADEEP GOYAL
Be a lifelong student.
The more you learn, the more you earn
and the more self-confidence you will have
Here is your Daily dose of professional updates 17.01.2020
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on new rules for corporate governance of public companies; proposed changes to the Law on Competition and administrative sanctions in the oil and gas sector.
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam. This edition has news on changes to the Labour Code and Law on Enterprises, bank accounts for rep offices and NGOs and the new SME fund.
Newsletter on daily professional updates- 21/05/2020CA PRADEEP GOYAL
“Knowledge is knowing that a tomato is a fruit.
Wisdom is not putting it in a fruit salad.”
Here is your Daily dose of professional updates 21.05.2020. This update supplements last update issued on 15.05.2020.
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam. This edition has news on the new Vietnam competition law decree; integrated teaching programs for students in international schools; and State Bank of Vietnam lending rules for businesses impacted by the pandemic.
PPT on Key Recommendations of Task Force on New Direct Tax CodeCA PRADEEP GOYAL
A committee formed to look into direct tax law reform submitted its report to Union FM Nirmala Sitharaman. The panel was headed by Akhilesh Ranjan, a member of Central Board of Direct Taxes. The aim of the exercise is to make direct tax laws modern and simpler, as well as widen the tax base
Key Discussions about ‘Taxes’ and ‘IBC’ in Economic SurveyTaxmann
#EconomicSurvey Analysis
Download/Read through the Key Discussions about ‘Taxes’ and ‘IBC’ in Economic Survey Below.
Compiled by Taxmann’s Indirect Tax Research & Development Team
The Recovery 101 presentation given on May 18, 2009 in Marlette, MI. Hosted by the Mid Michigan Innovation Team in collaboration with Corporation for a Skilled Workforce and Thumbworks. Presenters include representatives from Corporation for a Skilled Workforce, the Michigan Department of Energy, Labor and Economic Growth, the Michigan Economic Development Corporation, and the National Employment Law Project.
Asia Counsel Insights provide readers an update on legal and business developments in Vietnam.
In this edition, we provide a summary of (a) the new decree regulating e-commerce businesses taking effect from 1 January 2022; (b) the new decree on security transactions; and (c) Government relief for Covid-19 affected businesses.
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on: the new Law on Competition and registration of certain secured transactions.
The government has announced a temporary NIC increase of 1.25% for employees, employers, and the self-employed from April 2022 until April 2023. Revenue raised from the levy will be funnelled into supporting the NHS and equivalent bodies across the UK.
Newsletter on daily professional updates- 17/01/2020CA PRADEEP GOYAL
Be a lifelong student.
The more you learn, the more you earn
and the more self-confidence you will have
Here is your Daily dose of professional updates 17.01.2020
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on new rules for corporate governance of public companies; proposed changes to the Law on Competition and administrative sanctions in the oil and gas sector.
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam. This edition has news on changes to the Labour Code and Law on Enterprises, bank accounts for rep offices and NGOs and the new SME fund.
Newsletter on daily professional updates- 21/05/2020CA PRADEEP GOYAL
“Knowledge is knowing that a tomato is a fruit.
Wisdom is not putting it in a fruit salad.”
Here is your Daily dose of professional updates 21.05.2020. This update supplements last update issued on 15.05.2020.
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam. This edition has news on the new Vietnam competition law decree; integrated teaching programs for students in international schools; and State Bank of Vietnam lending rules for businesses impacted by the pandemic.
PPT on Key Recommendations of Task Force on New Direct Tax CodeCA PRADEEP GOYAL
A committee formed to look into direct tax law reform submitted its report to Union FM Nirmala Sitharaman. The panel was headed by Akhilesh Ranjan, a member of Central Board of Direct Taxes. The aim of the exercise is to make direct tax laws modern and simpler, as well as widen the tax base
Key Discussions about ‘Taxes’ and ‘IBC’ in Economic SurveyTaxmann
#EconomicSurvey Analysis
Download/Read through the Key Discussions about ‘Taxes’ and ‘IBC’ in Economic Survey Below.
Compiled by Taxmann’s Indirect Tax Research & Development Team
The Recovery 101 presentation given on May 18, 2009 in Marlette, MI. Hosted by the Mid Michigan Innovation Team in collaboration with Corporation for a Skilled Workforce and Thumbworks. Presenters include representatives from Corporation for a Skilled Workforce, the Michigan Department of Energy, Labor and Economic Growth, the Michigan Economic Development Corporation, and the National Employment Law Project.
