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Submissions

Members who would like to obtain copies of AFMA submissions made prior to 2014 can contact the Secretariat Manager at secretariat@afma.com.au 

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DateName
Date Title & Summary Topic Area Sent to
09-Dec-2016

Regulator Performance Framework

Response to ASIC request for feedback.

Regulation ASIC
09-Dec-2016

Privacy implications re collection of KYC information from sources other than the customer

Comments on the draft Privacy Guidance for collecting KYC information, in particular that the guidance will impose significant restrictions on the ability of reporting entities to use the optional procedure to collect information.

Regulation AUSTRAC
05-Dec-2016

ASIC Consultation Paper 268 – Licensing relief for foreign financial service providers with a limited connection to Australia

Submission arguing that CO 03/824 relief should not be repealed as it continues to serve an important regulatory purpose, and the Corporations Regulations are not a complete substitute for the relief provided by the class order. The scope and purpose of the class order should be clarified as needed to achieve ASIC’s regulatory aims.

Regulation ASIC
02-Dec-2016

CPS 226 Margin requirements for non-centrally cleared derivatives

Submission on a number of definitional and technical issues in CPS 226.

Regulation APRA
11-Nov-2016

Replacement of CHESS for equity post-trade services

Submission to the ASX consultation paper on business requirements for the replacement of CHESS

Other ASX
11-Nov-2016

AML/CTF Act review

Submission in relation to the draft project plan for implementation of the recommendations of the statutory review of the AML/CTF regime

Regulation Attorney General's Department
31-Oct-2016

National Guarantee Fund reform proposal

Submission on options for reform of the NGF including the heads of claim.

Other SEGC
28-Oct-2016

Draft Prudential Standard 210 and Prudential Practice Guide APG 210 – Liquidity

Submission in relation to the treatment of open reverse repo transactions in the Net Stable Funding Ratio, offshore back offices, and the liquid asset requirements for foreign ADIs.

Regulation APRA
28-Oct-2016

Banks international exposures reporting

Submission to the APRA discussion paper noting the system upgrades and cost, the difficulty of meeting the implementation date, and the need to co-ordinate with other changes requiring additional reporting.

Regulation APRA
10-Oct-2016

Review of the financial system external dispute resolution framework

AFMA submission seeking alignment of the EDR framework with the Corporations Act provisions re the treatment of wholesale clients.

Regulation Treasury
10-Oct-2016

RBA RITS Regulation rewrite

Submission in relation to the requirement to notify about change of jurisdiction of incorporation, RBA failure to notify certain matters, and definitional issues.

Regulation RBA
30-Sep-2016

Framework for concerted practices guidelines

AFMA submission on areas that would benefit from additional ACCC guidance.

Regulation ACCC
30-Sep-2016

Significant Global Entities Lodging General Purpose Financial Statements ATO Discussion Paper

Submission focusing on the issues arising for AFMA members that are headquartered outside of Australia, particularly those that operate in Australia through a permanent establishment as opposed to a separately Australian incorporated entity.

Taxation ATO
29-Sep-2016

ASX interest rate derivatives clearing

AFMA submission to ASX consultation paper on interest rate derivatives clearing

Regulation ASX
23-Sep-2016

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Submission supporting the proposed phased-in reduction of Australia’s corporate tax rate to 25% for all corporates over a ten-year horizon.

Taxation Senate Standing Committee on Economics
15-Sep-2016

FICC Markets Standards Board draft transparency standards

AFMA submission on draft transparency standards for reference price transactions and binary options in commodities markets.

Regulation UK FICC Markets Standards Board
23-Aug-2016

Derivatives Transaction Rules (Reporting) 2013

Submission seeking extension of existing relief under the DTRs for FX securities conversion transactions and for entity information and name information.

Regulation ASIC
15-Aug-2016

ASX clearing participant minimum core capital requirements

Submission in support of additional capital requirements for own-account business, non-ASX business and client short ETO activity.

Regulation ASX
29-Jul-2016

Submission to Productivity Commission Inquiry into Data Availability and Use

This submission discusses the efficiency of public and private data provision and its use with particular reference to the role of financial markets in the Australian economy. It notes that the data currently collected on financial markets by regulators can be used more effectively. The submission also suggests some low cost ways in which government legislation and spending could be made more transparent, facilitating improved public policy.

Regulation Productivity Commission
07-Jul-2016

Draft costings: electronic safe harbour procedures

Further AFMA submission on proposed amendments to Chapter 4 of the AML/CTF Rules to align the electronic safe harbour procedures for customers with those for beneficial owners. AFMA remains supportive of the proposed amendments to the Rules and believes that over the medium to long term they will result in deregulation savings. However, given uncertainty about the quantification of the projected annual savings, we do not support any purported deregulation savings as being used as an offset for additional regulatory burden being imposed on AFMA members in the future

Regulation AUSTRAC
06-Jul-2016

Admission requirements for listed entities

AFMA submission supporting proposed changes to the ASX listings standards which are critical to the integrity of equity exchange markets and the trust and confidence investors have in them. A key area of responsibility for exchanges is determining what instruments to admit to trading and the basis on which to admit them. The International Organization of Securities Commissions (IOSCO) Objectives and principles of securities regulation states that admission standards for issuers and participants are to be robust and administered in a fair and transparent way. ASX under the market operator provisions of the Corporation Act has a statutory obligation to robustly administer the qualification process for listing, and ensure listed entities meet their ongoing obligations to investors under the listing rules.

Regulation ASX
30-Jun-2016

Client money provisions and margining requirements for wholesale OTC derivatives

Industry submission seeking adjustments to the client money provisions in the Corporations Act so that the margining framework for non-cleared derivatives developed by BCBS-IOSCO functions properly for Australian market participants.

Regulation Treasury
24-Jun-2016

Diverted profits tax

AFMA submission to Treasury discussion paper about implementing a diverted profits tax.

Taxation Treasury
10-Jun-2016

AUSTRAC FY 2016/17 industry contribution

AFMA submission on revisions to the industry charging model.

Regulation AUSTRAC
07-Jun-2016

Draft amendments to Chapter 22 of the AML/CTF Rules

AFMA comments on proposed amendments to the existing Chapter 22 exemption for certain participants in the energy derivatives markets.

Regulation AUSTRAC
03-Jun-2016

GST treatment of digital currency

AFMA submission to Treasury discussion paper on how digital currency should be treated for GST purposes.

Taxation Treasury
30-May-2016

Indicator Lending Rate

AFMA feedback on the ATO’s Technical Discussion Paper titled “Income tax: what is the Indicator Lending Rate applicable under subsection 247-20(5) of Division 247 of Part 3-10 of the Income Tax Assessment Act 1997 and subsection 247-80(4) of Division 247 in Part 3-10 of the Income Tax (Transitional Borrowings) Act 1997 in respect of capital protected borrowings (CPBs)?” and the accompanying Draft Taxation Determination

Taxation ATO
13-May-2016

Exchange traded options (ETO) trade cancellation

AFMA response to ASX consultation paper on the ETO trade cancellation regime

Regulation ASX
13-May-2016

Insolvency law and ‘ipso facto’ clauses

AFMA response to National Innovation and Science Agenda – Improving Bankruptcy and Insolvency Law Proposals Paper

Regulation Treasury
29-Apr-2016

ASX clearing participants liquidity risk management

AFMA response to ASX consultation paper on clearing participants liquidity risk management framework

Regulation ASX
22-Apr-2016

Chi-X TraCRs and QMFs

AFMA response to Chi-X consultation paper about the introduction of Transferable Custody Receipts and Quoted Managed Funds on the Chi-X market

Regulation Chi-X
30-Mar-2016

Multinational Anti Avoidance Law (MAAL)

Submission to the ATO outlining the potential application of the MAAL to AFMA members who operate through either a foreign bank branch or subsidiary in Australia, and a request for a risk assessment

Taxation ATO
29-Mar-2016

Enhanced Protection of Client Money

AFMA has made a submission on the Exposure Draft Corporation Amendment (Client Money) Bill 2016, Regulation and Explanatory Memorandum, in addition to the submission dated 10 February 2016 on broader client money issues

Regulation Treasury
21-Mar-2016

Joint AFMA/ISDA request for ASIC class order relief

AFMA and ISDA have jointly applied to ASIC for class order relief in relation to central clearing of swaps resulting from transactions in swaptions entered into prior to the clearing commencement date

Regulation ASIC
11-Mar-2016

Inquiry into the External Scrutiny of the Australian Taxation Office

In a submission to the House Standing Committee, AFMA has supported continuing robust governance and accountability arrangements for regulators and government agencies, including the ATO.

