On The Radar (Edition 1)

8/6/2019 On The Radar (Edition 1)

1/12

ADARFinsias Policy & Proessional Development News

Edition 1/March 2011

Onthe


2/122 on the radar FinsiasPolicy & Professional Development News march 2011

THE FIRSTWORD

In prole

Whats on

Slctd pcming

prssinal dvlpmnt

vnts.

Tn mints with Nichlas

Vamvakas F Fin and

Trsa Handictt SF Fin.

Regulating tomorrow

The big picture

Signicant plicy

dvlpmnts in

Astralasia.

Rlvant gvrnmnt and

rglatry cnsltatins.

Policy update

The last word

Carbn trading

prspctivs.

An vrviw Finsias

crrnt campaign

activitis.

will hlp prtct nancial stability

and prmt sstainabl cnmic

grwth. Th highr lvls capital,

cmbind with a glbal liqidity

ramwrk, will signicantly rdc

th prbability and svrity

banking criss in th tr.

Lat last mnth, th Astralian

Prdntial Rglatin Athrity

clarid th tratmnt high-qality

liqid assts it will apply whn

implmnting th nw glbal liqidity

standard. Finsias sminars daling

with implmntatin th Basl III

ramwrk ar timly and will prvid

valabl and practical insights t

attnds. Fr dtails abt ths

sminars s pgs 6 and 7 r

www.fnsia.com ndr th

Prssinal dvlpmnt link.

Finsia wlcms yr dback abt

On the Radar. T prvid dback,

plas [email protected]

in th rst instanc.

Wlcm t On the Radar, th

nw Finsia pblicatin rplacing

PolicyNews. On the Radarwill b

prdcd bi-mnthly and will prvid

a niq snapsht ky plicy

dvlpmnts in th Astralasian

nancial srvics indstry. In rdr

t hlp mmbrs st and rach

thir prssinal gals, it will als

cntain dtails rthcming Finsia

prssinal dvlpmnt vnts as

wll as thght prvking practitinr

prls. On the Radarwill als

cntain a tabl listing all rlvantnging gvrnmnt and rglatry

cnsltatins, prviding an asy

rrnc src r nancial srvics

prssinals.

In rlatin t rthcming prssinal

dvlpmnt vnts, Finsia is plasd

t advis that this mnth it will b

hlding sminars in NSW, Victria,

Qnsland and Wstrn Astralia

daling with th implmntatin

th Basl III ramwrk. Mr Nt

Wllink, Chairman th Basl

Cmmitt n Banking Sprvisinand Prsidnt th Nthrlands Bank,

has dscribd th Basl III ramwrk

as a landmark achivmnt that

In prole: Nicholas Vamvaas F Fin

04

08

06

10

03

11

RuSSeLL THoMAS F FIN

Intrim Ceo & Dirctr Plicy

and Prssinal Dvlpmnt
http://finsia.com/http://finsia.com/mailto:POLICYTEAM%40FINSIA.COM?subject=On%20The%20Radar%20-%20Feedbackmailto:POLICYTEAM%40FINSIA.COM?subject=On%20The%20Radar%20-%20Feedbackhttp://finsia.com/http://finsia.com/


3/12on the radar Finsias Policy & Professional Development News march 2011 3

Finsia cntins t play an intgral

rl in inrming th dbat abt

th tr rglatin th nancial

srvics indstry in Astralasia

thrgh its plicy and advcacy

activitis, spprtd by xprincd

mmbrs and indstry practitinrs.

In this cntxt, sm its crrnt

activitis ar st t blw.

Submission to ASIC ConsultationPaper 145: Australian Equity MaretStructure: Proposals

In Janary this yar, Finsia sbmittd

a rspns t ASIC Cnsltatin Papr

145. Finsia thanks ths mmbrs wh

cntribtd t th prparatin this

rspns, which was wll rcivd. A

cpy th sbmissin can b nd

n th Finsia wbsit ndr Plicy

and rsarch thn 2011 pblicatins.

on 3 March 2011, ASIC annncd

a timtabl r th intrdctin

markt cmptitin and rlasd

a smmary th intndd markt

intgrity rl ramwrk that wldapply.

Standards and ethics or nancialadvisers

Finsia activly cntribts t th

Advisry Panl n Standards and

ethics r Financial Advisrs, which

was stablishd by th Gvrnmnt

lat last yar. Amng thr things,

th Panl will prvid viws n:

> prssinal and thical standards

in th nancial advic indstry,

inclding th pssibl dvlpmnt

a bst practic gid r nancial

advisrs

> th cmptncy rqirmnts

that mst b satisd by nancial

srvics prssinals rglatd by

th Corporations Act 2001.

