on the radar (edition 1)
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8/6/2019 On The Radar (Edition 1)
1/12
ADARFinsias Policy & Proessional Development News
Edition 1/March 2011
Onthe
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2/122 on the radar FinsiasPolicy & Professional Development News march 2011
THE FIRSTWORD
In prole
Whats on
Slctd pcming
prssinal dvlpmnt
vnts.
Tn mints with Nichlas
Vamvakas F Fin and
Trsa Handictt SF Fin.
Regulating tomorrow
The big picture
Signicant plicy
dvlpmnts in
Astralasia.
Rlvant gvrnmnt and
rglatry cnsltatins.
Policy update
The last word
Carbn trading
prspctivs.
An vrviw Finsias
crrnt campaign
activitis.
will hlp prtct nancial stability
and prmt sstainabl cnmic
grwth. Th highr lvls capital,
cmbind with a glbal liqidity
ramwrk, will signicantly rdc
th prbability and svrity
banking criss in th tr.
Lat last mnth, th Astralian
Prdntial Rglatin Athrity
clarid th tratmnt high-qality
liqid assts it will apply whn
implmnting th nw glbal liqidity
standard. Finsias sminars daling
with implmntatin th Basl III
ramwrk ar timly and will prvid
valabl and practical insights t
attnds. Fr dtails abt ths
sminars s pgs 6 and 7 r
www.fnsia.com ndr th
Prssinal dvlpmnt link.
Finsia wlcms yr dback abt
On the Radar. T prvid dback,
plas mailpolicyteam@fnsia.com
in th rst instanc.
Wlcm t On the Radar, th
nw Finsia pblicatin rplacing
PolicyNews. On the Radarwill b
prdcd bi-mnthly and will prvid
a niq snapsht ky plicy
dvlpmnts in th Astralasian
nancial srvics indstry. In rdr
t hlp mmbrs st and rach
thir prssinal gals, it will als
cntain dtails rthcming Finsia
prssinal dvlpmnt vnts as
wll as thght prvking practitinr
prls. On the Radarwill als
cntain a tabl listing all rlvantnging gvrnmnt and rglatry
cnsltatins, prviding an asy
rrnc src r nancial srvics
prssinals.
In rlatin t rthcming prssinal
dvlpmnt vnts, Finsia is plasd
t advis that this mnth it will b
hlding sminars in NSW, Victria,
Qnsland and Wstrn Astralia
daling with th implmntatin
th Basl III ramwrk. Mr Nt
Wllink, Chairman th Basl
Cmmitt n Banking Sprvisinand Prsidnt th Nthrlands Bank,
has dscribd th Basl III ramwrk
as a landmark achivmnt that
In prole: Nicholas Vamvaas F Fin
04
08
06
10
03
11
RuSSeLL THoMAS F FIN
Intrim Ceo & Dirctr Plicy
and Prssinal Dvlpmnt
http://finsia.com/http://finsia.com/mailto:POLICYTEAM%40FINSIA.COM?subject=On%20The%20Radar%20-%20Feedbackmailto:POLICYTEAM%40FINSIA.COM?subject=On%20The%20Radar%20-%20Feedbackhttp://finsia.com/http://finsia.com/ -
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Finsia cntins t play an intgral
rl in inrming th dbat abt
th tr rglatin th nancial
srvics indstry in Astralasia
thrgh its plicy and advcacy
activitis, spprtd by xprincd
mmbrs and indstry practitinrs.
In this cntxt, sm its crrnt
activitis ar st t blw.
Submission to ASIC ConsultationPaper 145: Australian Equity MaretStructure: Proposals
In Janary this yar, Finsia sbmittd
a rspns t ASIC Cnsltatin Papr
145. Finsia thanks ths mmbrs wh
cntribtd t th prparatin this
rspns, which was wll rcivd. A
cpy th sbmissin can b nd
n th Finsia wbsit ndr Plicy
and rsarch thn 2011 pblicatins.
on 3 March 2011, ASIC annncd
a timtabl r th intrdctin
markt cmptitin and rlasd
a smmary th intndd markt
intgrity rl ramwrk that wldapply.
Standards and ethics or nancialadvisers
Finsia activly cntribts t th
Advisry Panl n Standards and
ethics r Financial Advisrs, which
was stablishd by th Gvrnmnt
lat last yar. Amng thr things,
th Panl will prvid viws n:
> prssinal and thical standards
in th nancial advic indstry,
inclding th pssibl dvlpmnt
a bst practic gid r nancial
advisrs
> th cmptncy rqirmnts
that mst b satisd by nancial
srvics prssinals rglatd by
th Corporations Act 2001.
