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July 17, 2004

ASIC CLERP 9 policies

ASIC has issued two policy statements and two practice notes to explain the new requirements of the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (CLERP 9).

The CLERP 9 policies issued are:

Policy Statement 180: Auditor registration [PS 180]
Revised Practice Note 34: Auditors’ obligations: reporting to ASIC [PN 34]
Revised Practice Note 66: Transaction-specific disclosure [PN 66], and
Revised Policy Statement 173: Disclosure for the on-sale of securities and other financial products [PS 173].

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Posted 17th July 2004 by David Jacobson in Corporate Governance

Fee Disclosure

ASIC has released a revised version of the good practice model for fee disclosure in product disclosure statements for investment products.

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Posted 17th July 2004 by David Jacobson in Financial Services

Soft Dollar Benefits

ASIC has released a research report on soft dollar benefits in the financial planning industry. The research explores the types of benefits that are offered to financial planning firms and how they are disclosed to clients.

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Posted 17th July 2004 by David Jacobson in Financial Services

FSR Regulations

The Corporations Amendment Regulations 2004 (No. 6) 2004 No. 149 require licensees and product issuers to disclose various fees, benefits, costs and interests as dollar amounts in statements of advice, product disclosure statements and periodic statements with effect from 1 January 2005 unless they obtain an ASIC exemption. Read a copy of the regulations and the explanatory statement.

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Posted 17th July 2004 by David Jacobson in Financial Services

CLERP 9 passed

The Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (Cth) commenced on 1 July 2004. Read the Act and its explanatory memorandum.

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Posted 17th July 2004 by David Jacobson in Corporate Governance
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