Benchmaring Australian nancialservices in the Asia-Pacic

Last yar, Finsia hld its Asia Financial

Srvics Smmit at which th Hn

Chris Bwn MP prvidd a kynt

addrss. Th Smmit assistd in

canvassing and scping Finsias

Financial Srvics Bnchmarking

Indx, which is aimd at prviding

th mtrics r tracking Astralias

prrmanc and ralizing th gals

arnd th psitining Astralia

as a cntr r nancial srvics

xcllnc. This psitining dpnds

n a dpning capital fws,

gratr xprt nancial srvics

and th samlss transr talnt

btwn Astralia and th mrging

cnmis th Asian rgin.

Th bnchmarking stdy will allw s

t masr:

> th siz and rlativ grwth

dirnt sctrs Astraliasnancial srvics sctr

> th dmstic / intrnatinal split r

nds ndr managmnt

> th siz ky Asian cnmy

nancial srvics sctrs and

Astralias shar (xprting

srvics)

> dirct invstmnt by Astralian

nancial srvics cmpanis in

Asian markts.

Th bnchmarking stdy will b

lanchd in 2011.

Recent Finsia Policy AdvisoryGroup activities

Bridging the gender divide in

fnancial services

Whil th rcnt 100th annivrsary

Intrnatinal Wmns Day was cas

t clbrat th prgrss wmn

vr th last cntry, nrtnatly

it als srvd as a rmindr th

gndr imbalanc which still xists

in Astralia. Whil sm prgrss has

bn mad at bard lvl in rcnt

mnths, th prsistnt lack wmn

in ladrship rls (particlarly in

nancial srvics) will hav lng-trm

cnsqncs r th indstry and

th bradr cnmy.

In th nxt stag th bridging th

gndr divid in nancial srvics

campaign, Finsia is wrking in

partnrship with Crprat Analysis

enhancd Rspnsibility (CAeR)

t prdc an xpsitin papr

xamining th crrnt lvl wmn

in ladrship rls within Astralias

nancial srvics indstry. using

bnchmarking insights t highlight

th lack disclsr with rgard

t gndr divrsity initiativs within

ASX100 cmpanis, this papr

will cnsidr th crrnt lvl

transparncy in Astralia as cmpard

t th uK, erp and th uS. It

will als discsss th psitiv and

ngativ aspcts lgislatd qtas

vrss principl-basd targts r

gndr divrsity and hw Astralia

can achiv a signicant imprvmnt

in markt transparncy and

accntability. This papr is schdld

t b lanchd at th pcming NSW

Wmn in Finsia vnt Raising the

bar or gender diversity in fnancialservices lnchn n 10 May 2011.

Applying Australias fnancial

markets to the challenge o

carbon emissions reduction

Th Financial Markts Advisry

Grp is crrntly drating a papr

highlighting th strngths Astralias

nancial markts participants and thir

ability t rspnd t th gvrnmnts

prpsd carbn initiativs.

Corporate governance and

improving quality o reporting

and analysts briefngs

In Jn 2009, th Crpratins

and Markts Advisry Cmmitt

(CAMAC) rlasd a rprt titld

Aspects o Integrity. Fllwing

rm that rsarch, th Financial

Markts Advisry Grp is wrking

t idntiy spcic aras that shld

b addrssd t assist instittinal

rprting t nt nly mv twards

mr rbst markt practics, bt

t imprv Astralias standing as

a glbal invstmnt dstinatin.

Best practice guidelines or

investment managers integrating

ESG considerations

Th Managd Fnds and

Sprannatin Advisry Grp is

crrntly dvlping gidanc r

trsts and nd managrs n

envirnmntal, Scial and Gvrnanc

isss and practics.

Fr pdats n Finsias plicy

activitis, plas swww.fnsia.com

ndr th Plicy and rsarch link.

Finsia wlcms inpt and sggstins

rm mmbrs n its plicycampaigns and initiativs. T prvid

inpt, in th rst instanc snd an

mail [email protected]

POLICY

Update
http://www.finsia.com/mailto:[email protected]:[email protected]://www.finsia.com/



Chie Financial Ocer,

ME Ban Pty Ltd

INPROFILE...

Nick has been a member o Finsia

since 1994, and was a panel

participant at the 2010 Finsia

Annual Conerence held in Sydney.

The 2010 Finsia AnnualConerence brought usthe opportunity to hearthe insightul

nIChOLas VamVakasF FIN FAICD

FINSIA: Tell us about your career todate. Have you always wored in thenancial services industry, and inwhat roles?