Asia Counsel Insights provide readers an update on legal and business developments in Vietnam.
In this edition, we provide a summary of (a) the new decree regulating e-commerce businesses taking effect from 1 January 2022; (b) the new decree on security transactions; and (c) Government relief for Covid-19 affected businesses.
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
Yet another busy month with five major superannuation reforms introduced to Parliament. The Bills relate to promoting Member Outcomes, Housing Affordability, Independent Directors on Trustee Boards, Complaints or Dispute Resolution, and extending Choice of Fund.
Like the rest of the financial services industry, insurers are subject to increasingly complex and prescriptive regulations and standards. In the year ahead, insurers will need to focus on the new U.S.Department of Labor fiduciary standard, which is likely to have a significant effect on how insurance products are sold. Moreover, global developments, especially those related to the developing International Capital Standard, will require insurers to closely monitor – and ideally contribute to – official discussions about how globally active insurers should manage capital
Business Continuity Protection ProgramJasonSchupp1
On May 21 the National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big “I") released their proposal to address future pandemics: The Business Continuity Protection Program (BCPP).
A synopsis of the Financial Conduct Authority’s (FCA) latest news and publications issued in April and May 2018.
With GDPR and MiFID II processes now firmly embedded in our daily lives, many of our readers will look back at the months of April and May with a sense of relief.
CBIZ Manufacturing & Distribution Quarterly Newsletter - Feb 2020CBIZ, Inc.
Timely articles on topics of interest to manufacturers and distributors including - the expansive SECURE Act (retirement legislation), Benefits Renewal (six questions to ask), Risk (rethinking your profile for the new decade), the Hardening Insurance Market (what to expect, how to prepare) and the NAM Talks Trade - plus quick links to complimentary guides and webinars.
Similar to QMV Legal & Regulatory Update - March 2019 (20)
It is paramount that retirement income systems and the advisers, trustees and other fiduciaries responsible for their management strike a fine balance between individual freedom and subtle nudges or paternalistic interventions.
Fifty-three per cent of Australian households are expected to have enough for a comfortable retirement from their combined superannuation savings, personal assets and the Age Pension, according to the latest CommBank Retire Ready Index
The responsibility of superannuation trustees is greater than that of typical businesses - holding an important economic and public policy role to Australian society to provide income in retirement. What duty or responsibility do superannuation trustees have towards environmental, risk, and governance factors?
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Card
QMV Legal & Regulatory Update - March 2019
1. While all care has been taken in the preparation of this information, QMV Solutions takes no
responsibility for any loss or damage suffered from relying on this information.
This information is not intended to be financial, tax or legal advice.
Jonathan Steffanoni
Principal Consultant
Legal & Risk
IN BRIEF
The heavy focus on regulatory change for the superannuation industry continued
during March and early April as we move closer to the Commonwealth election.
The 2019-20 Commonwealth budget was one of stability, albeit with a handful of
minor and non-controversial policy announcements.
The Member Outcomes, Protecting Your Super. Package, and Design & Distribution
Obligations all passed Parliament and will come into law. There was also progress with
the Consumer Data Right, abolishing Grandfathered Conflicted Remuneration, and
AFCA Rules updates.
Consultation also commenced on universal life insurance policy terms for MySuper
products and making some provisions from industry codes enforceable.
APRA also issued guidance on very 21st
century challenges of Information Security
and Climate Change risk management.
QMV
REGULATORY
UPDATE
PENSIONS AND SUPERANNUATION
MAJOR REFORM UPDATES
Protecting Your
Super
13 March 2019
Royal Assent
The Treasury Laws Amendment (Protecting Your Superannuation Package) Bill
2018 received royal assent on 12 March 2019. The Act implements the
Protecting Your Super Package announced in the 2018/19 Commonwealth
Budget.
Amendments have been made to the regulations, with Treasury Laws
Amendment (Protecting Your Superannuation Package) Regulations 2019
making minor amendments to the:
▪ Insurance inactivity definition and notice requirements;
▪ Technical periodic reporting and product disclosure definitions; and
▪ Account consolidation and balance reunification particulars.
QMV recommends that all superannuation trustees prioritise engagement of
internal resources and service providers to ensure that business systems,
procedures and assurance is in place by the commencement date.
