The document summarizes recent regulatory updates in the Australian superannuation industry, including:
1) The Royal Commission turning its attention to superannuation funds with hearings beginning in August.
2) Treasury consultation on proposed regulations for design and distribution obligations and a product intervention power for ASIC.
3) APRA consultation on its post-implementation review of the superannuation prudential framework.
4) Exposure drafts on extending SuperStream requirements to SMSFs and regulations for the 2018/19 supervisory levy.
The Litigation Landscape in the Royal Commission Aftermath - A Deep DiveDominique Mayo
Presentation to Legalwise Advanced Commercial Litigation Conference on 13 March 2020 by Dominique Mayo, Senior Associate, Holding Redlich.
This presentation addresses the following topics:
- Financial Services Royal Commission “From the Trenches”
- Final Report of Commissioner Hayne: Deep Dive
- Implications for the wider business world?
- Observations from the evidence provided to the Financial Services Royal Commission
- Commissioner Hayne’s criticism of ASIC
- ASIC’s response: “Why not litigate?” approach
- ASIC’s recent enforcement work
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.
In this edition of Regulatory Focus, Duff & Phelps provides a synopsis of the FCA's latest news and publications issued in May 2017.
Highlights include:
MiFID II Topics and Challenges
FCA's increased focus on cyber resilience
Guidance on the Criminal Finances Act 2017
Presented by Adrian Sarchet, Senior Associate at Carey Olsen, and Alan Bougourd, Registrar of the Guernsey Registry, attendees learnt about the effect of the new amendments to the Guernsey Company Law 2008 (the Companies Law).
OmniPro\'s Company Law Spring Update 2011. Includes review of the European Communities (statutory Audit Regulations) 2010, Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 & Multi-Unit Development Act 2010
Cayman Compliant Series - Private Funds investing in FinTech, Digital Assets,...Ramona Tudorancea
Brief overview of the 2020 upgrade of the Cayman Islands private investment funds regime, for VC/PE funds investing in the digital assets and blockchain space.
Presentation delivered by Camille Evans, International Tax Director, Eastman Chemical Company and Tasheaya Warren Ellison, Senior Tax Attorney – Tax Dispute Resolution, Shell Oil Company at the marcus evans Tax Officers Summit 2016 in FL.
Presentation delivered by Cynthia Hoffman, International Tax Director, Bloomin' Brands, Inc. and Niraja Srinivasan, Executive Director, Transactions Pricing, Dell Inc.
Substance as an important element of tax planning and global trends in exchange of information.
CONTENT
-Information exchange: general facts.
-AEOI: brief chronology.
-AEOI: general ideas.
-AEOI: scheme.
-AEOI: specifics.
-Practical example: Cyprus.
-What is “substance” and where does it come from?
-Today`s substance requirements.
-Actions and measures, indicating “substance”.
-Issues to be considered during the obtainment of Cyprus tax residency certificate.
-Questions asked by tax authorities investigating into substance over form.
The Litigation Landscape in the Royal Commission Aftermath - A Deep DiveDominique Mayo
Presentation to Legalwise Advanced Commercial Litigation Conference on 13 March 2020 by Dominique Mayo, Senior Associate, Holding Redlich.
This presentation addresses the following topics:
- Financial Services Royal Commission “From the Trenches”
- Final Report of Commissioner Hayne: Deep Dive
- Implications for the wider business world?
- Observations from the evidence provided to the Financial Services Royal Commission
- Commissioner Hayne’s criticism of ASIC
- ASIC’s response: “Why not litigate?” approach
- ASIC’s recent enforcement work
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.
In this edition of Regulatory Focus, Duff & Phelps provides a synopsis of the FCA's latest news and publications issued in May 2017.
Highlights include:
MiFID II Topics and Challenges
FCA's increased focus on cyber resilience
Guidance on the Criminal Finances Act 2017
Presented by Adrian Sarchet, Senior Associate at Carey Olsen, and Alan Bougourd, Registrar of the Guernsey Registry, attendees learnt about the effect of the new amendments to the Guernsey Company Law 2008 (the Companies Law).