Regulation Standing Committee on Tax and Revenue
29-Feb-2016

Tax incentives for early stage investors

Tax incentives for early stage investors

Taxation Treasury
19-Feb-2016

Special review second draft report – Australia’s climate policy options

Special review second draft report – Australia’s climate policy options

Other Climate Change Authority
10-Feb-2016

Enhanced protection of client money policy paper - Annexure

Enhanced protection of client money policy paper - Annexure

Regulation Treasury
10-Feb-2016

Enhanced protection of client money policy paper - Cover Letter

Enhanced protection of client money policy paper - Cover Letter

Regulation Treasury
05-Feb-2016

Resilience and collateral protection amendments

Resilience and collateral protection amendments

Regulation Treasury
05-Feb-2016

2016-17 pre-budget submission

2016-17 pre-budget submission

Other Treasury
02-Feb-2016

Voluntary tax transparency code

Voluntary tax transparency code

Taxation Board of Taxation
15-Jan-2016

Inquiry into interest deductibility

Inquiry into interest deductibility

Taxation Senate Standing Committee on Economics
15-Jan-2016

Commissioner of Taxation remedial power

Commissioner of Taxation remedial power

Regulation Treasury
08-Jan-2016

Joint AFMA/ISDA application for continuation of relief under ASIC Instrument 2015/844

Joint AFMA/ISDA application for continuation of relief under ASIC Instrument 2015/844 in relation to the requirement to share and pair a universal transaction identifier from 1 Feb

Regulation ASIC
24-Dec-2015

Professional standards exposure draft

AFMA members remain generally supportive of the need to lift professional standards in financial advice, and welcome an approach that applies across the industry

Regulation Treasury
18-Dec-2015

Chapter 4 Privacy

We are pleased to provide this submission in relation to the AUSTRAC’s Draft Privacy Impact Assessment in relation to proposed amendments to Chapter 4 of the AML/CTF Rules

Regulation AUSTRAC
10-Dec-2015

Industry comments on margining for non-cleared derivatives

The Working Group believes there is a significant alignment of interests between industry and regulators in relation to WGMR

Regulation APRA
09-Oct-2015

Industry funding of ASIC

ASIC proposed an industry funding model in its submissions to the 2014 Financial System Inquiry

Other Treasury
01-Sep-2015

PEP guidance

AFMA is pleased to provide a submission to AUSTRAC in relation to the updated draft guidance note titled “Key terms used in ‘politically exposed person’ definition” (the draft guidance note). It is noted that AFMA lodged a submission on the previous draft of the guidance note on 13 February 2015 and the comments set out below should be read in light of that submission

Regulation AUSTRAC
19-Aug-2015

Third party reporting

AFMA welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Third Party Reporting regime

Taxation Treasury
07-Aug-2015

Foreign resident withholding regime

AFMA welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Foreign Resident CGT Withholding Regime

Taxation Treasury
07-Aug-2015

ASIC CP 231

The Australian Financial Markets Association (AFMA) welcomes the opportunity to comment on Mandatory central clearing of OTC interest rate derivative transactions Consultation Paper 231.

Regulation ASIC
17-Jul-2015

Implementing Foreign Investment Reforms

Australia’s foreign investment framework should remain focussed on promoting domestic capital formation and other benefits of foreign investment, while ensuring Australia’s ‘national interest’ is appropriately safe-guarded. These outcomes can be achieved without imposing an excessive regulatory and compliance burden on foreign investors and domestic residents which, when combined with the Treasurer’s discretion over foreign acquisitions, may have a deterrent effect on foreign investment that is contrary to the government’s stated policy intention to promote foreign investment. The modernisation of Australia’s foreign investment framework should reflect these considerations.

Regulation Treasury
08-Jul-2015

CDD

Submission to AUSTRAC regarding proposed changes to the Customer Due Diligence (CDD) Rules requiring collection and verification of certain customer data for low/medium risk customers.

Regulation AUSTRAC
17-Jun-2015

Multinational tax avoidance exposure draft

AFMA’s preferred approach for Australia to address issues pertaining to multinational tax avoidance is for Australia to continue its contribution to the OECD BEPS process.

Taxation Treasury
05-Jun-2015

ASIC Market Supervision Cost Recovery Implementation Statement (Draft)

Submission to the Cost Recovery Implementation Statement (CRIS) for ASIC market supervision cost recovery for the period 1 July 2016 to 30 June 2016. AFMA noted there is no proposed change to the cost recovery methodology or the scope of entities that are subject to the cost recovery arrangements compared to the previous period, and that the overall arrangements will not be reviewed for this financial year pending a decision by the Government on the recommendations by the Financial System Inquiry and the Senate Inquiry into the Performance of ASIC that an industry funding model for ASIC should be implemented. In light of this, AFMA supports a comprehensive review of the existing market supervision cost recovery arrangements before the end of this current financial year that takes account of the entities, other than equities market participants and market operators, who are beneficiaries of ASIC market supervision. The review should have as one of its core objectives a broadening of the cost recovery arrangements so that it more accurately reflects the areas in which ASIC expends its market supervision resources.

Regulation Treasury
03-Jun-2015

Tax discussion paper

AFMA’s submission to the Tax Discussion Paper “Re:Think – Better Tax System, Better Australia” (the Discussion Paper) sets out our view, as articulated to us by our members, of the priority issues to be considered as part of enduring tax reform

Taxation Treasurer
29-May-2015

Australia’s Foreign Investment Framework: Modernisation Options

AFMA welcome the government’s intent to update the foreign investment framework to improve the transparency of the framework and alleviate the administrative and compliance burden on foreign investors and the vendors of Australian assets arising from the operation of this framework. It is important that Australia’s foreign investment framework does not deter foreign investment that would otherwise be welcomed by the Australian government because of the operation of the administrative and other arrangements underpinning that framework and their associated compliance burdens. It is also important that Australia’s foreign investment framework is focussed on those investments that are most likely to give rise to ‘national interest’ or other policy concerns and that foreign investment welcomed by the Australian government is not subject to unnecessary or costly scrutiny.

Regulation Treasury
15-May-2015

Submission to Productivity Commission Inquiry into Barriers to Services Exports

The Commission’s inquiry into barriers to services exports is timely. The contribution of the services sector to the economy and to Australia’s exports is often under-appreciated and misunderstood. There are significant opportunities for Australia to increase exports of services, not least financial services to emerging economies in the Asia-Pacific region. The services share of regional economies is expected to grow in line with their economic development and rising per capita incomes.

However, the widespread acknowledgement of the magnitude of this opportunity, exemplified by the 2012 Australia in the Asian Century White Paper, and the bipartisan policy aspiration to promote Australia as a regional and international financial centre, has not been matched by the level of policy attention and policy resources devoted to this task.

Regulation Productivity Commission
07-May-2015

Professional Standards Framework

AFMA has made a submission to the Government’s consultation on proposals to lift professional, ethical and education standards in the financial services industry. The Government consulted on proposals that were set out in the report of the PJC inquiry conducted in the latter half of 2014. AFMA has encouraged the Government to adopt the kind of model for advisers dealing with retail customers envisaged by the PJC including a degree qualification, a professional year under supervision (akin to other professions such as accounting), a registration exam and ongoing professional development, including a strong focus on ethics and ethical behaviour.

Regulation Treasury
10-Apr-2015

Transparency

We welcome the opportunity to provide comments into the ATO’s Discussion Paper “Tax secrecy and transparency: administrative arrangements for reporting entity information” (the Discussion Paper) dated 13 March 2015

Taxation ATO
08-Apr-2015

OBU exposure draft (joint submission with ABA)

We welcome the opportunity to provide comments on the Exposure Draft and accompanying draft supplementary Explanatory Memorandum which sets out proposed reforms to the OBU regime

Taxation Treasury
13-Feb-2015

Instalment warrants

AFMA is pleased to provide comments in relation to the Exposure Draft (ED) and accompanying draft Explanatory Memorandum (EM) that provide look-through treatment for holders of instalment warrants and instalment receipts.

Taxation ATO
06-Feb-2015

Pre budget submission

Consistent with the approach adopted in AFMA’s 2014-15 Pre-Budget Submission, we acknowledge that the framing of the 2015-16 Budget will occur in the midst of consultation on the Final Report of the Financial System Inquiry and also the White Paper processes in respect of Taxation and Reform of the Federation. Accordingly, our Pre-Budget submission does not address issues within the terms of reference for these separate processes apart from those which, in AFMA’s view, need to be addressed as a matter of urgency.

Taxation Treasury
06-Feb-2015

Fair and Effective Markets Review

AFMA welcomes the opportunity to provide a submission to the review. The attachment to this letter provides detailed answers to many of the questions posed in the consultation document. In addition, we note that the global context of financial regulatory reform is relevant to the Review, especially given the international nature of many FICC markets.

Other FEMR Committee
17-Dec-2014

Regional Free Trade Agreements and their Implications for Australian Financial Services

Australia has concluded bilateral free trade agreements with Japan, Korea and China during the course of 2014. Most attention has focused on the implications for trade in goods and services, where Australia already has well-established trading relationships with these three countries. Together, the three North East Asian economies account for over half of Australia’s exports. The three regional FTAs open up significant opportunities for Australian exports of goods and services, as well as increased cross-border trade in saving and investment. The Australian economy also stands to benefit from lower prices for imports and easier access to foreign capital.