NICHOLAS VAMVAkAS: I hav bn

wrking in th nancial srvics

indstry sinc 1983 in rls ranging

rm sttlmnts t Chi Financial

ocr (CFo). My carr startd at

Clnial Mtal as a sttlmnts

cr br mving int cash

daling. I thn spnt a w yars as

a xd incm brkr with Ptr

Wallman and C br taking n

a trasry managmnt rl at

Challng Bank r v yars. I jind

Natinal Mtal in 1993 and hav nt

changd cmpanis sinc thn. Th

rganisatin vlvd thrgh AXA

and vntally bcam Me Bank

whr I am crrntly CFo.

FINSIA: Why choose to wor innancial services?

NV: It was nt s mch a chic

bt a sris vnts which ndd

in dirnt nancial srvic rls.

Atr laving nivrsity, I thght it

wld b bncial t hav sm

jb intrviws. I was rd a rl as

ithr an eqitis Sttlmnts ocr

r a Bnd Sttlmnts ocr. I was

lat in rspnding and was givn th

bnd rl nt rally knwing what

bnds r xd intrst invlvd.

FINSIA: What has been yourbiggest achievement to date?

NV: obtaining a banking licnc

thrgh th prcss tlind by

APRA. I bliv Me Bank is n

vry w nw banks t hav

ndrtakn this in th last 20 yars.

FINSIA: Biggest regret?

NV:Nt wrking vrsas r a

sstaind prid tim. I hav

wrkd in varis citis r prids

a w mnths bt nt r lng

prids.

FINSIA: Tell us about yourinvolvement with Finsia andits predecessors

NV: onc I nishd my nivrsity

dgrs and cmmncd wrking,

I ndd t ll th knwldg gap

btwn thry and practic. In

1983-84 th Scritis Institt

Astralia (SIA) prvidd m with this

knwldg. As my carr vlvd, I

bcam activ as a lctrr at th

SIA and sbsqntly bcam

invlvd with Finsia.

FINSIA: Tell us about youreducational qualications,including any previous studywith the SIA or Finsia.

NV: I hav a Bachlr ecnmics

and a Bachlr Bsinss

(Markting). Sbsqntly I

cmpltd th Scritis Institt

Astralia Diplma (qivalnt t

th mr rcnt Gradat Diplma

Applid Financ & Invstmnt). I

am accrditd as a cmpany dirctr

thrgh th Astralian Institt Cmpany Dirctrs (AICD).

FINSIA: What is your visionor your sector o the industry?NV: Prir t th GFC, I lt that r

indstry was hading twards nirm

intrnatinal standards in trms

qalicatin, lgal and prdntial

rqirmnts. This nabls issrs

and invstrs in many jrisdictins

t prat with gratr cndnc

arnd mplymnt and invstmnts.

I bliv w shld cntin t

dvlp nirm intrnatinal

standards t allw r th crss brdr

mvmnt sta and invstmnts.

FINSIA: What is your vision orthe uture - personal and career?

NV: Prsnally, I am lking t

incras my invlvmnt with

cmpany bards and invstmnt

cmmitts whr pssibl whil

at th sam tim bradning my

ladrship and managmnt skills.

As a rslt, I njy my rl at Me

Bank whr I can strngly infnc

th tr th rganisatin

whil implmnting actins arnd

ladrship and managmnt.

FINSIA: How do you spend yourree time?

NV: I njy sccr and snw skiing.

With tw childrn nw in nivrsity

and slightly mr indpndnt, mr

travl is n th agnda.


5/12on the radar Finsias Policy & Professional Development News march 2011 5

FINSIA: Tell us about your careerto date. Have you always wored inthe nancial services industry, andin what roles?

TERESA HANDICOTT: As a lawyr,

I hav always wrkd in privat

practic, largly with Crrs Chambrs

Wstgarth, whr I hav bn a

partnr r mr than 17 yars. I

advis clints n scritis indstry

law, primarily n mrgrs and

acqisitins, bt als n capital

raisings, d dilignc, cntins

disclsr and th lik.

FINSIA: Why choose to worin nancial services?

TH: Dspit my wrking class

backgrnd, dring my law dgr

I xclld in th sbjcts assciatd

with th crprat wrld, sch as

Cmpany Law and Tax. on gradatin

I wantd t b a crprat lawyr,

althgh I had absltly n ida

what that invlvd. Whn I gt th

pprtnity t wrk n initial pblic

rings and takvrs, nt nly in

black-lttr law bt als in stratgy

and tactics, planning and prjct

managmnt, I lvd it.