OmniPro\'s Company Law Spring Update 2011. Includes review of the European Communities (statutory Audit Regulations) 2010, Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 & Multi-Unit Development Act 2010
Cayman Compliant Series - Private Funds investing in FinTech, Digital Assets,...Ramona Tudorancea
Brief overview of the 2020 upgrade of the Cayman Islands private investment funds regime, for VC/PE funds investing in the digital assets and blockchain space.
Presentation delivered by Camille Evans, International Tax Director, Eastman Chemical Company and Tasheaya Warren Ellison, Senior Tax Attorney – Tax Dispute Resolution, Shell Oil Company at the marcus evans Tax Officers Summit 2016 in FL.
Presentation delivered by Cynthia Hoffman, International Tax Director, Bloomin' Brands, Inc. and Niraja Srinivasan, Executive Director, Transactions Pricing, Dell Inc.
Substance as an important element of tax planning and global trends in exchange of information.
CONTENT
-Information exchange: general facts.
-AEOI: brief chronology.
-AEOI: general ideas.
-AEOI: scheme.
-AEOI: specifics.
-Practical example: Cyprus.
-What is “substance” and where does it come from?
-Today`s substance requirements.
-Actions and measures, indicating “substance”.
-Issues to be considered during the obtainment of Cyprus tax residency certificate.
-Questions asked by tax authorities investigating into substance over form.
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.
The biggest accounting changes coming out of the third quarter affected not-for-profit organizations, but other projects received minor updates, too. In addition, several exposure drafts have been issued, including the expected exposure draft of targeted improvements to hedge accounting.
It is very important for the Business and Individuals of Bharat to study and adapt to the proposed taxation changes in the Union Budget. Also, the study of provisions may help plan their affairs according to the possible opportunities seen in the budget and also plan the taxation systematically to optimize their outflows.
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?
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.
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
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.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @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.
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#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
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Monthly Economic Monitoring of Ukraine No. 232, May 2024
QMV Regulatory Update - July 2018
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.
July2018 | Pensions & Superannuation Regulatory Update
QMVsupersmarts
advisory | delivery | resources
In Brief
Major Reform Updates
Royal Commission
1 July 2018
Background Papers & Hearings
The Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry turns its attention to superannuation funds, with
round five hearing commencing on 6 August. In addition to the list of
witnesses called, the Royal Commission has released background papers
relevant for the superannuation industry:
▪ Treasury: Overview of key regulatory reforms in superannuation
▪ Treasury: Submission on key policy issues
▪ Legal framework governing aspects of the Australian
Superannuation System
QMV recommends that superannuation trustees remain attentive to
any requests for information from the Royal Commission, in addition
to paying close attention to developments at the hearings. The
background papers provide a good reference of the current legal
environment for superannuation trustees.
Design and Distribution
Obligations and Product
Intervention Power
20 July 2018
Consultation
Treasury has commenced a second of consultation on a revised exposure
draft of the Treasury Laws Amendment (Design and Distribution Obligations
and Product Intervention Powers) Bill 2018 and explanatory materials. The
Bill would implement recommendations from the Financial System Inquiry:
▪ 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 revised exposure draft of the Bill has been developed in response to
feedback received during the previous round of consultation. Changes relate
to product coverage, target market determinations, and distribution.
QMV recommends that superannuation trustees review the exposure
draft regulation and submit relevant responses before 15 August 2018.
Consideration should be given to whether any issued financial
products and distribution are appropriate for the target market.
🔗Link to Details
🔗Link to Details
Winter break in Canberra means that there has been no legislative activity, however the
Royal Commission is about to turn its attention to superannuation and treasury are
keeping busy in releasing exposure draft legislation and regulations for consultation. The
proposed Design and Distribution Obligations (and intervention powers for ASIC)
deserve attention.
2. July2018 | Pension & Superannuation RegulatoryUpdate
advisory | delivery | professional resources
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.
Technical Changes & Updates
Post-Implementation review
of the prudential framework
25 July 2018
Consultation
APRA is currently conducting a post-implementation review of the prudential
framework for superannuation.
The review is occurring five years after the commencement of the
framework and is focused on the effectiveness of the framework in achieving
policy objectives, rather than revisiting the policy objectives.