Benchmaring Australian nancialservices in the Asia-Pacic
Last yar, Finsia hld its Asia Financial
Srvics Smmit at which th Hn
Chris Bwn MP prvidd a kynt
addrss. Th Smmit assistd in
canvassing and scping Finsias
Financial Srvics Bnchmarking
Indx, which is aimd at prviding
th mtrics r tracking Astralias
prrmanc and ralizing th gals
arnd th psitining Astralia
as a cntr r nancial srvics
xcllnc. This psitining dpnds
n a dpning capital fws,
gratr xprt nancial srvics
and th samlss transr talnt
btwn Astralia and th mrging
cnmis th Asian rgin.
Th bnchmarking stdy will allw s
t masr:
> th siz and rlativ grwth
dirnt sctrs Astraliasnancial srvics sctr
> th dmstic / intrnatinal split r
nds ndr managmnt
> th siz ky Asian cnmy
nancial srvics sctrs and
Astralias shar (xprting
srvics)
> dirct invstmnt by Astralian
nancial srvics cmpanis in
Asian markts.
Th bnchmarking stdy will b
lanchd in 2011.
Recent Finsia Policy AdvisoryGroup activities
Bridging the gender divide in
fnancial services
Whil th rcnt 100th annivrsary
Intrnatinal Wmns Day was cas
t clbrat th prgrss wmn
vr th last cntry, nrtnatly
it als srvd as a rmindr th
gndr imbalanc which still xists
in Astralia. Whil sm prgrss has
bn mad at bard lvl in rcnt
mnths, th prsistnt lack wmn
in ladrship rls (particlarly in
nancial srvics) will hav lng-trm
cnsqncs r th indstry and
th bradr cnmy.
In th nxt stag th bridging th
gndr divid in nancial srvics
campaign, Finsia is wrking in
partnrship with Crprat Analysis
enhancd Rspnsibility (CAeR)
t prdc an xpsitin papr
xamining th crrnt lvl wmn
in ladrship rls within Astralias
nancial srvics indstry. using
bnchmarking insights t highlight
th lack disclsr with rgard
t gndr divrsity initiativs within
ASX100 cmpanis, this papr
will cnsidr th crrnt lvl
transparncy in Astralia as cmpard
t th uK, erp and th uS. It
will als discsss th psitiv and
ngativ aspcts lgislatd qtas
vrss principl-basd targts r
gndr divrsity and hw Astralia
can achiv a signicant imprvmnt
in markt transparncy and
accntability. This papr is schdld
t b lanchd at th pcming NSW
Wmn in Finsia vnt Raising the
bar or gender diversity in fnancialservices lnchn n 10 May 2011.
Applying Australias fnancial
markets to the challenge o
carbon emissions reduction
Th Financial Markts Advisry
Grp is crrntly drating a papr
highlighting th strngths Astralias
nancial markts participants and thir
ability t rspnd t th gvrnmnts
prpsd carbn initiativs.
Corporate governance and
improving quality o reporting
and analysts briefngs
In Jn 2009, th Crpratins
and Markts Advisry Cmmitt
(CAMAC) rlasd a rprt titld
Aspects o Integrity. Fllwing
rm that rsarch, th Financial
Markts Advisry Grp is wrking
t idntiy spcic aras that shld
b addrssd t assist instittinal
rprting t nt nly mv twards
mr rbst markt practics, bt
t imprv Astralias standing as
a glbal invstmnt dstinatin.
Best practice guidelines or
investment managers integrating
ESG considerations
Th Managd Fnds and
Sprannatin Advisry Grp is
crrntly dvlping gidanc r
trsts and nd managrs n
envirnmntal, Scial and Gvrnanc
isss and practics.
Fr pdats n Finsias plicy
activitis, plas swww.fnsia.com
ndr th Plicy and rsarch link.
Finsia wlcms inpt and sggstins
rm mmbrs n its plicycampaigns and initiativs. T prvid
inpt, in th rst instanc snd an
mail tpolicyteam@fnsia.com
POLICY
Update
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Chie Financial Ocer,
ME Ban Pty Ltd
INPROFILE...
Nick has been a member o Finsia
since 1994, and was a panel
participant at the 2010 Finsia
Annual Conerence held in Sydney.
The 2010 Finsia AnnualConerence brought usthe opportunity to hearthe insightul
nIChOLas VamVakasF FIN FAICD
FINSIA: Tell us about your career todate. Have you always wored in thenancial services industry, and inwhat roles?