FINSIA: What has been your biggestachievement to date?

TH: Atr 25 yars in practic, what I

hav njyd th mst is dvlping

dp trstd advisr rlatinships

with clints spanning a lng prid.This happnd with Jpitrs vr

mr than 15 yars prir t its

mrgr with Tabcrp Hldings. I

crrntly njy sch a rlatinship

with Sncrp Grp Limitd,

having advisd Sncrp n all its

signicant M&A activity sinc advising

Mtway n its mrgr with Sncrp

and QIDC in 1996. Iv als advisd n

svral signicant qity raisings and

its rcntly annncd nn-prating

hlding cmpany rstrctr. It is

dply satisying t wrk with a

grwing and vr-vlving clint

r a lng prid, t ndrstand its

bsinss and th indstry in which it

prats, and thrby add signicant

val bynd jst giving lgal advic.

I als tk grat prid and drivd

nrms prssinal satisactin

rm my nin yars with th Takvrs

Panl, nding in March 2010. Winning

th Astralian Dal Makr th Yar

at th 2008 ALB Astralasian law

awards was als rathr nic, I hav

t admit.

FINSIA: Biggest regret?

TH: Im strggling t think n,

bcas I hav nd my carr

nrmsly rwarding and prsnally

satisying. I spps nvr having had

th vrsas xprinc in trms

wrking vrsas r a lngthy prid

is marginally disappinting. Bt rally,

Iv dn xactly what I wantd t

d and mr, s it is prtty hard t

hav rgrts.

FINSIA: Tell us about yourinvolvement with Finsia andits predecessors

TH: I bcam invlvd with th SIA

as a rst yar lawyr, marking xams

and assignmnts. ovr tim (1991 t

2005), I prgrssd t lctring and

srvd r a lng prid tim as

th lad lctrr th law sbjct

in Qnsland r th SIA diplma

crs. I als spnt a nmbr

yars n th dcatin cmmitt,

and thn srvd rm 2001 - 2009

as a mmbr Finsias QnslandRginal Cncil.

FINSIA: What is your vision orthe uture - personal and career?

TH: My visin r my carr cincids

with my visin r th rm in which

I am a partnr, Crrs Chambrs

Wstgarth. W aim t b a wrld

class law rm, cmmittd t driving

Astralias cmptitivnss in its

cnmic ngagmnt with Asia. As

a mmbr th rms bard, I was

invlvd in dvlping r ambitin

and th stratgy that ndrpinsit. Bynd th rm, I wld lik t

cntin t b invlvd in th bradr

bsinss cmmnity. Apart rm my

rls n th Takvrs Panl and with

Finsia, I srvd as an assciat th

Astralian Cmptitin and Cnsmr

Cmmissin r mr than a dcad,

taght r many yars in th AICD

dirctrs crs and hav bn a

dirctr n tw bards. Th varity

larnings, challngs and xprincs

in ths divrs rls hav hlpd m

t b a bttr lgal advisr, and hav

als srvd t mak my carr trlyintrsting and satisying. Prsnally,

I aim t njy vry day.

FINSIA: How do you spend yourree time?

TH: A gd balanc th activ

hiking, scba diving and rnning (with

a cpl cmptitiv vnts ach

yar t inspir my cmmitmnt)

and cltr, inclding plays, th art

gallry r an pra. I lik lashings

tnnis and crickt, prrably liv,

vr th smmr. My cllar indicats

an intrst in win. Frankly, I am

intrstd in a lt things. As r

many, tim is th nly bstacl!

t Ne

teresa handICOtt SF FIN

Partner,

Corrs Chambers Westgarth,Brisbane

Teresa has been a member o Finsia

since 2001 and was part o our QLD

Regional Council or nine years. She

recently presented at Finsias M&A

workshop in Brisbane.