Trustees should model the impact of the reforms on member fees and insurance
premiums. Trustees should also consider the impact of low residual balances
after partial payments and obligations to refund certain fees.
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INSIDE THIS EDITION
• Protecting Your Super Package
• Design & Distribution Obligations
• Enforceable Industry Codes
• Ending grandfathered commissions
• Information Security Risk Management
• Climate Change Risk Management
MARCH 2019
2. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
2
MARCH 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
Design &
Distribution
Obligations
3 April 2019
Awaiting Royal Assent
Parliament passed the Treasury Laws Amendment (Design and Distribution
Obligations and Product Intervention Powers) Bill 2018 with amendments. The
Act implements recommendations from the Financial System Inquiry to:
▪ impose design and distribution obligations for financial products to ensure
that products are targeted at the right people; and
▪ a product intervention power for ASIC when there is a risk of significant
consumer detriment.
The amendments:
▪ extend the regime to financial products regulated under the ASIC Act;
▪ provide a further private cause of action where an entity fails to make a
target market determination under the design and distribution obligations
(DDO) regime; and
▪ enable the court, on application from ASIC, to make orders to benefit non-
party consumers who have suffered loss or damage because of
contraventions of the DDO regime.
These reforms align with the recommendations of the Hayne Royal
Commission.
QMV recommends that superannuation trustees review existing products issued
and distributed to identify any risks of non-compliance or regulatory
intervention.
AFCA Changes
18 March 2019
Legislative Instrument
The Australian Financial Complaints Authority (AFCA) has made several
changes of interest to superannuation trustees, including:
▪ a legislative instrument, Treasury Laws Amendment (AFCA Cooperation)
Regulations 2019 requiring that members must provide AFCA with
reasonable assistance to allow the prompt and fair resolution of
complaints;
▪ expanding AFCA’s jurisdiction to include eligible complaints dating back to
1 January 2008. This period where they can handle legacy complaints is
planned to operate for a period of 12 months from 1 July 2019;
▪ payment of legacy unpaid external dispute resolution determinations
issued under the Terms of Reference for the Financial Ombudsman Service
and the Credit and Investments Ombudsman Rules.
QMV recommends that superannuation trustees ensure that the relevant
business unit and representatives, or service provider is aware of the changes in
their obligations to AFCA, and possible increase in such claim volumes.
Consumer Data
Right
29 March 2019
Draft rules released
The ACCC has released draft rules for the Consumer Data Right (CDR) for
consultation, following the previous publication of a Rules Framework in
September 2018 and a Rules Outline in December 2018.
The consultation will inform the continued development of the rules and a
future Privacy Impact Assessment.
The Treasury Laws Amendment (Consumer Data Right) Bill 2019 was introduced
into the House of Representatives on 13 February 2019 and commences for
major banks as data holders from 1 July 2018 should it pass.
QMV recommends that superannuation trustees identify and consider the
strategic opportunities which may be presented by the implementation of Open
Banking, and the strategic risks which the future designation of superannuation
funds as data holders under the regime may present.
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3. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
3
MARCH 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
Industry Code
Enforceability
18 March 2019
Consultation
Treasury has commenced industry consultation on proposed legislation which
would implement the Hayne Royal Commission recommendation 1.15.
The proposed legislation would see ASIC given powers to determine certain
industry code provisions to be enforceable by law, and contravention thereof
constituting a breach of the law.
The enforceable industry code provisions would apply to AFS Licensees,
authorised representatives and issuers of financial products, and require that:
▪ Provisions which are intended to be enforceable be identified by industry;
▪ Industry seek ASIC approval and review of voluntary codes; and
▪ Enforcement remedies would be available, including pecuniary, injunctions,
damages, enforceable undertakings and punitive orders.
The consultation is open for comments until 12 April 2019.
QMV recommends that superannuation trustees engage with industry
associations responsible for the maintenance of any voluntary codes which they
participate, paying particular attention to identifying provisions which may be
enforceable.
Grandfathered
Conflicted
Remuneration
18 March 2019
Draft Regulations
Treasury has released exposure draft regulations to support the Treasury Laws
Amendment (Ending Grandfathered Conflicted Remuneration) Bill 2019
(Exposure Draft Bill) for consultation which was released in February.
The Exposure Draft Bill removes the grandfathering arrangements for
conflicted remuneration and other banned remuneration from 1 January 2021.