Other N/A
09-Oct-2014

CDEII Procedures Review

Submission emphasising the importance of the CDEII for over-the counter electricity derivatives contracts, most notably the AFMA Carbon Addendum. AFMA recommended the continued publication of this index for this reason among others.

Other AEMO
03-Oct-2014

NEM Financial Market Resilience - Second Interim Report

Submission questioning the risks of potential financial instability as a result of a large electricity retailer, as well as raising concerns about potential regulatory responses.

Other AEMC
15-Sep-2014

Senate Economics Committee inquiry into FOFA Streamlining Bill

Submission raising concerns about the requirements to have Statements of Advice acknowledged/signed by clients and returned to adviser.

Regulation Senate Standing Committee on Economics
10-Sep-2014

Trade Reporting CP ASIC 221

Response to ASIC consultation on technical issues relating implementation of derivatives trade reporting.

Regulation ASIC
05-Sep-2014

PJC inquiry into proposals to lift professional standards in the financial services industry

Submission supporting the development of a broad framework for education standards and ongoing professional development.

Regulation Parliamentary Joint Committee on Corporations and Financial Services
26-Aug-2014

Financial System Inquiry Interim Report

AFMA’s second submission to the FSI comments on issues raised in the Interim Report July 2014 that are significant in the context of the ongoing development of the Australian financial markets. Our comments relate to those areas that are core business for AFMA members or affect that core business, including regulatory settings, tax settings and future reform, the corporate bond market, product disclosure, financial advice, professional competency and standards, global regulation and Australia’s competitiveness.

Regulation FSI
18-Aug-2014

G20 Regulatory Coordination

Letter to the Treasurer about upcoming G20 meetings requesting his support for initiatives to achieve greater international coordination of financial market regulation.

Regulation Treasurer
12-Aug-2014

AUD IRD Central Clearing Mandate

AFMA made a submission to the government’s consultation concerning a clearing mandate for Australian dollar interest rate derivatives (IRD). A central clearing mandate will facilitate cross-border recognition and comparability assessments of Australian OTC derivatives markets. There is general support among dealers for clearing mandates that reflect industry practice.

Regulation Treasury
12-Aug-2014

Treaty Negotiation Program

Submission to Treasury on the Double Taxation Treaties that should be negotiated with priority, especially Hong Kong, together with those treaties that require amendment in order to remain global best practice, such as China and Germany.

Taxation Treasury
09-Aug-2014

Unfair Contract Terms

Comment on Unfair Contract Terms and Small Business Consultation Paper issued by Consumer Affairs Australia and New Zealand (CAANZ), arguing that there should be no extension of UCT provisions to contracts for financial products and services.

Regulation Treasury
28-Jul-2014

AUSTRAC Industry Contribution

Provides AFMA’s response to the AUSTRAC Discussion Paper on proposed funding arrangements, objecting to the lack of adherence to the Cost Recovery Guidelines and also the increased burden on larger reporting entities.

Regulation AUSTRAC
18-Jul-2014

Common Reporting Standard

Submission to Treasury on the Discussion Paper relating to the Common Reporting Standard. The submission largely agreed with the Treasury timeline for implementation of the standard and called for flexibility to allow alignment with home country reporting standards.

Taxation Treasury
01-Jul-2014

Electronic Due Diligence

Submission to AUSTRAC regarding proposed amendment to align the safe harbour procedures for customers to those for beneficial owners. Our submission was broadly supportive of the initiative and sought to quantify the benefits.

Regulation AUSTRAC
20-Jun-2014

Financial Sector Legislation Amendment (Netting Contracts) Bill 2013

Comments on the Netting Bill and support for its speedy introduction.

Regulation Treasury
16-Jun-2014

Derivatives trade reporting - Phase 3 delayed start

Comments on a proposal for a staggered and delayed start to Phase 3 of the OTC derivative transaction reporting obligations set out in the draft exemption.

ASIC
06-Jun-2014

Thin capitalisation exposure draft

Submission in relation to the Exposure Draft legislation to amend Australia's thin capitalisation rules, as announced in the 2013 Budget. The submission focussed on ensuring competitive neutrality between outbound and inbound taxpayers and encouraged the use of home country prudential regulation.

Taxation Treasury
03-Jun-2014

FOFA streamlining regulations

Submission (subject to a confidentiality agreement) about the stamping fees exemption.

Regulation Treasury
23-May-2014

GST and brokerage

A submission to the ATO with respect to draft rulings regarding the application of GST to brokerage over foreign listed securities. AFMA highlighted the practical issues for members should the ATO adopt their view, resulting in the ATO withdrawing the ruling and engaging in further consultation.

Taxation ATO
23-May-2014

ASX ETO auto exercise and errors

Response to ASX consultation paper. ASX current policy does not allow for auto exercise of ITM options at expiry as default position.
ASX sought views on whether cash-settled and deliverable ETO’s should have auto exercise as default; whether manual override of auto exercise should be allowed; whether ASX should facilitate correction of exercise errors; whether should be a cut-off time to address errors; and whether ASX should identify counterparties to exercise errors.
There was not a unanimous view on auto exercise as default, but AFMA supported on balance. AFMA also supported manual override, ASX facilitation of error unwind (process to be specified), a hard cut-off time, and non-disclosure of counterpart identity to an exercise error.

Other ASX
16-May-2014

Review of the Renewable Energy Target

A submission in response to the RET review, suggesting that any changes that are made to the RET scheme should be given sufficient implementation time to prevent any unintended consequences for participants.

Regulation Expert Panel, Review of the RET
09-May-2014

FATCA Exposure Draft

Submission to Treasury in respect of an Exposure Draft of legislation to implement Australia’s obligations under the US Financial Account Tax Compliance Act (FATCA).

Taxation Treasury
22-Apr-2014

Treasury G4 Derivatives Proposals

G4 Derivatives mandate proposals paper response. Treasury proposed that a determination be made in the second quarter of 2014 that will allow ASIC to make rules requiring the central clearing of US Dollar‐, Euro‐, British Pound‐ and Yen‐denominated interest rate derivatives (G4‐IRD). The clearing mandate is supported for G4-IRD and AUD IRD. The submission also argued for a reduction in the scope of entities covered by the trade reporting mandate.

Regulation Treasury
15-Apr-2014

Dividend Washing ED

Submission regarding the Exposure Draft and accompanying draft Explanatory Memorandum to address dividend washing transactions.
AFMA’s submission was supportive of the general policy approach but noted certain discrepancies between the technical drafting and our understanding of the policy intent.

Taxation Treasury
10-Apr-2014

AML-CTF Act review cover letter, Part A and Part B

Government’s review of the Anti-Money Laundering/Counter Terrorism Financing Act 2006.
The submission seeks amendments, particularly in areas where the current law is not conducive to or does not recognise the cross-border nature of the business of AFMA’s members. Also continue to support introduction of the so-called “Tranche 2” to other sectors such as lawyers, accountants and real estate agents.

Regulation Attorney-General's Department
08-Apr-2014

TPB Financial Advice Service

Submission to the Tax Practitioners Board regarding the definition of a “tax (financial) advice service.”
This definition is important as it triggers a registration requirement with the TPB under the Tax Agent Services Act from 1 July 2014. AFMA continues to argue that this matter should be an issue for Government and not delegated to the TPB; however the TPB needs to confirm that services such as general advice, advising on securities, custodial services and trustee services are not within scope.

Taxation Tax Practitioners Board
04-Apr-2014

AUSTRAC CDD Draft Policy Principles

Supplementary submission to AUSTRAC regarding the revised approach to the implementation of the additional Customer Due Diligence requirements, including the escalation of the Draft Supervisory Approach to ministerially-backed Policy Principles.

Regulation AUSTRAC
04-Apr-2014

T+2 Settlement

Submission in support of moving to T+2 settlement for Cash Equities in 2015.
AFMA garnered and provided market input and feedback to build requirements and expectations for successful delivery of the shortened settlement timeframe.

Other ASX
31-Mar-2014

Financial System Inquiry

AFMA's submission to Treasury looks to the future by identifying steps to enhance the policy and regulation process in a more complex and globalised financial world, with the objective of promoting further development of the financial system in line with the needs of the economy.

Regulation FSI
21-Mar-2014

Draft Phase 2 Reporting Relief

Comments on draft relief instrument.

Other ASIC
19-Mar-2014

AUSTRAC CDD Draft Supervisory Approach

AFMA highlighted considerable issues for industry arising from such a truncated commencement timeframe (start date 1 June 2014) and noted that these concerns would not be ameliorated solely by a draft Supervisory Approach. Further the submission noted concerns with respect to the draft Supervisory Approach.