NICHOLAS VAMVAkAS: I hav bn
wrking in th nancial srvics
indstry sinc 1983 in rls ranging
rm sttlmnts t Chi Financial
ocr (CFo). My carr startd at
Clnial Mtal as a sttlmnts
cr br mving int cash
daling. I thn spnt a w yars as
a xd incm brkr with Ptr
Wallman and C br taking n
a trasry managmnt rl at
Challng Bank r v yars. I jind
Natinal Mtal in 1993 and hav nt
changd cmpanis sinc thn. Th
rganisatin vlvd thrgh AXA
and vntally bcam Me Bank
whr I am crrntly CFo.
FINSIA: Why choose to wor innancial services?
NV: It was nt s mch a chic
bt a sris vnts which ndd
in dirnt nancial srvic rls.
Atr laving nivrsity, I thght it
wld b bncial t hav sm
jb intrviws. I was rd a rl as
ithr an eqitis Sttlmnts ocr
r a Bnd Sttlmnts ocr. I was
lat in rspnding and was givn th
bnd rl nt rally knwing what
bnds r xd intrst invlvd.
FINSIA: What has been yourbiggest achievement to date?
NV: obtaining a banking licnc
thrgh th prcss tlind by
APRA. I bliv Me Bank is n
vry w nw banks t hav
ndrtakn this in th last 20 yars.
FINSIA: Biggest regret?
NV:Nt wrking vrsas r a
sstaind prid tim. I hav
wrkd in varis citis r prids
a w mnths bt nt r lng
prids.
FINSIA: Tell us about yourinvolvement with Finsia andits predecessors
NV: onc I nishd my nivrsity
dgrs and cmmncd wrking,
I ndd t ll th knwldg gap
btwn thry and practic. In
1983-84 th Scritis Institt
Astralia (SIA) prvidd m with this
knwldg. As my carr vlvd, I
bcam activ as a lctrr at th
SIA and sbsqntly bcam
invlvd with Finsia.
FINSIA: Tell us about youreducational qualications,including any previous studywith the SIA or Finsia.
NV: I hav a Bachlr ecnmics
and a Bachlr Bsinss
(Markting). Sbsqntly I
cmpltd th Scritis Institt
Astralia Diplma (qivalnt t
th mr rcnt Gradat Diplma
Applid Financ & Invstmnt). I
am accrditd as a cmpany dirctr
thrgh th Astralian Institt Cmpany Dirctrs (AICD).
FINSIA: What is your visionor your sector o the industry?NV: Prir t th GFC, I lt that r
indstry was hading twards nirm
intrnatinal standards in trms
qalicatin, lgal and prdntial
rqirmnts. This nabls issrs
and invstrs in many jrisdictins
t prat with gratr cndnc
arnd mplymnt and invstmnts.
I bliv w shld cntin t
dvlp nirm intrnatinal
standards t allw r th crss brdr
mvmnt sta and invstmnts.
FINSIA: What is your vision orthe uture - personal and career?
NV: Prsnally, I am lking t
incras my invlvmnt with
cmpany bards and invstmnt
cmmitts whr pssibl whil
at th sam tim bradning my
ladrship and managmnt skills.
As a rslt, I njy my rl at Me
Bank whr I can strngly infnc
th tr th rganisatin
whil implmnting actins arnd
ladrship and managmnt.
FINSIA: How do you spend yourree time?
NV: I njy sccr and snw skiing.
With tw childrn nw in nivrsity
and slightly mr indpndnt, mr
travl is n th agnda.
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FINSIA: Tell us about your careerto date. Have you always wored inthe nancial services industry, andin what roles?
TERESA HANDICOTT: As a lawyr,
I hav always wrkd in privat
practic, largly with Crrs Chambrs
Wstgarth, whr I hav bn a
partnr r mr than 17 yars. I
advis clints n scritis indstry
law, primarily n mrgrs and
acqisitins, bt als n capital
raisings, d dilignc, cntins
disclsr and th lik.
FINSIA: Why choose to worin nancial services?
TH: Dspit my wrking class
backgrnd, dring my law dgr
I xclld in th sbjcts assciatd
with th crprat wrld, sch as
Cmpany Law and Tax. on gradatin
I wantd t b a crprat lawyr,
althgh I had absltly n ida
what that invlvd. Whn I gt th
pprtnity t wrk n initial pblic
rings and takvrs, nt nly in
black-lttr law bt als in stratgy
and tactics, planning and prjct
managmnt, I lvd it.