It also enables regulations to be made to pass through to customers of the
benefits of any previously grandfathered conflicted remuneration remaining in
contracts after 1 January 2021.
The exposure draft regulations have been released providing details on the
process of how benefits will be passed through to the customer, as well as
impose record keeping obligations.
QMV recommends that any superannuation trustee which currently pays
grandfathered conflicted remuneration to financial advice suppliers should assess
the impact of the change on the operational and commercial environment as
part of strategic planning activities.
Universal Insurance
Terms Review
28 March 2019
Consultation
Treasury has released a consultation paper regarding the recommendation
from the Hayne Royal Commission seeking to standardise MySuper insured
benefit terms through legislating universal key terms, definitions and
exclusions for default insurance cover for all MySuper products.
Treasury’s consultation paper seeks industry feedback on the merits of
prescribing:
▪ a higher level of minimum cover for life insurance than is currently
provided in Superannuation Guarantee (Administration) Regulations 2018;
▪ providing a minimum level of cover for permanent incapacity insurance;
▪ defining maximum levels of cover; and
▪ a fixed level of cover for life and/or permanent incapacity insurance, to set
a standard level of default insurance across all MySuper products.
Treasury is seeking comments until 26 April 2019.
QMV recommends that all superannuation trustees holding MySuper products or
licenses assess the impact of prescribing these specific definitions into legislation
and supply any feedback to Treasury before 26 April 2019.
🔗LINK TO DETAILS
🔗LINK TO DETAILS
🔗LINK TO DETAILS
4. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
4
MARCH 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
TECHNICAL CHANGES AND UPDATES
Claims Handling
29 March 2019
Consultation Paper
Treasury has completed a brief consultation on proposed changes to remove
the exemption of claims handling from the definition of financial services in
the Financial Services Law.
The proposed change addresses a recommendation of the Hayne Royal
Commission and will see ASIC responsible for regulating insurance claim
handling, including ensuring that claims are handled efficiently, honestly, and
fairly.
The consultation acknowledges concerns arising with unintended
consequences of this removal, such as claims handling staff being classified
as providers of financial advice.
QMV recommends that superannuation trustees review the submissions from
the submissions when they are released and plan for future legislation to give
effect to the change.
Corporate and
Financial Sector
Penalties
25 March 2019
Legislative Instrument
The Treasury Laws Amendment (Strengthening Corporate and Financial Sector
Penalties) Regulations 2019 have been determined, following the recent
passage of the Treasury Laws Amendment (Strengthening Corporate and
Financial Sector Penalties) Act 2019.
The regulations apply to offences under the Corporations Act and Insurance
Contracts Act and are intended to:
▪ prescribe the list of offence, civil penalty and key requirement provisions
that are subject to an infringement notice regime;
▪ ensure consistency between the penalties in the Act and the Regulations;
and
▪ Amend cross referencing errors and enable transitional provisions.
QMV recommends that superannuation trustees consider the impact of the
increased penalties on the severity of regulatory and compliance risks.
Single Touch Payroll
29 March 2019
Legislative Instrument
The ATO has issued legislative instruments related to the Single Touch Payroll
laws. These legislative instruments operate to:
▪ exempts entities which administer a Portable Long Service Leave scheme
or a Portable Redundancy scheme from reporting under Single Touch
Payroll in respect of payments made to members of the scheme;
▪ exempts insolvency practitioners from mandatory reporting through
Single Touch Payroll for the 2018-2019 financial year in respect of the
entities they administer; and
▪ exempts Withholding Payee Number Holders from reporting under Single
Touch Payroll for the 2018-2019 and 2019-2020 financial years.
No further action required from superannuation trustees.
🔗LINK TO DETAILS
🔗LINK TO DETAILS
🔗LINK TO DETAILS
5. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
5
MARCH 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
FASEA Professional
Standards
25 March 2019
Legislative Instrument
FASEA has issued an exposure draft of Relevant Providers Degrees,
Qualifications and Courses Standard (Amendment No. 1) Legislative
Instrument for consultation.
The Legislative Instrument has been updated with additional information
from higher education providers on their historical degrees and as well
extends the range of approved historical programs, for the purposes of
education and training standards that financial planners and advisers must
meet under the Corporations Act 2001.
QMV recommends that superannuation trustees with employees or
representatives required to meet the FASEA professional standards review the
proposed changes and provide any feedback (particularly known missing
existing qualifications) to FASEA.