Regulation AUSTRAC
11-Mar-2014

Third Party Reporting

Submission with respect to a Government proposal to require market participants to report to the ATO details of all acquisitions and disposals of listed securities for data-matching and pre-fill purposes.
Submission argued against the proposal on the basis that it would increase the costs of compliance and also was contrary to the Government’s deregulation agenda. Further, the proposal was unable to meet its stated objectives.

Taxation Treasury
07-Mar-2014

AFMA Phase 2 Relief TR Application

Transitional relief application concerning OTC derivatives trade reporting my on behalf of Phase 2 Reporting entities.

Other ASIC
21-Feb-2014

Emissions Reduction Fund Green Paper

The Department of the Environment called for submissions to respond to their Green Paper on the Emissions Reduction Fund, the centrepiece of the Australian’s Government Direct Action Plan to offset Australia’s emissions growth. AFMA pointed out two areas in which there is potential for secondary markets in abatement credits to assist in reducing emissions – make good provisions for non-delivery of emissions reductions, and obligations in regard to where companies exceed their business-as-usual emissions baselines.

Regulation Department of the Environment
19-Feb-2014

FOFA draft streamlining regulations and legislation

Comments on draft amendments to FOFA regulations and legislation including stamping fees exemption, conflicted remuneration and fee disclosure.

Regulation Treasury
14-Feb-2014

Draft Taxation Determination

Taxation ATO
07-Feb-2014

Substantial Holding Disclosure

Comments on draft proposals for changes to notices forms.

Regulation ASIC
31-Jan-2014

2014-15 Pre-Budget Submission

Taxation Treasury
31-Jan-2014

Fundamental Review of Trading Book

Comments on BIS proposals regarding capital treatment in the trading book.

Other Bank for International Settlements
20-Jan-2014

ASIC real time short sale tagging

Submission requesting repeal of ASIC MIR real time short sale tagging obligation.

Other ASIC
17-Jan-2014

AUSTRAC customer due diligence rules

Regulation AUSTRAC
15-Jan-2014

ATO Administrative Binding Advice and PSLA 2008/3

Taxation ATO
Date Title & Summary Topic Area Sent to
31-Jan-2014

2014-15 Pre-Budget Submission

Taxation Treasury
05-Feb-2016

2016-17 pre-budget submission

2016-17 pre-budget submission

Other Treasury
06-Jul-2016

Admission requirements for listed entities

AFMA submission supporting proposed changes to the ASX listings standards which are critical to the integrity of equity exchange markets and the trust and confidence investors have in them. A key area of responsibility for exchanges is determining what instruments to admit to trading and the basis on which to admit them. The International Organization of Securities Commissions (IOSCO) Objectives and principles of securities regulation states that admission standards for issuers and participants are to be robust and administered in a fair and transparent way. ASX under the market operator provisions of the Corporation Act has a statutory obligation to robustly administer the qualification process for listing, and ensure listed entities meet their ongoing obligations to investors under the listing rules.

Regulation ASX
07-Mar-2014

AFMA Phase 2 Relief TR Application

Transitional relief application concerning OTC derivatives trade reporting my on behalf of Phase 2 Reporting entities.

Other ASIC
11-Nov-2016

AML/CTF Act review

Submission in relation to the draft project plan for implementation of the recommendations of the statutory review of the AML/CTF regime

Regulation Attorney General's Department
10-Apr-2014

AML-CTF Act review cover letter, Part A and Part B

Government’s review of the Anti-Money Laundering/Counter Terrorism Financing Act 2006.
The submission seeks amendments, particularly in areas where the current law is not conducive to or does not recognise the cross-border nature of the business of AFMA’s members. Also continue to support introduction of the so-called “Tranche 2” to other sectors such as lawyers, accountants and real estate agents.

Regulation Attorney-General's Department
05-Dec-2016

ASIC Consultation Paper 268 – Licensing relief for foreign financial service providers with a limited connection to Australia

Submission arguing that CO 03/824 relief should not be repealed as it continues to serve an important regulatory purpose, and the Corporations Regulations are not a complete substitute for the relief provided by the class order. The scope and purpose of the class order should be clarified as needed to achieve ASIC’s regulatory aims.

Regulation ASIC
07-Aug-2015

ASIC CP 231

The Australian Financial Markets Association (AFMA) welcomes the opportunity to comment on Mandatory central clearing of OTC interest rate derivative transactions Consultation Paper 231.

Regulation ASIC
05-Jun-2015

ASIC Market Supervision Cost Recovery Implementation Statement (Draft)

Submission to the Cost Recovery Implementation Statement (CRIS) for ASIC market supervision cost recovery for the period 1 July 2016 to 30 June 2016. AFMA noted there is no proposed change to the cost recovery methodology or the scope of entities that are subject to the cost recovery arrangements compared to the previous period, and that the overall arrangements will not be reviewed for this financial year pending a decision by the Government on the recommendations by the Financial System Inquiry and the Senate Inquiry into the Performance of ASIC that an industry funding model for ASIC should be implemented. In light of this, AFMA supports a comprehensive review of the existing market supervision cost recovery arrangements before the end of this current financial year that takes account of the entities, other than equities market participants and market operators, who are beneficiaries of ASIC market supervision. The review should have as one of its core objectives a broadening of the cost recovery arrangements so that it more accurately reflects the areas in which ASIC expends its market supervision resources.

Regulation Treasury
20-Jan-2014

ASIC real time short sale tagging

Submission requesting repeal of ASIC MIR real time short sale tagging obligation.

Other ASIC
15-Aug-2016

ASX clearing participant minimum core capital requirements

Submission in support of additional capital requirements for own-account business, non-ASX business and client short ETO activity.

Regulation ASX
29-Apr-2016

ASX clearing participants liquidity risk management

AFMA response to ASX consultation paper on clearing participants liquidity risk management framework

Regulation ASX
23-May-2014

ASX ETO auto exercise and errors

Response to ASX consultation paper. ASX current policy does not allow for auto exercise of ITM options at expiry as default position.
ASX sought views on whether cash-settled and deliverable ETO’s should have auto exercise as default; whether manual override of auto exercise should be allowed; whether ASX should facilitate correction of exercise errors; whether should be a cut-off time to address errors; and whether ASX should identify counterparties to exercise errors.
There was not a unanimous view on auto exercise as default, but AFMA supported on balance. AFMA also supported manual override, ASX facilitation of error unwind (process to be specified), a hard cut-off time, and non-disclosure of counterpart identity to an exercise error.

Other ASX
29-Sep-2016

ASX interest rate derivatives clearing

AFMA submission to ASX consultation paper on interest rate derivatives clearing

Regulation ASX
15-Jan-2014

ATO Administrative Binding Advice and PSLA 2008/3

Taxation ATO
12-Aug-2014

AUD IRD Central Clearing Mandate

AFMA made a submission to the government’s consultation concerning a clearing mandate for Australian dollar interest rate derivatives (IRD). A central clearing mandate will facilitate cross-border recognition and comparability assessments of Australian OTC derivatives markets. There is general support among dealers for clearing mandates that reflect industry practice.

Regulation Treasury
04-Apr-2014

AUSTRAC CDD Draft Policy Principles

Supplementary submission to AUSTRAC regarding the revised approach to the implementation of the additional Customer Due Diligence requirements, including the escalation of the Draft Supervisory Approach to ministerially-backed Policy Principles.

Regulation AUSTRAC
19-Mar-2014

AUSTRAC CDD Draft Supervisory Approach

AFMA highlighted considerable issues for industry arising from such a truncated commencement timeframe (start date 1 June 2014) and noted that these concerns would not be ameliorated solely by a draft Supervisory Approach. Further the submission noted concerns with respect to the draft Supervisory Approach.

Regulation AUSTRAC
17-Jan-2014

AUSTRAC customer due diligence rules

Regulation AUSTRAC
10-Jun-2016

AUSTRAC FY 2016/17 industry contribution

AFMA submission on revisions to the industry charging model.

Regulation AUSTRAC
28-Jul-2014

AUSTRAC Industry Contribution

Provides AFMA’s response to the AUSTRAC Discussion Paper on proposed funding arrangements, objecting to the lack of adherence to the Cost Recovery Guidelines and also the increased burden on larger reporting entities.

Regulation AUSTRAC
29-May-2015

Australia’s Foreign Investment Framework: Modernisation Options

AFMA welcome the government’s intent to update the foreign investment framework to improve the transparency of the framework and alleviate the administrative and compliance burden on foreign investors and the vendors of Australian assets arising from the operation of this framework. It is important that Australia’s foreign investment framework does not deter foreign investment that would otherwise be welcomed by the Australian government because of the operation of the administrative and other arrangements underpinning that framework and their associated compliance burdens. It is also important that Australia’s foreign investment framework is focussed on those investments that are most likely to give rise to ‘national interest’ or other policy concerns and that foreign investment welcomed by the Australian government is not subject to unnecessary or costly scrutiny.