FINSIA: What has been your biggestachievement to date?
TH: Atr 25 yars in practic, what I
hav njyd th mst is dvlping
dp trstd advisr rlatinships
with clints spanning a lng prid.This happnd with Jpitrs vr
mr than 15 yars prir t its
mrgr with Tabcrp Hldings. I
crrntly njy sch a rlatinship
with Sncrp Grp Limitd,
having advisd Sncrp n all its
signicant M&A activity sinc advising
Mtway n its mrgr with Sncrp
and QIDC in 1996. Iv als advisd n
svral signicant qity raisings and
its rcntly annncd nn-prating
hlding cmpany rstrctr. It is
dply satisying t wrk with a
grwing and vr-vlving clint
r a lng prid, t ndrstand its
bsinss and th indstry in which it
prats, and thrby add signicant
val bynd jst giving lgal advic.
I als tk grat prid and drivd
nrms prssinal satisactin
rm my nin yars with th Takvrs
Panl, nding in March 2010. Winning
th Astralian Dal Makr th Yar
at th 2008 ALB Astralasian law
awards was als rathr nic, I hav
t admit.
FINSIA: Biggest regret?
TH: Im strggling t think n,
bcas I hav nd my carr
nrmsly rwarding and prsnally
satisying. I spps nvr having had
th vrsas xprinc in trms
wrking vrsas r a lngthy prid
is marginally disappinting. Bt rally,
Iv dn xactly what I wantd t
d and mr, s it is prtty hard t
hav rgrts.
FINSIA: Tell us about yourinvolvement with Finsia andits predecessors
TH: I bcam invlvd with th SIA
as a rst yar lawyr, marking xams
and assignmnts. ovr tim (1991 t
2005), I prgrssd t lctring and
srvd r a lng prid tim as
th lad lctrr th law sbjct
in Qnsland r th SIA diplma
crs. I als spnt a nmbr
yars n th dcatin cmmitt,
and thn srvd rm 2001 - 2009
as a mmbr Finsias QnslandRginal Cncil.
FINSIA: What is your vision orthe uture - personal and career?
TH: My visin r my carr cincids
with my visin r th rm in which
I am a partnr, Crrs Chambrs
Wstgarth. W aim t b a wrld
class law rm, cmmittd t driving
Astralias cmptitivnss in its
cnmic ngagmnt with Asia. As
a mmbr th rms bard, I was
invlvd in dvlping r ambitin
and th stratgy that ndrpinsit. Bynd th rm, I wld lik t
cntin t b invlvd in th bradr
bsinss cmmnity. Apart rm my
rls n th Takvrs Panl and with
Finsia, I srvd as an assciat th
Astralian Cmptitin and Cnsmr
Cmmissin r mr than a dcad,
taght r many yars in th AICD
dirctrs crs and hav bn a
dirctr n tw bards. Th varity
larnings, challngs and xprincs
in ths divrs rls hav hlpd m
t b a bttr lgal advisr, and hav
als srvd t mak my carr trlyintrsting and satisying. Prsnally,
I aim t njy vry day.
FINSIA: How do you spend yourree time?
TH: A gd balanc th activ
hiking, scba diving and rnning (with
a cpl cmptitiv vnts ach
yar t inspir my cmmitmnt)
and cltr, inclding plays, th art
gallry r an pra. I lik lashings
tnnis and crickt, prrably liv,
vr th smmr. My cllar indicats
an intrst in win. Frankly, I am
intrstd in a lt things. As r
many, tim is th nly bstacl!
t Ne
teresa handICOtt SF FIN
Partner,
Corrs Chambers Westgarth,Brisbane
Teresa has been a member o Finsia
since 2001 and was part o our QLD
Regional Council or nine years. She
recently presented at Finsias M&A
workshop in Brisbane.