Superannuation
Contributions Tax
13 March 2019
Regulations Remade
The ATO has remade regulations dealing with the superannuation
contributions tax (also known as the superannuation contributions surcharge)
to replace the existing 1997 regulations, which were due to sunset (expire).
The Superannuation Contributions Tax (Assessment and Collection)
Regulations 2019 and the Superannuation Contributions Tax (Members of
Constitutionally Protected Superannuation Funds) Assessment and Collection
Regulations 2019 repeal and replace the 1997 regulations with effect from
1 April.
The surcharge was in effect for contributions between 1 July 1996 and 30
June 2005, and charges certain contributions for benefits accrued by high
income earners in that period. Payment would be deferred until these
members receive the benefit, thus the need to maintain these regulations.
QMV recommends that superannuation trustees amend references to the
expired regulations with the current regulations in business literature and
knowledge management systems.
Requirements for
Annuities
27 March 2019
Legislative Instrument
The Minister for Families and Social Services has issued The Social Security
(Financial Investment) (Requirements for Annuity Contracts) Determination
2019, which prescribes requirements that an annuity contract must satisfy in
order for the annuity to be a financial investment for social security purposes.
The Social Security and Other Legislation Amendment Act 2014 extended the
deeming rules in the Act to account-based income streams that commenced
after 1 January 2015. This extension was intended to capture account-based
products that are equivalent to account-based pensions, such as account-
based annuities and allocated annuities.
This Determination ensures that annuities, including allocated and account-
based annuities, are treated in the same way as account-based pensions for
social security purposes.
QMV recommends that superannuation trustees that for or have issued
account-based pension products ensure that any disclosed or published
material, or customer service guidelines contain material which is inconsistent
with the amended operation of the deeming provisions for account-based
pensions under the aged pension means test.
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6. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
6
MARCH 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
GUIDANCE AND POLICY
Commonwealth
Budget 2019-20
2 April 2019
Policy Announcement
The Commonwealth Government released its budget for the 2019-20 financial
year, including minor policy announcements related to superannuation. The
superannuation related announcements included:
▪ the removal of the Work Test and the extension of ‘bring forward’
arrangements for members aged 65-66 years;
▪ making existing tax relief for merging superannuation funds permanent;
▪ to scope the permanent funding of a Superannuation Consumer Advocate;
▪ spouse contributions age limit increasing from age 70 to age 74;
▪ expanding the use of the SuperStream infrastructure from 31 March 2021;
▪ increased funding to the ATO to recover unpaid tax and superannuation
liabilities from larger businesses and high wealth individuals; and
▪ increased resourcing to regulatory bodies APRA and ASIC to strengthen
regulatory capacity & capability.
Notably, there were no announced changes to the legislated timeframes for
increasing Superannuation Guarantee contributions from the current rate of
9.5% to 12%.
Superannuation trustees should note these policies, as the announcements are
likely to form part of the agenda of the next government following the election
irrespective of the composition of Parliament.
Information Security
Risk Management
25 March 2019
Guidance
APRA has issued a practice guide for CPG 234, APRA’s prudential standard on
Information Security. It aims to target areas where weaknesses in information
security are a part of APRA’s ongoing activities in supervision.
The draft guidance covers aspect of information security risks such as:
▪ Roles and responsibilities;
▪ Information security capability;
▪ Policy framework & hierarchy;
▪ Information asset classification; and
▪ Control effectiveness testing and incident management.
QMV recommends that superannuation trustees review the draft guidance and
provide any suggestions of feedback to APRA. Trustees should also consider a
review to determine the appropriateness of information security approach.
Climate Risk
Management
25 March 2019
Guidance
APRA has issued an information guide detailing how it intends to increase
scrutiny of how superannuation trustees are managing the financial risks of
climate change to their funds and members.
The guidance clarifies that APRA expects that climate risks be assessed within
existing prudential risk management standards CPS 220 and SPS 220, and that
supervisors will be factoring this into their ongoing supervisory activities.
The Information Paper also contains a stocktake of actions and initiatives
underway in Australia and internationally in response to growing awareness of
the physical, transitional and liability risks of climate change, and states that
the risks are material, foreseeable and actionable.
QMV recommends that superannuation trustees ensure that climate related risks
are being managed as part of the trustee’s risk management framework.
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7. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
7
MARCH 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
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