February « 2006 « Australian Regulatory Compliance Review from Langes+ Lawyers

February 3, 2006

Superannuation trustee licences

From 1 July 2006 it will be an offence to act as a trustee of a registrable superannuation entity or to accept contributions to a fund without a Registrable Superannuation Entity (RSE) licence.

Australian Prudential Regulation Authority (APRA) has announced that existing superannuation trustees have until 17 February to apply for a RSE licence. This cut-off date for applications is to provide sufficient time for APRA to complete the licensing process and to register all funds by 30 June 2006 in accordance with the Superannuation Industry (Supervision) Act 1993.

Of 317 applications received to date, more than 40 per cent were submitted after 1 December
2005. So far, 80 RSE licences have been issued.

Some 405 trustees that indicated their intention to exit the industry have done so and a further 450 are expected to do so by the end of the transition period.

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Posted 3rd February 2006 by David Jacobson in Financial Services

February 1, 2006

Australian Law Reform Commission to review the Privacy Act

The Attorney-General Philip Ruddock has announced that the Australian Law Reform Commission (ALRC) will review the Privacy Act 1988.

The review will examine existing Commonwealth, State and Territory
laws and practices and will consider the needs of individuals for privacy protection in light of evolving technology.

The ALRC will also examine current and emerging international law in the privacy area and consider community perceptions of privacy and the extent to which it should be protected by legislation.

The ALRC review of the Privacy Act is to be completed by 31 March 2008.

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Posted 1st February 2006 by David Jacobson in Privacy