Developing deep andtrusted relationships withclients is paramount tothe 2008 AustralianDeal Maker o the Year
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Managed unds & superannuation
Released Body Title Close date
17.12.10 Bard
Taxatin
Rviw th arrangmnts applying t cllctiv invstmnt vhicls discssin
papr
28.02.11
18.11.10 CAMAC Rviw rglatin managd invstmnt schms (d 30.09.11)
28.02.11 Trasry Rviw cncssinal sprannatin caps r individals agd 50 yars and vr
cnsltatin papr
25.03.11
01.02.11 Trasry
(strngr spr)
expsr drat Bill SMSFs invstmnt in cllctabls and prsnal s assts 15.02.11
04.02.11 Trasry(strngr spr)
expsr drat Bill using tax l nmbrs as an idntir t acilitat accntcnslidatin
17.02.11
regulating
tomorrowSelected Australian government and regulatory consultations@8 March 2011
Corporate nance
Released Body Title Close date
22.07.10 RBA -
Paymnts
Systm Bard
Stratgic rviw innvatin in th Astralian paymnts systm nt statd
12.11.10 AuSTRAC Csts rcvry discssin papr 10.12.10
11.11.10 AuSTRAC/AGD Plans t strngthn mny transr sctr drat Bill 10.12.10
22.12.10 APRA Rviw gidlins r apprval t s th trm bank 31.01.11
28.10.10 Snatecnmics
Cmmitt
Inqiry int cmptitin within th Astralian banking sctr 14.01.11
Retail baning & private wealth management
Released Body Title Close date
24.01.11 Trasry Rviw distinctin btwn rtail and whlsal clints in thCorporations Act 2001 25.02.11
24.02.11 ASIC CP147 Hdg nds imprving disclsr r rtail invstrs 21.04.11
04.03.11 Trasry expsr Drat - Natinal Cnsmr Crdit Prtctin Amndmnt (Crdit Card and
Hm Lans) Bill
08.03.11
30.09.10 Snat
Financ and
Pblic Admin
Cmmitt
expsr drat Bill and cmpanin gid crdit rprting 24.03.11
Financial marets
Released Body Title Close date
18.11.10 CAMAC Rviw dnitin drivativs (d 30.09.11)
17.01.11 ASX ASX Cnsltatin Papr and expsr Drat listing rl amndmnts 25.02.11
14.02.11 ASX S&P ASX 200 VIX trs and ptins cnsltatin papr 04.03.11
04.03.11 ASIC CP148 Prpsd Markt Intgrity Rls: Chi-X Markt 25.03.11
07.03.11 ASIC CP149 Applicatin r an Astralian markt licnc Financial and enrgy
exchang Limitd
18.04.11
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Watch list International
Released Body Title Close date
20.12.10 BIS - Basl Ct n
Banking Sprvisin
Capitalizatin bank xpsr t cntral cntr partis cnsltatin
papr
04.02.11
27.12.10 BIS - Basl Ct n
Banking Sprvisin
Pillar 3 disclsr rqirmnts n rmnratin cnsltatin papr 25.02.11
10.12.10 BIS - Basl Ct n
Banking Sprvisin
opratinal risk cnsltatin papr 25.02.11
27.10.10 IoSCo Isss raisd by dark liqidity cnsltatin rprt 28.01.11
Watch list Domestic
Released Body Title Close date
13.10.10 Bard Taxatin Taxatin tratmnt Islamic nanc prdcts discssin papr 17.12.10
22.12.10 APRA Cnslidating prdntial standards discssin papr 25.03.11
25.11.10 PJC Cmmitt n
Crpratins and
Financial Srvics
Inqiry int accss r small and mdim bsinsss t nanc 07.02.11
04.03.11 Trasry Imprving th taxatin trst incm discssin papr 18.03.11
NB:
Equity Marets
Thr is likly t b nging attntin rm rglatrs in cming mnths rgarding
th ASX. This is in rspns t ASIC taking vr th rglatry nctin, as wll
as th ptntial intrdctin nw markt ntrants and th way in which thy
prat (sch as th s high-vlm trading).
Baning
Astralian and glbal banks will cntin t ac scrtiny in rgard t thir
pratins. As th Basl III rrms ar pt in plac in ach cntry and capital
strctrs ar changd, thr ar likly t b a nmbr cnsqntial changs
whr rglatrs will rspnd t nw trnds.
key:
AGD Attrny-Gnral's Dpartmnt
APRA Astralian Prdntial Rglatin Athrity
ASIC Astralian Scritis & Invstmnts Cmmissin
ASX Astralian Scritis exchang Ltd
AuSTRAC Astralian Transactin Rprts and Analysis Cntr
BIS Bank r Intrnatinal Sttlmnts
CAMAC Crpratins and Markts Advisry Cmmitt
IoSCo Intrnatinal organizatin Scritis Cmmissins
PJC Parliamntary Jint Cmmitt
RBA Rsrv Bank Astralia
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WHATS ONSelected Proessional Development events March - May 2011
International Banking Reform Basel III seminar
> Sydney: Tuesday, 15 March 2011
> Melbourne: Thursday, 17 March 2011 SOLD OUT
> Perth: Thursday, 24 March 2011
> Brisbane: Wednesday, 30 March 2011
Visit fnsia.com/Basel to register
BRAVING
REFORMS
UNDER THEBasel III framework
International baning reorm Basel III (Sminar)
Th intrdctin Basl III will hav signicant cnsqncs r th glbal banking
systm. Jin s t har lading prssinals impart thir knwldg n th impact
rglatry rrm.