Regulation Treasury
28-Oct-2016

Banks international exposures reporting

Submission to the APRA discussion paper noting the system upgrades and cost, the difficulty of meeting the implementation date, and the need to co-ordinate with other changes requiring additional reporting.

Regulation APRA
08-Jul-2015

CDD

Submission to AUSTRAC regarding proposed changes to the Customer Due Diligence (CDD) Rules requiring collection and verification of certain customer data for low/medium risk customers.

Regulation AUSTRAC
09-Oct-2014

CDEII Procedures Review

Submission emphasising the importance of the CDEII for over-the counter electricity derivatives contracts, most notably the AFMA Carbon Addendum. AFMA recommended the continued publication of this index for this reason among others.

Other AEMO
18-Dec-2015

Chapter 4 Privacy

We are pleased to provide this submission in relation to the AUSTRAC’s Draft Privacy Impact Assessment in relation to proposed amendments to Chapter 4 of the AML/CTF Rules

Regulation AUSTRAC
22-Apr-2016

Chi-X TraCRs and QMFs

AFMA response to Chi-X consultation paper about the introduction of Transferable Custody Receipts and Quoted Managed Funds on the Chi-X market

Regulation Chi-X
30-Jun-2016

Client money provisions and margining requirements for wholesale OTC derivatives

Industry submission seeking adjustments to the client money provisions in the Corporations Act so that the margining framework for non-cleared derivatives developed by BCBS-IOSCO functions properly for Australian market participants.

Regulation Treasury
15-Jan-2016

Commissioner of Taxation remedial power

Commissioner of Taxation remedial power

Regulation Treasury
18-Jul-2014

Common Reporting Standard

Submission to Treasury on the Discussion Paper relating to the Common Reporting Standard. The submission largely agreed with the Treasury timeline for implementation of the standard and called for flexibility to allow alignment with home country reporting standards.

Taxation Treasury
02-Dec-2016

CPS 226 Margin requirements for non-centrally cleared derivatives

Submission on a number of definitional and technical issues in CPS 226.

Regulation APRA
16-Jun-2014

Derivatives trade reporting - Phase 3 delayed start

Comments on a proposal for a staggered and delayed start to Phase 3 of the OTC derivative transaction reporting obligations set out in the draft exemption.

ASIC
23-Aug-2016

Derivatives Transaction Rules (Reporting) 2013

Submission seeking extension of existing relief under the DTRs for FX securities conversion transactions and for entity information and name information.

Regulation ASIC
24-Jun-2016

Diverted profits tax

AFMA submission to Treasury discussion paper about implementing a diverted profits tax.

Taxation Treasury
15-Apr-2014

Dividend Washing ED

Submission regarding the Exposure Draft and accompanying draft Explanatory Memorandum to address dividend washing transactions.
AFMA’s submission was supportive of the general policy approach but noted certain discrepancies between the technical drafting and our understanding of the policy intent.

Taxation Treasury
07-Jun-2016

Draft amendments to Chapter 22 of the AML/CTF Rules

AFMA comments on proposed amendments to the existing Chapter 22 exemption for certain participants in the energy derivatives markets.

Regulation AUSTRAC
07-Jul-2016

Draft costings: electronic safe harbour procedures

Further AFMA submission on proposed amendments to Chapter 4 of the AML/CTF Rules to align the electronic safe harbour procedures for customers with those for beneficial owners. AFMA remains supportive of the proposed amendments to the Rules and believes that over the medium to long term they will result in deregulation savings. However, given uncertainty about the quantification of the projected annual savings, we do not support any purported deregulation savings as being used as an offset for additional regulatory burden being imposed on AFMA members in the future

Regulation AUSTRAC
21-Mar-2014

Draft Phase 2 Reporting Relief

Comments on draft relief instrument.

Other ASIC
28-Oct-2016

Draft Prudential Standard 210 and Prudential Practice Guide APG 210 – Liquidity

Submission in relation to the treatment of open reverse repo transactions in the Net Stable Funding Ratio, offshore back offices, and the liquid asset requirements for foreign ADIs.

Regulation APRA
14-Feb-2014

Draft Taxation Determination

Taxation ATO
01-Jul-2014

Electronic Due Diligence

Submission to AUSTRAC regarding proposed amendment to align the safe harbour procedures for customers to those for beneficial owners. Our submission was broadly supportive of the initiative and sought to quantify the benefits.

Regulation AUSTRAC
21-Feb-2014

Emissions Reduction Fund Green Paper

The Department of the Environment called for submissions to respond to their Green Paper on the Emissions Reduction Fund, the centrepiece of the Australian’s Government Direct Action Plan to offset Australia’s emissions growth. AFMA pointed out two areas in which there is potential for secondary markets in abatement credits to assist in reducing emissions – make good provisions for non-delivery of emissions reductions, and obligations in regard to where companies exceed their business-as-usual emissions baselines.

Regulation Department of the Environment
29-Mar-2016

Enhanced Protection of Client Money

AFMA has made a submission on the Exposure Draft Corporation Amendment (Client Money) Bill 2016, Regulation and Explanatory Memorandum, in addition to the submission dated 10 February 2016 on broader client money issues

Regulation Treasury
10-Feb-2016

Enhanced protection of client money policy paper - Annexure

Enhanced protection of client money policy paper - Annexure

Regulation Treasury
10-Feb-2016

Enhanced protection of client money policy paper - Cover Letter

Enhanced protection of client money policy paper - Cover Letter

Regulation Treasury
13-May-2016

Exchange traded options (ETO) trade cancellation

AFMA response to ASX consultation paper on the ETO trade cancellation regime

Regulation ASX
06-Feb-2015

Fair and Effective Markets Review

AFMA welcomes the opportunity to provide a submission to the review. The attachment to this letter provides detailed answers to many of the questions posed in the consultation document. In addition, we note that the global context of financial regulatory reform is relevant to the Review, especially given the international nature of many FICC markets.

Other FEMR Committee
09-May-2014

FATCA Exposure Draft

Submission to Treasury in respect of an Exposure Draft of legislation to implement Australia’s obligations under the US Financial Account Tax Compliance Act (FATCA).

Taxation Treasury
15-Sep-2016

FICC Markets Standards Board draft transparency standards

AFMA submission on draft transparency standards for reference price transactions and binary options in commodities markets.

Regulation UK FICC Markets Standards Board
20-Jun-2014

Financial Sector Legislation Amendment (Netting Contracts) Bill 2013

Comments on the Netting Bill and support for its speedy introduction.

Regulation Treasury
31-Mar-2014

Financial System Inquiry

AFMA's submission to Treasury looks to the future by identifying steps to enhance the policy and regulation process in a more complex and globalised financial world, with the objective of promoting further development of the financial system in line with the needs of the economy.

Regulation FSI
26-Aug-2014

Financial System Inquiry Interim Report

AFMA’s second submission to the FSI comments on issues raised in the Interim Report July 2014 that are significant in the context of the ongoing development of the Australian financial markets. Our comments relate to those areas that are core business for AFMA members or affect that core business, including regulatory settings, tax settings and future reform, the corporate bond market, product disclosure, financial advice, professional competency and standards, global regulation and Australia’s competitiveness.

Regulation FSI
19-Feb-2014

FOFA draft streamlining regulations and legislation

Comments on draft amendments to FOFA regulations and legislation including stamping fees exemption, conflicted remuneration and fee disclosure.

Regulation Treasury
03-Jun-2014

FOFA streamlining regulations

Submission (subject to a confidentiality agreement) about the stamping fees exemption.

Regulation Treasury
07-Aug-2015

Foreign resident withholding regime

AFMA welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Foreign Resident CGT Withholding Regime

Taxation Treasury
30-Sep-2016

Framework for concerted practices guidelines

AFMA submission on areas that would benefit from additional ACCC guidance.

Regulation ACCC
31-Jan-2014

Fundamental Review of Trading Book

Comments on BIS proposals regarding capital treatment in the trading book.

Other Bank for International Settlements
18-Aug-2014

G20 Regulatory Coordination

Letter to the Treasurer about upcoming G20 meetings requesting his support for initiatives to achieve greater international coordination of financial market regulation.

Regulation Treasurer
23-May-2014

GST and brokerage

A submission to the ATO with respect to draft rulings regarding the application of GST to brokerage over foreign listed securities. AFMA highlighted the practical issues for members should the ATO adopt their view, resulting in the ATO withdrawing the ruling and engaging in further consultation.

Taxation ATO
03-Jun-2016

GST treatment of digital currency

AFMA submission to Treasury discussion paper on how digital currency should be treated for GST purposes.