Developing deep andtrusted relationships withclients is paramount tothe 2008 AustralianDeal Maker o the Year



Managed unds & superannuation

Released Body Title Close date

17.12.10 Bard

Taxatin

Rviw th arrangmnts applying t cllctiv invstmnt vhicls discssin

papr

28.02.11

18.11.10 CAMAC Rviw rglatin managd invstmnt schms (d 30.09.11)

28.02.11 Trasry Rviw cncssinal sprannatin caps r individals agd 50 yars and vr

cnsltatin papr

25.03.11

01.02.11 Trasry

(strngr spr)

expsr drat Bill SMSFs invstmnt in cllctabls and prsnal s assts 15.02.11

04.02.11 Trasry(strngr spr)

expsr drat Bill using tax l nmbrs as an idntir t acilitat accntcnslidatin

17.02.11

regulating

tomorrowSelected Australian government and regulatory consultations@8 March 2011

Corporate nance


22.07.10 RBA -

Paymnts

Systm Bard

Stratgic rviw innvatin in th Astralian paymnts systm nt statd

12.11.10 AuSTRAC Csts rcvry discssin papr 10.12.10

11.11.10 AuSTRAC/AGD Plans t strngthn mny transr sctr drat Bill 10.12.10

22.12.10 APRA Rviw gidlins r apprval t s th trm bank 31.01.11

28.10.10 Snatecnmics

Cmmitt

Inqiry int cmptitin within th Astralian banking sctr 14.01.11

Retail baning & private wealth management


24.01.11 Trasry Rviw distinctin btwn rtail and whlsal clints in thCorporations Act 2001 25.02.11

24.02.11 ASIC CP147 Hdg nds imprving disclsr r rtail invstrs 21.04.11

04.03.11 Trasry expsr Drat - Natinal Cnsmr Crdit Prtctin Amndmnt (Crdit Card and

Hm Lans) Bill

08.03.11

30.09.10 Snat

Financ and

Pblic Admin

Cmmitt

expsr drat Bill and cmpanin gid crdit rprting 24.03.11

Financial marets


18.11.10 CAMAC Rviw dnitin drivativs (d 30.09.11)

17.01.11 ASX ASX Cnsltatin Papr and expsr Drat listing rl amndmnts 25.02.11

14.02.11 ASX S&P ASX 200 VIX trs and ptins cnsltatin papr 04.03.11

04.03.11 ASIC CP148 Prpsd Markt Intgrity Rls: Chi-X Markt 25.03.11

07.03.11 ASIC CP149 Applicatin r an Astralian markt licnc Financial and enrgy

exchang Limitd

18.04.11


7/12on the radar Policy & PD News march 2011 7

Watch list International


20.12.10 BIS - Basl Ct n

Banking Sprvisin

Capitalizatin bank xpsr t cntral cntr partis cnsltatin

papr

04.02.11


Banking Sprvisin

Pillar 3 disclsr rqirmnts n rmnratin cnsltatin papr 25.02.11


Banking Sprvisin

opratinal risk cnsltatin papr 25.02.11

27.10.10 IoSCo Isss raisd by dark liqidity cnsltatin rprt 28.01.11

Watch list Domestic


13.10.10 Bard Taxatin Taxatin tratmnt Islamic nanc prdcts discssin papr 17.12.10

22.12.10 APRA Cnslidating prdntial standards discssin papr 25.03.11

25.11.10 PJC Cmmitt n

Crpratins and

Financial Srvics

Inqiry int accss r small and mdim bsinsss t nanc 07.02.11

04.03.11 Trasry Imprving th taxatin trst incm discssin papr 18.03.11

NB:

Equity Marets

Thr is likly t b nging attntin rm rglatrs in cming mnths rgarding

th ASX. This is in rspns t ASIC taking vr th rglatry nctin, as wll

as th ptntial intrdctin nw markt ntrants and th way in which thy

prat (sch as th s high-vlm trading).

Baning

Astralian and glbal banks will cntin t ac scrtiny in rgard t thir

pratins. As th Basl III rrms ar pt in plac in ach cntry and capital

strctrs ar changd, thr ar likly t b a nmbr cnsqntial changs

whr rglatrs will rspnd t nw trnds.

key:

AGD Attrny-Gnral's Dpartmnt

APRA Astralian Prdntial Rglatin Athrity

ASIC Astralian Scritis & Invstmnts Cmmissin

ASX Astralian Scritis exchang Ltd

AuSTRAC Astralian Transactin Rprts and Analysis Cntr

BIS Bank r Intrnatinal Sttlmnts

CAMAC Crpratins and Markts Advisry Cmmitt

IoSCo Intrnatinal organizatin Scritis Cmmissins

PJC Parliamntary Jint Cmmitt

RBA Rsrv Bank Astralia


8/12

WHATS ONSelected Proessional Development events March - May 2011

International Banking Reform Basel III seminar

> Sydney: Tuesday, 15 March 2011

> Melbourne: Thursday, 17 March 2011 SOLD OUT

> Perth: Thursday, 24 March 2011

> Brisbane: Wednesday, 30 March 2011

Visit fnsia.com/Basel to register

BRAVING

REFORMS

UNDER THEBasel III framework

International baning reorm Basel III (Sminar)

Th intrdctin Basl III will hav signicant cnsqncs r th glbal banking

systm. Jin s t har lading prssinals impart thir knwldg n th impact

rglatry rrm.