> Sydney 15 March 2011 > Melbourne 17 March 2011 SoLD ouT> Perth 24 March 2011 > Brisbane 30 March 2011
Visitnsia.com/basel
Corporate nance
& wholesale baning
Trends in securitisation, covered bonds and structured nance (Wrkshp)
With th prspct rthr rglatin, th intrdctin cvrd bnds and ncrtaintyas t what is happning with cmptitin in th mrtgag markt, thr is still hsitancy in th
scritisatin markt. What ds th tr th indstry lk lik and what can Astralia d
t imprv mmntm in th markt?
> Sydney 24 May 2011 > Melbourne 26 May 2011
Visitnsia.com/securitisation
http://finsia.com/baselhttp://finsia.com/securitisationhttp://finsia.com/securitisationhttp://finsia.com/basel -
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Finsia Financial Services Annual ConerenceTh lin p indstry xprts at this yars cnrnc will discss th tlk r nancial
srvics bth dmstically and glbally. In additin, dlgats will b pdatd n critical
changs t rglatin and rd insights int indstry trnds.
> Sydney 25 octbr 2011,Fr Sasns Htl
Outloo or the Australian retail sector (Sminar)
With th grwth in intrnt shpping, th ris th Astralian dllar making vrsas
prchass xtrmly attractiv t Astralian shpprs and th impact rising intrst rats,
rtailrs ar nding th ging tgh. or panl indstry xprts will lad discssin n th
challngs acing th sctr and rtail invstmnt pprtnitis.
> Perth 15 March 2011 > Adelaide 16 March 2011> Brisbane 29 March 2011
Visitnsia.com/retailoutloo
REITs Outloo or the Australian and international sectors (Sminar)What can invstrs xpct in 2011? What ar th bnts ral stat invstmnt trsts (ReITs)
vrss dirct prprty invstmnts? What ar th ky drivrs r bth th Astralian and glbal
ReITs sctrs and hw shld invstrs strctr thir prprty scritis prtli t ptimis
thir rtrns?
> Melbourne 10 May 2011 > Sydney 19 May 2011> Brisbane 17 May 2011 > Perth 31 May 2011
Visit nsia.com/REITs
Integrating ESG challenges and opportunities (Sminar)
eSG (nvirnmntal, scial and gvrnanc) isss hav th ptntial t impact cmpany nancial
prrmanc r rptatin in a matrial way. Astralian nd managrs ar acd with a nmbr challngs in adjsting thir invstmnt prtcls r eSG. With this in mind, Finsia is prdcing a
gid t eSG invstmnts, which will b lanchd at th Mlbrn sminar.
> Sydney 17 May 2011> Melbourne 19 May 2011
Visitnsia.com/ESG
Managed unds
& superannuation
Date or your diary
http://finsia.com/retailoutlookhttp://finsia.com/reitshttp://finsia.com/ESGhttp://finsia.com/ESGhttp://finsia.com/reitshttp://finsia.com/retailoutlook -
8/6/2019 On The Radar (Edition 1)
10/1210 on the radar FinsiasPolicy & Professional Development News march 2011
New Zealand
the Big
Picture
Superannuation issues
It is prpsd that sl managd
sprannatin nds will cntin
t b allwd t invst in cllctabls
and prsnal s assts lik artwrk
r stamps, prvidd that thy ar
hld in accrdanc with tightnd
lgislativ standards. Th Gvrnmnt
rcntly rlasd drat lgislatin that
will allw it t mak rglatins abt
hw sl managd sprannatin
nds can mak, hld and raliz
invstmnts in cllctabls andprsnal s assts.
In additin, th Gvrnmnt als
rcntly rlasd drat lgislatin that
will allw sprannatin nds t s
tax l nmbrs t idntiy mmbrs
accnts. This is intndd t mak
it asir r Astralian wrkrs and
rtirs t nd lst sprannatin
accnts.
Frthrmr, th Hn Brnwyn
Bishp MP rcntly intrdcd a
privat mmbrs Bill, prviding r
th ablishmnt th ag limit npaymnt n th sprannatin
garant r mplys. I passd,
mplys will rciv sprannatin
garant cntribtins, n mattr
what thir ag.
