FUNDS MANAGEMENT & FINANCIAL SERVICES Quarterly Review: April 2013

22 April 2013

Publications

Welcome to the April 2013 edition of Thomsons’ quarterly review of legal developments in the funds management and financial services sector.

As the countdown to the Future of Financial Advice (FOFA) commencement date of 1 July draws nearer, ASIC has released its policy on how it will deal with the ban on conflicted remuneration under the new regime. It has also released two consultation papers dealing with recommendations arising from the collapse of Trio Capital, as well as its proposed policy on the new financial requirements for managed discretionary account (MDA) operators. We take an in-depth look at all these ASIC policy initiatives inside this edition.

We also look at a recent case involving unitholder disharmony and how the responsible entity dealt with it, and a decision about when ASIC will refuse to consent to the appointment of a replacement compliance plan auditor.

Finally, we look at changes to our tax laws proposed to stimulate foreign and domestic investment in venture capital and private equity funds, and potential opportunities for wealth managers in that sector.

We hope you find this edition informative and thought-provoking.

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