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Consultation (Treasury)
Quality of Advice Review
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Consistent with recommendations 2.3, 2.5 and 2.6 of the Final Report of the Hayne Royal Commission, the Government is commissioning this Review which will consider how the regulatory framework could better enable the provision of high quality, accessible and affordable financial advice for retail clients.
The Review (‘QAR’) will not make recommendations on:
- professional standards for financial advisers
- Royal Commission Recommendations 2.7 to 2.10
- changes to the definitions of ‘retail client’, ‘wholesale client’, and ‘sophisticated investor’
- financial services redress arrangements or
- the application of taxation and privacy laws to financial advice
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Released 11 March 2022.
A report will be provided to the Government by 16 December 2022.
AIST has provided a submission for this consultation.
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Consultation (Treasury) & (Board of Taxation)
Crypto asset secondary service providers: Licensing and custody requirements &
Review of the Tax Treatment of Digital Assets and Transactions in Australia
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The Government has announced consultations and inquiries for digital transactions and crypto assets.
On 21 March, the Treasurer, Josh Frydenberg, and the Minister for Superannuation, Financial Services and the Digital Economy, Jane Hume, jointly announced that:
- Government has released a paper seeking industry’s feedback by the end of May on proposed new crypto asset licensing and custody requirements, and covering the first stage of a broader token mapping exercise to be completed by the end of 2022;
- Government has released the terms of reference for a review by the Board of Taxation into the appropriate policy framework for the taxation of digital transactions and assets such as crypto (which is being conducted on the basis it will not increase the overall tax burden). The Board has been asked to complete its review by 31 December; and
- the Government will release terms of reference covering its request for advice from the Council of Financial Regulators (CFR) on potential policy responses to address the issue of de-banking for financial technology firms, digital currency exchanges, and remittance providers. The CFR has been asked to provide advice to the Government by the end of June 2022.
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Treasury Consultation was opened on 21 March and closes on 27 May 2022.
Treasury Consultation has now closed.
The Board of Taxation Terms of Reference were also released on 21 March with a view to “report back to the Government by the end of 2022”
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Discussion Paper (APRA)
Direction for data collections
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On 31 March 2022, APRA released its discussion paper on its direction for data collections which sets out APRA's changing approach to data collection, the rationale for these changes and an outline of the implementation roadmap.
APRA has outlined plans to collect richer data on APRA Connect, its new data collection system. The proposed collections will enable APRA and peer agencies to deliver deeper insights, while ultimately reducing the burden for industry. The transition will be completed by the end of 2027 allowing APRA to fully decommission the Direct to APRA (D2A) data collection tool.
The roadmap details the proposed timing for each regulated industry moving all of its data reporting across to APRA Connect, as well as plans to introduce a series of new data collections.
APRA intends to engage closely with entities and other key stakeholders on the proposed roadmap and encourages written submissions by 24 June 2022.
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Discussion Paper issued 31 March 2022
APRA ‘encourages written submissions’ by 24 June 2022.
AIST will make a submission, in relation to this APRA Discussion Paper.
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Consultation (ASIC)
CP 361 - Proposed changes to simplify the ASIC Derivative Transaction Rules (Reporting): Second consultation
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The first Consultation process was described in CP 334. Submissions closed, in relation to that Consultation, on 15 March 2021.
The second Consultation is set out in CP 361. Submissions opened 16 May 2022 and close 8 July 2022.
This consultation paper sets out further proposals to amend the ASIC Derivative Transaction Rules (Reporting) 2013 made under s901A of the Corporations Act 2001, following ASIC’s first round of consultation in Consultation Paper 334. ASIC is also giving feedback on the first round of consultation.
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Submissions opened 16 May 2022 and close 8 July 2022
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