Credit reporting
expsr drat prvisins daling
with th privacy prsnal
inrmatin rlating t crdit
rprting wr rcntly nalisd and
rrrd t th Snat Financ &
Pblic Administratin Cmmitt r
inqiry and rprt. Ths xpsr
drat prvisins rlat spcically
t th cllctin, s and disclsr
inrmatin r crdit rprting
prpss and sbmissins ar
crrntly bing sght.
In additin, th Gvrnmnt rcntly
hstd a rndtabl mting t
discss th dvlpmnt aprpsd nw Crdit Rprting Cd
Cndct. Th Cd will ncmpass
mr spcic rls arnd accss t
clints prsnal inrmatin, data
accracy and cmplaint handling.
Th Cd will nd t b apprvd
by th Astralian Inrmatin
Cmmissinr br taking ct.
Taxation related issues
Th Hn Bill Shrtn MP rcntly mt
with rprsntativs rm nancial
planning, tax and accnting bdis,Trasry, th Tax Practitinrs
Bard and ASIC t discss hw
nancial plannrs wh prvid tax
agnt srvics as part nancial
planning advic shld b rglatd.
Th Gvrnmnt will cntin t
cnslt with indstry thrght th
dvlpmnt a nw mdl and in
th lad p t th rlas
Th Cmmrc Ministr, th Hn
Simn Pwr MP, rcntly wlcmd
th rprt by th Cmmrc Slct
Cmmitt n th Financial Markts
(Rglatrs and Kiwisavr) Bill. Th
Bill prvids r th stablishmnt
a nw markt cndct rglatr, th
Financial Markts Athrity (FMA),
which wld hav rspnsibilitis
rgarding th rglatin th
nancial srvics sctr. Th
Cmmitt rcmmndd a bradr
dnitin nancial marktsparticipant t nsr that sm
participants wld nt b inadvrtntly
xcldd rm th FMAs jrisdictin.
Australia
xpsr drat lgislatin r
pblic cnsltatin.
Frthrmr, th Gvrnmnt
rcntly annncd an xtnsin
t th prpsd incm tax lk-
thrgh tratmnt t cvr instalmnt
warrants and rcipts vr dirct and
indirct intrsts in listd scritis,
as wll as nlistd scritis in widly
hld ntitis and bndls ths
assts. Th Gvrnmnt is bradning
th lk-thrgh tratmnt
instalmnt warrants r incm taxprpss bynd singl xchang
tradd scritis in rspns t
cnsltatin with indstry.
Finally, th Gvrnmnt als rcntly
cnrmd its prvisly annncmnt
that a sprannatin trst
wh ntrs int a limitd rcrs
brrwing arrangmnt, as prmittd
ndr th Superannuation Industry
(Supervision) Act 1993, will b tratd
as th wnr th asst r incm
tax prpss. It is nvisagd that
xpsr drat lgislatin rlating tth prpsd changs will sn b
rlasd r cnsltatin.
In additin, lat last yar, th Rsrv
Bank rlasd a cnsltatin papr
prpsing a nw plicy r lcally
incrpratd rgistrd banks
cnsidring making signicant
acqisitins, invstmnts r bsinss
mrgrs. Th cnsltatin papr
prpss that banks shld b
rqird t btain a ntic nn-
bjctin rm th Rsrv Bank
br ndrtaking sch transactins.
Lat last yar, th Rsrv Bank
als rlasd its nw crpratgvrnanc rqirmnts r
rgistrd banks. Th gvrnanc
changs ar aimd at rinrcing
th xpctatin that vrsas-
wnd lcally-incrpratd banks
will prat indpndntly, in a way
mr likly t prtct Nw Zalands
nancial stability in a crisis.
Frthrmr, lat last yar, th
Scritis Cmmissin pblishd th
standard cnditins that qaliying
nancial ntitis will nd t abid
by whn thir mplys and
rprsntativs giv nancial advic.
-
8/6/2019 On The Radar (Edition 1)
11/12
the last word
Carbon trading perspectives
oN THe RADAR IS PRePAReD BY THe PoLICY TeAM.
W wlcm yr dback and sggstins at policyteam@nsia.com
Fr any campaign and tchnical advisry grp pdats, plas cntact r Snir Plicy Advisrs as llws:
> Cnsmr nanc and Crprat nanc: Didr Grvr T > 61 2 9275 7941.
> Financial markts and Managd nds & sprannatin: San Mlly T > 61 2 9275 7967.
Fr inrmatin abt On The Radarand thr pblicatins, cntact Rsmary McLachlan T > 61 2 9275 7929.