> Sydney 15 March 2011 > Melbourne 17 March 2011 SoLD ouT> Perth 24 March 2011 > Brisbane 30 March 2011

Visitnsia.com/basel

Corporate nance

& wholesale baning

Trends in securitisation, covered bonds and structured nance (Wrkshp)

With th prspct rthr rglatin, th intrdctin cvrd bnds and ncrtaintyas t what is happning with cmptitin in th mrtgag markt, thr is still hsitancy in th

scritisatin markt. What ds th tr th indstry lk lik and what can Astralia d

t imprv mmntm in th markt?

> Sydney 24 May 2011 > Melbourne 26 May 2011

Visitnsia.com/securitisation
http://finsia.com/baselhttp://finsia.com/securitisationhttp://finsia.com/securitisationhttp://finsia.com/basel


9/12

Finsia Financial Services Annual ConerenceTh lin p indstry xprts at this yars cnrnc will discss th tlk r nancial

srvics bth dmstically and glbally. In additin, dlgats will b pdatd n critical

changs t rglatin and rd insights int indstry trnds.

> Sydney 25 octbr 2011,Fr Sasns Htl

Outloo or the Australian retail sector (Sminar)

With th grwth in intrnt shpping, th ris th Astralian dllar making vrsas

prchass xtrmly attractiv t Astralian shpprs and th impact rising intrst rats,

rtailrs ar nding th ging tgh. or panl indstry xprts will lad discssin n th

challngs acing th sctr and rtail invstmnt pprtnitis.

> Perth 15 March 2011 > Adelaide 16 March 2011> Brisbane 29 March 2011

Visitnsia.com/retailoutloo

REITs Outloo or the Australian and international sectors (Sminar)What can invstrs xpct in 2011? What ar th bnts ral stat invstmnt trsts (ReITs)

vrss dirct prprty invstmnts? What ar th ky drivrs r bth th Astralian and glbal

ReITs sctrs and hw shld invstrs strctr thir prprty scritis prtli t ptimis

thir rtrns?

> Melbourne 10 May 2011 > Sydney 19 May 2011> Brisbane 17 May 2011 > Perth 31 May 2011

Visit nsia.com/REITs

Integrating ESG challenges and opportunities (Sminar)

eSG (nvirnmntal, scial and gvrnanc) isss hav th ptntial t impact cmpany nancial

prrmanc r rptatin in a matrial way. Astralian nd managrs ar acd with a nmbr challngs in adjsting thir invstmnt prtcls r eSG. With this in mind, Finsia is prdcing a

gid t eSG invstmnts, which will b lanchd at th Mlbrn sminar.

> Sydney 17 May 2011> Melbourne 19 May 2011

Visitnsia.com/ESG

Managed unds

& superannuation

Date or your diary
http://finsia.com/retailoutlookhttp://finsia.com/reitshttp://finsia.com/ESGhttp://finsia.com/ESGhttp://finsia.com/reitshttp://finsia.com/retailoutlook



New Zealand

the Big

Picture

Superannuation issues

It is prpsd that sl managd

sprannatin nds will cntin

t b allwd t invst in cllctabls

and prsnal s assts lik artwrk

r stamps, prvidd that thy ar

hld in accrdanc with tightnd

lgislativ standards. Th Gvrnmnt

rcntly rlasd drat lgislatin that

will allw it t mak rglatins abt

hw sl managd sprannatin

nds can mak, hld and raliz

invstmnts in cllctabls andprsnal s assts.

In additin, th Gvrnmnt als

rcntly rlasd drat lgislatin that

will allw sprannatin nds t s

tax l nmbrs t idntiy mmbrs

accnts. This is intndd t mak

it asir r Astralian wrkrs and

rtirs t nd lst sprannatin

accnts.

Frthrmr, th Hn Brnwyn

Bishp MP rcntly intrdcd a

privat mmbrs Bill, prviding r

th ablishmnt th ag limit npaymnt n th sprannatin

garant r mplys. I passd,

mplys will rciv sprannatin

garant cntribtins, n mattr

what thir ag.

Credit reporting

expsr drat prvisins daling

with th privacy prsnal

inrmatin rlating t crdit

rprting wr rcntly nalisd and

rrrd t th Snat Financ &

Pblic Administratin Cmmitt r

inqiry and rprt. Ths xpsr

drat prvisins rlat spcically

t th cllctin, s and disclsr

inrmatin r crdit rprting

prpss and sbmissins ar

crrntly bing sght.