Taxation Treasury
17-Jul-2015

Implementing Foreign Investment Reforms

Australia’s foreign investment framework should remain focussed on promoting domestic capital formation and other benefits of foreign investment, while ensuring Australia’s ‘national interest’ is appropriately safe-guarded. These outcomes can be achieved without imposing an excessive regulatory and compliance burden on foreign investors and domestic residents which, when combined with the Treasurer’s discretion over foreign acquisitions, may have a deterrent effect on foreign investment that is contrary to the government’s stated policy intention to promote foreign investment. The modernisation of Australia’s foreign investment framework should reflect these considerations.

Regulation Treasury
30-May-2016

Indicator Lending Rate

AFMA feedback on the ATO’s Technical Discussion Paper titled “Income tax: what is the Indicator Lending Rate applicable under subsection 247-20(5) of Division 247 of Part 3-10 of the Income Tax Assessment Act 1997 and subsection 247-80(4) of Division 247 in Part 3-10 of the Income Tax (Transitional Borrowings) Act 1997 in respect of capital protected borrowings (CPBs)?” and the accompanying Draft Taxation Determination

Taxation ATO
10-Dec-2015

Industry comments on margining for non-cleared derivatives

The Working Group believes there is a significant alignment of interests between industry and regulators in relation to WGMR

Regulation APRA
09-Oct-2015

Industry funding of ASIC

ASIC proposed an industry funding model in its submissions to the 2014 Financial System Inquiry

Other Treasury
15-Jan-2016

Inquiry into interest deductibility

Inquiry into interest deductibility

Taxation Senate Standing Committee on Economics
11-Mar-2016

Inquiry into the External Scrutiny of the Australian Taxation Office

In a submission to the House Standing Committee, AFMA has supported continuing robust governance and accountability arrangements for regulators and government agencies, including the ATO.

Regulation Standing Committee on Tax and Revenue
13-May-2016

Insolvency law and ‘ipso facto’ clauses

AFMA response to National Innovation and Science Agenda – Improving Bankruptcy and Insolvency Law Proposals Paper

Regulation Treasury
13-Feb-2015

Instalment warrants

AFMA is pleased to provide comments in relation to the Exposure Draft (ED) and accompanying draft Explanatory Memorandum (EM) that provide look-through treatment for holders of instalment warrants and instalment receipts.

Taxation ATO
08-Jan-2016

Joint AFMA/ISDA application for continuation of relief under ASIC Instrument 2015/844

Joint AFMA/ISDA application for continuation of relief under ASIC Instrument 2015/844 in relation to the requirement to share and pair a universal transaction identifier from 1 Feb

Regulation ASIC
21-Mar-2016

Joint AFMA/ISDA request for ASIC class order relief

AFMA and ISDA have jointly applied to ASIC for class order relief in relation to central clearing of swaps resulting from transactions in swaptions entered into prior to the clearing commencement date

Regulation ASIC
30-Mar-2016

Multinational Anti Avoidance Law (MAAL)

Submission to the ATO outlining the potential application of the MAAL to AFMA members who operate through either a foreign bank branch or subsidiary in Australia, and a request for a risk assessment

Taxation ATO
17-Jun-2015

Multinational tax avoidance exposure draft

AFMA’s preferred approach for Australia to address issues pertaining to multinational tax avoidance is for Australia to continue its contribution to the OECD BEPS process.

Taxation Treasury
31-Oct-2016

National Guarantee Fund reform proposal

Submission on options for reform of the NGF including the heads of claim.

Other SEGC
03-Oct-2014

NEM Financial Market Resilience - Second Interim Report

Submission questioning the risks of potential financial instability as a result of a large electricity retailer, as well as raising concerns about potential regulatory responses.

Other AEMC
08-Apr-2015

OBU exposure draft (joint submission with ABA)

We welcome the opportunity to provide comments on the Exposure Draft and accompanying draft supplementary Explanatory Memorandum which sets out proposed reforms to the OBU regime

Taxation Treasury
01-Sep-2015

PEP guidance

AFMA is pleased to provide a submission to AUSTRAC in relation to the updated draft guidance note titled “Key terms used in ‘politically exposed person’ definition” (the draft guidance note). It is noted that AFMA lodged a submission on the previous draft of the guidance note on 13 February 2015 and the comments set out below should be read in light of that submission

Regulation AUSTRAC
05-Sep-2014

PJC inquiry into proposals to lift professional standards in the financial services industry

Submission supporting the development of a broad framework for education standards and ongoing professional development.

Regulation Parliamentary Joint Committee on Corporations and Financial Services
06-Feb-2015

Pre budget submission

Consistent with the approach adopted in AFMA’s 2014-15 Pre-Budget Submission, we acknowledge that the framing of the 2015-16 Budget will occur in the midst of consultation on the Final Report of the Financial System Inquiry and also the White Paper processes in respect of Taxation and Reform of the Federation. Accordingly, our Pre-Budget submission does not address issues within the terms of reference for these separate processes apart from those which, in AFMA’s view, need to be addressed as a matter of urgency.

Taxation Treasury
09-Dec-2016

Privacy implications re collection of KYC information from sources other than the customer

Comments on the draft Privacy Guidance for collecting KYC information, in particular that the guidance will impose significant restrictions on the ability of reporting entities to use the optional procedure to collect information.

Regulation AUSTRAC
24-Dec-2015

Professional standards exposure draft

AFMA members remain generally supportive of the need to lift professional standards in financial advice, and welcome an approach that applies across the industry

Regulation Treasury
07-May-2015

Professional Standards Framework

AFMA has made a submission to the Government’s consultation on proposals to lift professional, ethical and education standards in the financial services industry. The Government consulted on proposals that were set out in the report of the PJC inquiry conducted in the latter half of 2014. AFMA has encouraged the Government to adopt the kind of model for advisers dealing with retail customers envisaged by the PJC including a degree qualification, a professional year under supervision (akin to other professions such as accounting), a registration exam and ongoing professional development, including a strong focus on ethics and ethical behaviour.

Regulation Treasury
10-Oct-2016

RBA RITS Regulation rewrite

Submission in relation to the requirement to notify about change of jurisdiction of incorporation, RBA failure to notify certain matters, and definitional issues.

Regulation RBA
17-Dec-2014

Regional Free Trade Agreements and their Implications for Australian Financial Services

Australia has concluded bilateral free trade agreements with Japan, Korea and China during the course of 2014. Most attention has focused on the implications for trade in goods and services, where Australia already has well-established trading relationships with these three countries. Together, the three North East Asian economies account for over half of Australia’s exports. The three regional FTAs open up significant opportunities for Australian exports of goods and services, as well as increased cross-border trade in saving and investment. The Australian economy also stands to benefit from lower prices for imports and easier access to foreign capital.

Other N/A
09-Dec-2016

Regulator Performance Framework

Response to ASIC request for feedback.

Regulation ASIC
11-Nov-2016

Replacement of CHESS for equity post-trade services

Submission to the ASX consultation paper on business requirements for the replacement of CHESS

Other ASX
05-Feb-2016

Resilience and collateral protection amendments

Resilience and collateral protection amendments

Regulation Treasury
10-Oct-2016

Review of the financial system external dispute resolution framework

AFMA submission seeking alignment of the EDR framework with the Corporations Act provisions re the treatment of wholesale clients.

Regulation Treasury
16-May-2014

Review of the Renewable Energy Target

A submission in response to the RET review, suggesting that any changes that are made to the RET scheme should be given sufficient implementation time to prevent any unintended consequences for participants.

Regulation Expert Panel, Review of the RET
15-Sep-2014

Senate Economics Committee inquiry into FOFA Streamlining Bill

Submission raising concerns about the requirements to have Statements of Advice acknowledged/signed by clients and returned to adviser.

Regulation Senate Standing Committee on Economics
30-Sep-2016

Significant Global Entities Lodging General Purpose Financial Statements ATO Discussion Paper

Submission focusing on the issues arising for AFMA members that are headquartered outside of Australia, particularly those that operate in Australia through a permanent establishment as opposed to a separately Australian incorporated entity.

Taxation ATO
19-Feb-2016

Special review second draft report – Australia’s climate policy options

Special review second draft report – Australia’s climate policy options

Other Climate Change Authority
15-May-2015

Submission to Productivity Commission Inquiry into Barriers to Services Exports

The Commission’s inquiry into barriers to services exports is timely. The contribution of the services sector to the economy and to Australia’s exports is often under-appreciated and misunderstood. There are significant opportunities for Australia to increase exports of services, not least financial services to emerging economies in the Asia-Pacific region. The services share of regional economies is expected to grow in line with their economic development and rising per capita incomes.

However, the widespread acknowledgement of the magnitude of this opportunity, exemplified by the 2012 Australia in the Asian Century White Paper, and the bipartisan policy aspiration to promote Australia as a regional and international financial centre, has not been matched by the level of policy attention and policy resources devoted to this task.