This is a rally hard iss. Its cmplicatd. Its asy t tak slganst it. Bt I think that i w in th indpndnt cntr th Astralian
plity insist n acts, analysis, thn what w might think as th nis
Astralian plitics wnt dminat tcms. That might b t mch
a hp bt Astralia has dn it br at r bst, wr gd ngh.
Proessor Ross Garnaut, Fdral gvrnmnts cnmic advisr n climat changBrisban Tims, 2 March 2011
W will gt t th nd gal th mst cint mchanism Iv always wantd
and Labr has always advcatd r, which is a ll missins trading schm,
a cap n carbn plltin and th markt sts th pric. W hav t ct carbn
plltin. Th bst way t d that is pric carbn.
Prime Minister The Hon Julia Gillard MPBlmbrg Bsinss Wk, 26 Fbrary 2011
It is a way--li-changing tax, its an cnmy-changing
tax, and w shldnt gt it witht th Prim Ministr ging
t th ppl again and sking a mandat.
The Hon Tony Abbott MP,Ladr th oppsitinABC Nws (Astralia), 10 March 2011
Th vidnc shws that ignring climat chang will vntally damag cnmic
grwth. or actins vr th cming w dcads cld crat risks majr disrptin
t cnmic and scial activity, latr in this cntry and in th nxt, n a scal similart ths assciatd with th grat wars and th cnmic dprssin th rst hal
th 20th cntry. And it will b diclt r impssibl t rvrs ths changs. Tackling
climat chang is th pr-grwth stratgy r th lngr trm, and it can b dn in a
way that ds nt cap th aspiratins r grwth rich r pr cntris. Th arlir
ctiv actin is takn, th lss cstly it will b.
Sir Nicholas Stern, Had Lndn Schl ecnmics,Grantham Rsarch Institt n Climat Chang and th envirnmnt.
Strn Rviw n th cnmics climat chang, 30 octbr 2006
Crtainly as w watch vnts nld in Astralia it hlps clariy r thinkingabt whats happning in r majr partnrs th wrld what is bing trid,
whats wrking sccsslly, s it will crtainly hav sm infnc Th (uS)
Prsidnt was clar rm th tst that in his viw i carbn is prdcing an
xtrnal cst thn w shld try t captr that cst, and markts tnd t b
th mst cint way ding that - and thats what h prpsd t Cngrss.
Bt hs als a grat ladr wh ndrstands th art th pssibl
Jefrey Bleich, uS ambassadr t AstraliaAAP, 4 March 2011
-
8/6/2019 On The Radar (Edition 1)
12/12
Head Oce/NSW and ACT
Lvl 16, on Margart Strt
Sydny NSW 2000
Po Bx H99, Astralia Sqar
T >1300 346 742
61 2 9275 7900
F >61 2 9275 7999
mmbrship@nsia.cm
QLD
Lvl 3, 10 Flix StrtBrisban QLD 4000
T >1300 346 742
61 7 3002 0700
F >61 7 3002 0799
mmbrship@nsia.cm
SA and NT
Lvl 3 NAB Hs
22 King William Strt
Adlaid SA 5000
T >1300 346 742
61 8 8113 850
F >61 8 8113 8599
mmbrship@nsia.cm
VIC and TAS
Lvl 43, 80 Cllins Strt
Mlbrn VIC 3000
T >1300 346 742
61 3 9666 1000
F >61 3 9666 1099
mmbrship@nsia.cm
WA
Lvl 2, NAB Hs
50 St Grgs TrracPrth WA 6000
T >1300 346 742
61 8 9233 8900
F >61 8 9223 8999
mmbrship@nsia.cm
Australia
FINSIA - Financial Srvics Institt AstralasiaABN 96 066 027 389 ACN 066 027 389
FINSIA NZ Ltd GST 96 458 150
New Zealand
Aucland
Lvl 12, AMP Bilding
29 Cstm Strt Wst
Ackland NZ
Po Bx 106826
Ackland NZ 1143
T >64 9 909 7534
F > 64 9 909 7531
mmbrs.nz@nsia.cm
WellingtonLvl 6, Wakld Hs
90 Th Trrac
Wllingtn NZ 6143
Po Bx 10-793
Wllingtn NZ 6143
T > 64 4 473 5069
F > 64 4 499 1990
mmbrs.nz@nsia.cm
International
Po BoX H99
Astralia Sqar
NSW 1215 Astralia
T > 61 2 9275 7900F > 61 2 9275 7999
mmbrship@nsia.cm
Disclaimer
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