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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.
The Consultation period closed on 3 June 2022. The (non-confidential) submissions made are now on the QAR website.
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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.
This Consultation remains “Open to Submissions” on the APRA website.
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.
Comparison documents have also now been made available – which may make it easier to compare the existing and proposed rules amendments
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Submissions opened 16 May 2022 and close 8 July 2022
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Consultation (ASIC)
CP 363 - Remaking ASIC class order on financial requirements for retail OTC derivative issuers – [CO 12/752]
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CO 12/752 will sunset on 1 October 2022. ASIC is consulting on the Remaking, without amendment, of this instrument in order that the Class Order 12/752 continues to have effect. CO 12/752 prescribes the prudential conditions in relation to entering into, and holding, Over-the-counter (OTC) Derivatives.
Trustees will be aware that currently Consultation CP361 (re their previous consultation CP 334) is open in relation to the ASIC Derivative Transaction Rules (Reporting) provisions (see above).
Consultation 363 commenced 30 June and will end on 29 July 2022. The remade Class Order instrument will be issued prior to the sunsetting date of 1 October 2022. The Instrument will have effect until its expiration (sunsetting) on 1 October 2027.
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Consultation commenced 30 June 2022 and will end on 29 July 2022.
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Consultation (APRA)
Review of the amendments to the Superannuation Guarantee (Administration) Act 1992
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APRA has released a letter to registrable superannuation entity (RSE) licensees of Defined Benefit funds to seek their input on the amendments to the Superannuation Guarantee (Administration) Act 1992 (SGAA), commenced in September 2020.
The letter requests feedback regarding the amendments to the Choice of Fund requirements – and in particular, any unintended consequences for Defined Benefit arrangements.
Trustees may recall that the Treasury Laws Amendment (Your Superannuation, Your Choice) Act 2020 made amendments to the SG (Administration) Act 1992 (Schedule 1) and also described, in Section 4, that the legislated provisions are to be reviewed within 30 months - particularly in relation to any unintended consequences of the amendments in relation to DB Schemes.
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This consultation will be open for submissions until 8 September 2022.
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Consultations (APRA)
APRA strengthens transparency on remuneration and bank disclosures
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The cross-industry Prudential Standard CPS 511 was introduced last year to strengthen remuneration practices across the banking, insurance and superannuation industries. The implementation of CPS 511 is in 2023 for large entities and 2024 for smaller entities.
APRA is consulting on disclosure and reporting proposals to support the implementation of CPS 511 which, once implemented, will provide greater transparency on remuneration practices across all APRA-regulated entities.
The Consultation relates principally to the disclosure and reporting obligations described in the Discussion Paper.
This Consultation further relates to APRA’s proposed changes to CPS 511 and the proposed Reporting Standard CRS 511 Remuneration and the Reporting template CRS 511.0.
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Submissions are requested, by APRA, by 7 October 2022.
Following review of industry feedback, APRA plans to finalise the requirements by the end of 2022.
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