Regulation Productivity Commission
29-Jul-2016

Submission to Productivity Commission Inquiry into Data Availability and Use

This submission discusses the efficiency of public and private data provision and its use with particular reference to the role of financial markets in the Australian economy. It notes that the data currently collected on financial markets by regulators can be used more effectively. The submission also suggests some low cost ways in which government legislation and spending could be made more transparent, facilitating improved public policy.

Regulation Productivity Commission
07-Feb-2014

Substantial Holding Disclosure

Comments on draft proposals for changes to notices forms.

Regulation ASIC
04-Apr-2014

T+2 Settlement

Submission in support of moving to T+2 settlement for Cash Equities in 2015.
AFMA garnered and provided market input and feedback to build requirements and expectations for successful delivery of the shortened settlement timeframe.

Other ASX
03-Jun-2015

Tax discussion paper

AFMA’s submission to the Tax Discussion Paper “Re:Think – Better Tax System, Better Australia” (the Discussion Paper) sets out our view, as articulated to us by our members, of the priority issues to be considered as part of enduring tax reform

Taxation Treasurer
29-Feb-2016

Tax incentives for early stage investors

Tax incentives for early stage investors

Taxation Treasury
06-Jun-2014

Thin capitalisation exposure draft

Submission in relation to the Exposure Draft legislation to amend Australia's thin capitalisation rules, as announced in the 2013 Budget. The submission focussed on ensuring competitive neutrality between outbound and inbound taxpayers and encouraged the use of home country prudential regulation.

Taxation Treasury
11-Mar-2014

Third Party Reporting

Submission with respect to a Government proposal to require market participants to report to the ATO details of all acquisitions and disposals of listed securities for data-matching and pre-fill purposes.
Submission argued against the proposal on the basis that it would increase the costs of compliance and also was contrary to the Government’s deregulation agenda. Further, the proposal was unable to meet its stated objectives.

Taxation Treasury
19-Aug-2015

Third party reporting

AFMA welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Third Party Reporting regime

Taxation Treasury
08-Apr-2014

TPB Financial Advice Service

Submission to the Tax Practitioners Board regarding the definition of a “tax (financial) advice service.”
This definition is important as it triggers a registration requirement with the TPB under the Tax Agent Services Act from 1 July 2014. AFMA continues to argue that this matter should be an issue for Government and not delegated to the TPB; however the TPB needs to confirm that services such as general advice, advising on securities, custodial services and trustee services are not within scope.

Taxation Tax Practitioners Board
10-Sep-2014

Trade Reporting CP ASIC 221

Response to ASIC consultation on technical issues relating implementation of derivatives trade reporting.

Regulation ASIC
10-Apr-2015

Transparency

We welcome the opportunity to provide comments into the ATO’s Discussion Paper “Tax secrecy and transparency: administrative arrangements for reporting entity information” (the Discussion Paper) dated 13 March 2015

Taxation ATO
22-Apr-2014

Treasury G4 Derivatives Proposals

G4 Derivatives mandate proposals paper response. Treasury proposed that a determination be made in the second quarter of 2014 that will allow ASIC to make rules requiring the central clearing of US Dollar‐, Euro‐, British Pound‐ and Yen‐denominated interest rate derivatives (G4‐IRD). The clearing mandate is supported for G4-IRD and AUD IRD. The submission also argued for a reduction in the scope of entities covered by the trade reporting mandate.

Regulation Treasury
23-Sep-2016

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Submission supporting the proposed phased-in reduction of Australia’s corporate tax rate to 25% for all corporates over a ten-year horizon.

Taxation Senate Standing Committee on Economics
12-Aug-2014

Treaty Negotiation Program

Submission to Treasury on the Double Taxation Treaties that should be negotiated with priority, especially Hong Kong, together with those treaties that require amendment in order to remain global best practice, such as China and Germany.

Taxation Treasury
09-Aug-2014

Unfair Contract Terms

Comment on Unfair Contract Terms and Small Business Consultation Paper issued by Consumer Affairs Australia and New Zealand (CAANZ), arguing that there should be no extension of UCT provisions to contracts for financial products and services.

Regulation Treasury
02-Feb-2016

Voluntary tax transparency code

Voluntary tax transparency code

Taxation Board of Taxation
Date Title & Summary Topic Area Sent to
31-Jan-2014

2014-15 Pre-Budget Submission

Taxation Treasury
05-Feb-2016

2016-17 pre-budget submission

2016-17 pre-budget submission

Other Treasury
06-Jul-2016

Admission requirements for listed entities

AFMA submission supporting proposed changes to the ASX listings standards which are critical to the integrity of equity exchange markets and the trust and confidence investors have in them. A key area of responsibility for exchanges is determining what instruments to admit to trading and the basis on which to admit them. The International Organization of Securities Commissions (IOSCO) Objectives and principles of securities regulation states that admission standards for issuers and participants are to be robust and administered in a fair and transparent way. ASX under the market operator provisions of the Corporation Act has a statutory obligation to robustly administer the qualification process for listing, and ensure listed entities meet their ongoing obligations to investors under the listing rules.

Regulation ASX
07-Mar-2014

AFMA Phase 2 Relief TR Application

Transitional relief application concerning OTC derivatives trade reporting my on behalf of Phase 2 Reporting entities.

Other ASIC
11-Nov-2016

AML/CTF Act review

Submission in relation to the draft project plan for implementation of the recommendations of the statutory review of the AML/CTF regime

Regulation Attorney General's Department
10-Apr-2014

AML-CTF Act review cover letter, Part A and Part B

Government’s review of the Anti-Money Laundering/Counter Terrorism Financing Act 2006.
The submission seeks amendments, particularly in areas where the current law is not conducive to or does not recognise the cross-border nature of the business of AFMA’s members. Also continue to support introduction of the so-called “Tranche 2” to other sectors such as lawyers, accountants and real estate agents.

Regulation Attorney-General's Department
05-Dec-2016

ASIC Consultation Paper 268 – Licensing relief for foreign financial service providers with a limited connection to Australia

Submission arguing that CO 03/824 relief should not be repealed as it continues to serve an important regulatory purpose, and the Corporations Regulations are not a complete substitute for the relief provided by the class order. The scope and purpose of the class order should be clarified as needed to achieve ASIC’s regulatory aims.

Regulation ASIC
07-Aug-2015

ASIC CP 231

The Australian Financial Markets Association (AFMA) welcomes the opportunity to comment on Mandatory central clearing of OTC interest rate derivative transactions Consultation Paper 231.

Regulation ASIC
05-Jun-2015

ASIC Market Supervision Cost Recovery Implementation Statement (Draft)

Submission to the Cost Recovery Implementation Statement (CRIS) for ASIC market supervision cost recovery for the period 1 July 2016 to 30 June 2016. AFMA noted there is no proposed change to the cost recovery methodology or the scope of entities that are subject to the cost recovery arrangements compared to the previous period, and that the overall arrangements will not be reviewed for this financial year pending a decision by the Government on the recommendations by the Financial System Inquiry and the Senate Inquiry into the Performance of ASIC that an industry funding model for ASIC should be implemented. In light of this, AFMA supports a comprehensive review of the existing market supervision cost recovery arrangements before the end of this current financial year that takes account of the entities, other than equities market participants and market operators, who are beneficiaries of ASIC market supervision. The review should have as one of its core objectives a broadening of the cost recovery arrangements so that it more accurately reflects the areas in which ASIC expends its market supervision resources.

Regulation Treasury
20-Jan-2014

ASIC real time short sale tagging

Submission requesting repeal of ASIC MIR real time short sale tagging obligation.

Other ASIC
15-Aug-2016

ASX clearing participant minimum core capital requirements

Submission in support of additional capital requirements for own-account business, non-ASX business and client short ETO activity.

Regulation ASX
29-Apr-2016

ASX clearing participants liquidity risk management

AFMA response to ASX consultation paper on clearing participants liquidity risk management framework

Regulation ASX
23-May-2014

ASX ETO auto exercise and errors

Response to ASX consultation paper. ASX current policy does not allow for auto exercise of ITM options at expiry as default position.
ASX sought views on whether cash-settled and deliverable ETO’s should have auto exercise as default; whether manual override of auto exercise should be allowed; whether ASX should facilitate correction of exercise errors; whether should be a cut-off time to address errors; and whether ASX should identify counterparties to exercise errors.
There was not a unanimous view on auto exercise as default, but AFMA supported on balance. AFMA also supported manual override, ASX facilitation of error unwind (process to be specified), a hard cut-off time, and non-disclosure of counterpart identity to an exercise error.

Other ASX
29-Sep-2016

ASX interest rate derivatives clearing

AFMA submission to ASX consultation paper on interest rate derivatives clearing

Regulation ASX
15-Jan-2014

ATO Administrative Binding Advice and PSLA 2008/3

Taxation ATO
12-Aug-2014

AUD IRD Central Clearing Mandate

AFMA made a submission to the government’s consultation concerning a clearing mandate for Australian dollar interest rate derivatives (IRD). A central clearing mandate will facilitate cross-border recognition and comparability assessments of Australian OTC derivatives markets. There is general support among dealers for clearing mandates that reflect industry practice.