In additin, th Gvrnmnt rcntly

hstd a rndtabl mting t

discss th dvlpmnt aprpsd nw Crdit Rprting Cd

Cndct. Th Cd will ncmpass

mr spcic rls arnd accss t

clints prsnal inrmatin, data

accracy and cmplaint handling.

Th Cd will nd t b apprvd

by th Astralian Inrmatin

Cmmissinr br taking ct.

Taxation related issues

Th Hn Bill Shrtn MP rcntly mt

with rprsntativs rm nancial

planning, tax and accnting bdis,Trasry, th Tax Practitinrs

Bard and ASIC t discss hw

nancial plannrs wh prvid tax

agnt srvics as part nancial

planning advic shld b rglatd.

Th Gvrnmnt will cntin t

cnslt with indstry thrght th

dvlpmnt a nw mdl and in

th lad p t th rlas

Th Cmmrc Ministr, th Hn

Simn Pwr MP, rcntly wlcmd

th rprt by th Cmmrc Slct

Cmmitt n th Financial Markts

(Rglatrs and Kiwisavr) Bill. Th

Bill prvids r th stablishmnt

a nw markt cndct rglatr, th

Financial Markts Athrity (FMA),

which wld hav rspnsibilitis

rgarding th rglatin th

nancial srvics sctr. Th

Cmmitt rcmmndd a bradr

dnitin nancial marktsparticipant t nsr that sm

participants wld nt b inadvrtntly

xcldd rm th FMAs jrisdictin.

Australia

xpsr drat lgislatin r

pblic cnsltatin.

Frthrmr, th Gvrnmnt

rcntly annncd an xtnsin

t th prpsd incm tax lk-

thrgh tratmnt t cvr instalmnt

warrants and rcipts vr dirct and

indirct intrsts in listd scritis,

as wll as nlistd scritis in widly

hld ntitis and bndls ths

assts. Th Gvrnmnt is bradning

th lk-thrgh tratmnt

instalmnt warrants r incm taxprpss bynd singl xchang

tradd scritis in rspns t

cnsltatin with indstry.

Finally, th Gvrnmnt als rcntly

cnrmd its prvisly annncmnt

that a sprannatin trst

wh ntrs int a limitd rcrs

brrwing arrangmnt, as prmittd

ndr th Superannuation Industry

(Supervision) Act 1993, will b tratd

as th wnr th asst r incm

tax prpss. It is nvisagd that

xpsr drat lgislatin rlating tth prpsd changs will sn b

rlasd r cnsltatin.

In additin, lat last yar, th Rsrv

Bank rlasd a cnsltatin papr

prpsing a nw plicy r lcally

incrpratd rgistrd banks

cnsidring making signicant

acqisitins, invstmnts r bsinss

mrgrs. Th cnsltatin papr

prpss that banks shld b

rqird t btain a ntic nn-

bjctin rm th Rsrv Bank

br ndrtaking sch transactins.

Lat last yar, th Rsrv Bank

als rlasd its nw crpratgvrnanc rqirmnts r

rgistrd banks. Th gvrnanc

changs ar aimd at rinrcing

th xpctatin that vrsas-

wnd lcally-incrpratd banks

will prat indpndntly, in a way

mr likly t prtct Nw Zalands

nancial stability in a crisis.

Frthrmr, lat last yar, th

Scritis Cmmissin pblishd th

standard cnditins that qaliying

nancial ntitis will nd t abid

by whn thir mplys and

rprsntativs giv nancial advic.


11/12

the last word

Carbon trading perspectives

oN THe RADAR IS PRePAReD BY THe PoLICY TeAM.

W wlcm yr dback and sggstins at [email protected]

Fr any campaign and tchnical advisry grp pdats, plas cntact r Snir Plicy Advisrs as llws:

> Cnsmr nanc and Crprat nanc: Didr Grvr T > 61 2 9275 7941.

> Financial markts and Managd nds & sprannatin: San Mlly T > 61 2 9275 7967.

Fr inrmatin abt On The Radarand thr pblicatins, cntact Rsmary McLachlan T > 61 2 9275 7929.

This is a rally hard iss. Its cmplicatd. Its asy t tak slganst it. Bt I think that i w in th indpndnt cntr th Astralian

plity insist n acts, analysis, thn what w might think as th nis

Astralian plitics wnt dminat tcms. That might b t mch

a hp bt Astralia has dn it br at r bst, wr gd ngh.

