ASIC Summer School 2008
You are invited to join us for the 13th annual ASIC Summer School at the Sofitel Melbourne from 18 to 20 February 2008. Distinguished Australian and international speakers will explore ‘Our Financial Markets: The Big Issues’. Topics covered will include:
corporate governance and directors’ duties
retail investors – who are they and what do they invest in?
continuous disclosure – is it time for a reassessment?
insider trading – on the rise, perception or reality?
carbon trading – an emerging market?
Early bird discount registrations close on Friday 11 January 2008.
Have your say: ASIC stakeholder survey
Earlier this year, ASIC Chairman, Tony D’Aloisio, announced a strategic review of ASIC to look at where we should be positioned over the next three to five years so that we can meet the regulatory challenges ahead. As part of the strategic review, we are conducting an extensive survey of all our stakeholders.
The survey will help us assess what we do well and where we need to do better. We are keen to hear your views, so please keep an eye out for the survey on the ASIC website in early 2008.
Guidance on debenture advertising
We have released our final guidance on debenture advertising, Regulatory Guide 156, following the release of Consultation Paper 94 on debenture advertising in October. RG 156 is for debenture issuers and publishers and sets out the standards we expect them to meet when advertising debentures that are offered to retail investors. It also sets out our expectations of those handling telephone inquiries about debentures products (including rollover discussions).
You can also find out more about the submissions we received on CP 94 by reading REP 113
You should also read RG 69 Debentures—improving disclosure for retail investors, which was released in October. RG 69 outlines benchmarks and reporting on an ‘if not, why not’ basis to improve disclosure to retail investors in the unlisted and unrated debenture market.
Relief for on-market buy-backs by ASX-listed schemes
This month we also released Regulatory Guide 101 for responsible entities of ASX-listed managed investment schemes, their advisers and investors involved in or affected by buy-backs of interests in such schemes. RG 101 explains the relief we have given in Class Order CO 07/422 from certain provisions of the Corporations Act to enable responsible entities of registered schemes listed on ASX to carry out on-market buy-backs. It also explains what a responsible entity should do in conducting an on-market buy-back.
Class order on Singaporean collective investment schemes
Recently issued Class Order CO 07/753 provides operators of collective investment schemes authorised by the Monetary Authority of Singapore (MAS) with conditional relief from managed investment scheme registration requirements, AFS licensing requirements and certain financial product disclosure requirements under the Corporations Act. The relief enables Singaporean collective investment schemes authorised in Singapore by MAS to offer investments to retail clients in Australia.
Compensation and insurance arrangements for AFS licensees
In November we released Regulatory Guide 126, which sets out how we will administer the compensation requirements under s912B of the Corporations Act. The guide is aimed at AFS licensees and representatives, as well as their advisers and insurers.
Find out more about RG 126, as well our July consultation paper on compensation and insurance arrangements (CP 87) and our report on the submissions we received on CP 87 (REP 112)
Discharging security bonds of AFS licensees
As discussed in RG 126, we have the discretion to discharge any security bond and return it to the licensee where the licensee has PI insurance or ASIC-approved alternative arrangements in place. If you wish to have your security bond discharged, you should complete and lodge ASIC form FS20, answering ‘yes’ at question 5.3. We will then send you the appropriate documentation to complete.
Updated guidance on training for financial product advisers
In November we released an updated version of Regulatory Guide 146, which sets out the minimum training standards for financial product advisers and explains how advisers can meet these training standards. The update follows a review we carried out to deal with issues raised by industry stakeholders and reflected in the Corporate and Financial Services Regulation Review – Proposals Paper released by the Parliamentary Secretary to the Treasurer in November 2006.
Recent reports on applications for relief
Last month we published our latest ‘overview of relief’ report outlining our recent decisions on applications for relief from the corporate finance, financial services and managed investment provisions of the Corporations Act. The report covers the period 1 June to 31 August 2007 and gives an insight into the factors that influence us in deciding whether or not to grant relief. In September we also published a report covering the period 1 January to 31 May 2007.
Auditor obligations: Reporting to ASIC
We have updated Regulatory Guide 34, which provides guidance to help auditors comply with their obligations to report to ASIC certain matters, including contraventions and suspected contraventions of the Corporations Act. The changes to RG 34 include guidance in relation to the requirement for auditors of AFS licensees to report matters under s990K.
Christmas closedown
Our offices will be closed between Christmas and New Year, re-opening on Wednesday 2 January 2008. You will still be able to electronically lodge forms throughout the closedown period, but telephone support for our lodging services won’t be available. Documents lodged during the closedown period will only attract a late fee if due before the closedown period.