Short topic papers have been released seeking feedback on the following
areas:
▪ Financial requirements, operational risk and outsourcing;
▪ Investments;
▪ Insurance in superannuation; and
▪ Member flows and products
QMV recommends that superannuation trustees participate in the
consultation, either directly of via representative bodies.
SuperStream & SMSFs
17 July 2018
Exposure Draft Regulations
Treasury released exposure draft legislation to require self-managed
superannuation funds (SMSFs), to receive and send rollovers with APRA
funds via SuperStream.
The Superannuation Industry (Supervision) Regulations 1994 (SISR)
requires all superannuation funds (other than SMSFs) to provide data to
regulators and transfer payments between funds using the secure electronic
payment and data verification system known as SuperStream.
The principal purpose of the draft Regulations is to amend the SISR to
extend the operation of SuperStream to cover SMSFs. The draft
Regulations also make some minor changes to simplify and update the SIS
Regulations.
QMV recommends that superannuation trustees ensure that these
changes are considered both from an operational and strategic
perspective.
Corporate Collective
Investment Vehicle
19 July 2018
Further Consultation
Treasury has released the second tranche of the bill regarding the
Corporate Collective Investment Vehicle for public consultation.
The CCIV will allow fund managers to offer investment products using
corporate vehicles that are commonly in use overseas. The new CCIV
regime will broaden the suite of investment vehicles available to Australian
fund managers. It has been designed to be an internationally recognisable
investment vehicle that can be marketed to foreign investors, including
through the Asia Region Funds Passport.
QMV recommends that the unlisted asset investment management
function of superannuation funds becomes familiar with the CCIV
structure (particularly from a taxation perspective), as the vehicle is
likely to become more prevalent in future.
🔗Link to Details
🔗Link to Details
🔗Link to Details
3. July2018 | Pension & Superannuation RegulatoryUpdate
advisory | delivery | professional resources
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.
Superannuation Guarantee
Regulations 2018
18 July 2018
Exposure Draft
Treasury has released exposure draft Superannuation Guarantee
Regulations 2018. Current SG Regulations are due to sunset on 1 October
and will be remade.
The draft makes no alteration to the substantive meaning or operation of the
existing regulations. Minor changes have been made to adopt current
drafting practices and to remove redundant references. The views of the
greater Superannuation community are sought on this draft.
No action required.
Superannuation
Supervisory Levy
Imposition Determination
2018
29 June 2018
Tabled
Superannuation supervisory levy and retirement savings account (RSA)
providers supervisory levy have been determined for 2018/19 financial year.
For super funds other than small APRA funds (SAFs), restricted levy
component will be 0.00274% of the value of assets (min $5,000, max
$325,000). SAFs will be levied by a flat amount $590.
For pooled super trusts, restricted component of value of assets is
0.00137% (min $5,000, max $162,500). Unrestricted being calculated at
0.001040%.
QMV recommends that the finance and accounting function of
superannuation trustees take these new levies into account when
provisioning for levies.
🔗Link to Details
🔗Link to Details
4. July2018 | Pension & Superannuation RegulatoryUpdate
advisory | delivery | professional resources
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.
Policy & Guidance
External Report on Indirect
Fees and Costs Disclosure
24 July 2018
Report Released
The Australian Securities and Investments Commission (ASIC)
released the external report into Regulatory Guide 97 Fees and costs
disclosure (RG 97) commissioned in November 2017.
The report was prepared by Darren McShane and makes
recommendations concerning the regulatory approach to requiring
disclosure of indirect fees and costs.
The recommendations include removing the distinction between
Investment fees and Indirect costs be removed from the Fee
Template for superannuation product disclosure.
QMV recommends that superannuation trustees review the current
report and provide any feedback necessary to ASIC.
More Questions or Need Support?
🔗Link to Details
QMV partners with superannuation fund trustees and
administrators to adapt to changes in the legal and
regulatory environment.
If you have any questions or need assistance, you can
contact me directly at jsteffanoni@qmvsolutions.com
Jonathan Steffanoni, Principal Consultant, Legal & Risk