Proessor Ross Garnaut, Fdral gvrnmnts cnmic advisr n climat changBrisban Tims, 2 March 2011

W will gt t th nd gal th mst cint mchanism Iv always wantd

and Labr has always advcatd r, which is a ll missins trading schm,

a cap n carbn plltin and th markt sts th pric. W hav t ct carbn

plltin. Th bst way t d that is pric carbn.

Prime Minister The Hon Julia Gillard MPBlmbrg Bsinss Wk, 26 Fbrary 2011

It is a way--li-changing tax, its an cnmy-changing

tax, and w shldnt gt it witht th Prim Ministr ging

t th ppl again and sking a mandat.

The Hon Tony Abbott MP,Ladr th oppsitinABC Nws (Astralia), 10 March 2011

Th vidnc shws that ignring climat chang will vntally damag cnmic

grwth. or actins vr th cming w dcads cld crat risks majr disrptin

t cnmic and scial activity, latr in this cntry and in th nxt, n a scal similart ths assciatd with th grat wars and th cnmic dprssin th rst hal

th 20th cntry. And it will b diclt r impssibl t rvrs ths changs. Tackling

climat chang is th pr-grwth stratgy r th lngr trm, and it can b dn in a

way that ds nt cap th aspiratins r grwth rich r pr cntris. Th arlir

ctiv actin is takn, th lss cstly it will b.

Sir Nicholas Stern, Had Lndn Schl ecnmics,Grantham Rsarch Institt n Climat Chang and th envirnmnt.

Strn Rviw n th cnmics climat chang, 30 octbr 2006

Crtainly as w watch vnts nld in Astralia it hlps clariy r thinkingabt whats happning in r majr partnrs th wrld what is bing trid,

whats wrking sccsslly, s it will crtainly hav sm infnc Th (uS)

Prsidnt was clar rm th tst that in his viw i carbn is prdcing an

xtrnal cst thn w shld try t captr that cst, and markts tnd t b

th mst cint way ding that - and thats what h prpsd t Cngrss.

Bt hs als a grat ladr wh ndrstands th art th pssibl

Jefrey Bleich, uS ambassadr t AstraliaAAP, 4 March 2011


12/12

Head Oce/NSW and ACT

Lvl 16, on Margart Strt

Sydny NSW 2000

Po Bx H99, Astralia Sqar

T >1300 346 742

61 2 9275 7900

F >61 2 9275 7999

[email protected]

QLD

Lvl 3, 10 Flix StrtBrisban QLD 4000

T >1300 346 742

61 7 3002 0700

F >61 7 3002 0799

[email protected]

SA and NT

Lvl 3 NAB Hs

22 King William Strt

Adlaid SA 5000

T >1300 346 742

61 8 8113 850

F >61 8 8113 8599

[email protected]

VIC and TAS

Lvl 43, 80 Cllins Strt

Mlbrn VIC 3000

T >1300 346 742

61 3 9666 1000

F >61 3 9666 1099

[email protected]

WA

Lvl 2, NAB Hs

50 St Grgs TrracPrth WA 6000

T >1300 346 742

61 8 9233 8900

F >61 8 9223 8999

[email protected]

Australia

FINSIA - Financial Srvics Institt AstralasiaABN 96 066 027 389 ACN 066 027 389

FINSIA NZ Ltd GST 96 458 150

New Zealand

Aucland

Lvl 12, AMP Bilding

29 Cstm Strt Wst

Ackland NZ

Po Bx 106826

Ackland NZ 1143

T >64 9 909 7534

F > 64 9 909 7531

[email protected]

WellingtonLvl 6, Wakld Hs

90 Th Trrac

Wllingtn NZ 6143

Po Bx 10-793

Wllingtn NZ 6143

T > 64 4 473 5069

F > 64 4 499 1990

[email protected]

International

Po BoX H99

Astralia Sqar

NSW 1215 Astralia

T > 61 2 9275 7900F > 61 2 9275 7999

[email protected]

Disclaimer

The material in this newsletter does not constitute legal, accounting or other proessional advice. While all reasonablecare has been taken in its preparation, Finsia makes no express or implied representations or warranties as to the

completeness, reliability or accuracy o any and all material in this newsletter. The newsletter should not or as a basis orormulating business decisions. To the extent permitted by law, Finsia excludes all liability or any loss or damage arisingout o the use o the material in the newsletter. Any links to third party websites are provided or convenience only anddo not represent endorsement, sponsorship or approval o those third parties or any products and services oered.

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On The Radar (Edition 1)