Regulation Treasury
04-Apr-2014

AUSTRAC CDD Draft Policy Principles

Supplementary submission to AUSTRAC regarding the revised approach to the implementation of the additional Customer Due Diligence requirements, including the escalation of the Draft Supervisory Approach to ministerially-backed Policy Principles.

Regulation AUSTRAC
19-Mar-2014

AUSTRAC CDD Draft Supervisory Approach

AFMA highlighted considerable issues for industry arising from such a truncated commencement timeframe (start date 1 June 2014) and noted that these concerns would not be ameliorated solely by a draft Supervisory Approach. Further the submission noted concerns with respect to the draft Supervisory Approach.

Regulation AUSTRAC
17-Jan-2014

AUSTRAC customer due diligence rules

Regulation AUSTRAC
10-Jun-2016

AUSTRAC FY 2016/17 industry contribution

AFMA submission on revisions to the industry charging model.

Regulation AUSTRAC
28-Jul-2014

AUSTRAC Industry Contribution

Provides AFMA’s response to the AUSTRAC Discussion Paper on proposed funding arrangements, objecting to the lack of adherence to the Cost Recovery Guidelines and also the increased burden on larger reporting entities.

Regulation AUSTRAC
29-May-2015

Australia’s Foreign Investment Framework: Modernisation Options

AFMA welcome the government’s intent to update the foreign investment framework to improve the transparency of the framework and alleviate the administrative and compliance burden on foreign investors and the vendors of Australian assets arising from the operation of this framework. It is important that Australia’s foreign investment framework does not deter foreign investment that would otherwise be welcomed by the Australian government because of the operation of the administrative and other arrangements underpinning that framework and their associated compliance burdens. It is also important that Australia’s foreign investment framework is focussed on those investments that are most likely to give rise to ‘national interest’ or other policy concerns and that foreign investment welcomed by the Australian government is not subject to unnecessary or costly scrutiny.

Regulation Treasury
28-Oct-2016

Banks international exposures reporting

Submission to the APRA discussion paper noting the system upgrades and cost, the difficulty of meeting the implementation date, and the need to co-ordinate with other changes requiring additional reporting.

Regulation APRA
08-Jul-2015

CDD

Submission to AUSTRAC regarding proposed changes to the Customer Due Diligence (CDD) Rules requiring collection and verification of certain customer data for low/medium risk customers.

Regulation AUSTRAC
09-Oct-2014

CDEII Procedures Review

Submission emphasising the importance of the CDEII for over-the counter electricity derivatives contracts, most notably the AFMA Carbon Addendum. AFMA recommended the continued publication of this index for this reason among others.

Other AEMO
18-Dec-2015

Chapter 4 Privacy

We are pleased to provide this submission in relation to the AUSTRAC’s Draft Privacy Impact Assessment in relation to proposed amendments to Chapter 4 of the AML/CTF Rules

Regulation AUSTRAC
22-Apr-2016

Chi-X TraCRs and QMFs

AFMA response to Chi-X consultation paper about the introduction of Transferable Custody Receipts and Quoted Managed Funds on the Chi-X market

Regulation Chi-X
30-Jun-2016

Client money provisions and margining requirements for wholesale OTC derivatives

Industry submission seeking adjustments to the client money provisions in the Corporations Act so that the margining framework for non-cleared derivatives developed by BCBS-IOSCO functions properly for Australian market participants.

Regulation Treasury
15-Jan-2016

Commissioner of Taxation remedial power

Commissioner of Taxation remedial power

Regulation Treasury
18-Jul-2014

Common Reporting Standard

Submission to Treasury on the Discussion Paper relating to the Common Reporting Standard. The submission largely agreed with the Treasury timeline for implementation of the standard and called for flexibility to allow alignment with home country reporting standards.

Taxation Treasury
02-Dec-2016

CPS 226 Margin requirements for non-centrally cleared derivatives

Submission on a number of definitional and technical issues in CPS 226.

Regulation APRA
16-Jun-2014

Derivatives trade reporting - Phase 3 delayed start

Comments on a proposal for a staggered and delayed start to Phase 3 of the OTC derivative transaction reporting obligations set out in the draft exemption.

ASIC
23-Aug-2016

Derivatives Transaction Rules (Reporting) 2013

Submission seeking extension of existing relief under the DTRs for FX securities conversion transactions and for entity information and name information.

Regulation ASIC
24-Jun-2016

Diverted profits tax

AFMA submission to Treasury discussion paper about implementing a diverted profits tax.

Taxation Treasury
15-Apr-2014

Dividend Washing ED

Submission regarding the Exposure Draft and accompanying draft Explanatory Memorandum to address dividend washing transactions.
AFMA’s submission was supportive of the general policy approach but noted certain discrepancies between the technical drafting and our understanding of the policy intent.

Taxation Treasury
07-Jun-2016

Draft amendments to Chapter 22 of the AML/CTF Rules

AFMA comments on proposed amendments to the existing Chapter 22 exemption for certain participants in the energy derivatives markets.

Regulation AUSTRAC
07-Jul-2016

Draft costings: electronic safe harbour procedures

Further AFMA submission on proposed amendments to Chapter 4 of the AML/CTF Rules to align the electronic safe harbour procedures for customers with those for beneficial owners. AFMA remains supportive of the proposed amendments to the Rules and believes that over the medium to long term they will result in deregulation savings. However, given uncertainty about the quantification of the projected annual savings, we do not support any purported deregulation savings as being used as an offset for additional regulatory burden being imposed on AFMA members in the future

Regulation AUSTRAC
21-Mar-2014

Draft Phase 2 Reporting Relief

Comments on draft relief instrument.

Other ASIC
28-Oct-2016

Draft Prudential Standard 210 and Prudential Practice Guide APG 210 – Liquidity

Submission in relation to the treatment of open reverse repo transactions in the Net Stable Funding Ratio, offshore back offices, and the liquid asset requirements for foreign ADIs.

Regulation APRA
14-Feb-2014

Draft Taxation Determination

Taxation ATO
01-Jul-2014

Electronic Due Diligence

Submission to AUSTRAC regarding proposed amendment to align the safe harbour procedures for customers to those for beneficial owners. Our submission was broadly supportive of the initiative and sought to quantify the benefits.

Regulation AUSTRAC
21-Feb-2014

Emissions Reduction Fund Green Paper

The Department of the Environment called for submissions to respond to their Green Paper on the Emissions Reduction Fund, the centrepiece of the Australian’s Government Direct Action Plan to offset Australia’s emissions growth. AFMA pointed out two areas in which there is potential for secondary markets in abatement credits to assist in reducing emissions – make good provisions for non-delivery of emissions reductions, and obligations in regard to where companies exceed their business-as-usual emissions baselines.

Regulation Department of the Environment
29-Mar-2016

Enhanced Protection of Client Money

AFMA has made a submission on the Exposure Draft Corporation Amendment (Client Money) Bill 2016, Regulation and Explanatory Memorandum, in addition to the submission dated 10 February 2016 on broader client money issues

Regulation Treasury
10-Feb-2016

Enhanced protection of client money policy paper - Annexure

Enhanced protection of client money policy paper - Annexure

Regulation Treasury
10-Feb-2016

Enhanced protection of client money policy paper - Cover Letter

Enhanced protection of client money policy paper - Cover Letter

Regulation Treasury
13-May-2016

Exchange traded options (ETO) trade cancellation

AFMA response to ASX consultation paper on the ETO trade cancellation regime

Regulation ASX
06-Feb-2015

Fair and Effective Markets Review

AFMA welcomes the opportunity to provide a submission to the review. The attachment to this letter provides detailed answers to many of the questions posed in the consultation document. In addition, we note that the global context of financial regulatory reform is relevant to the Review, especially given the international nature of many FICC markets.

Other FEMR Committee
09-May-2014

FATCA Exposure Draft

Submission to Treasury in respect of an Exposure Draft of legislation to implement Australia’s obligations under the US Financial Account Tax Compliance Act (FATCA).

Taxation Treasury
15-Sep-2016

FICC Markets Standards Board draft transparency standards

AFMA submission on draft transparency standards for reference price transactions and binary options in commodities markets.

Regulation UK FICC Markets Standards Board
20-Jun-2014

Financial Sector Legislation Amendment (Netting Contracts) Bill 2013

Comments on the Netting Bill and support for its speedy introduction.

Regulation Treasury
31-Mar-2014

Financial System Inquiry

AFMA's submission to Treasury looks to the future by identifying steps to enhance the policy and regulation process in a more complex and globalised financial world, with the objective of promoting further development of the financial system in line with the needs of the economy.

Regulation FSI
26-Aug-2014

Financial System Inquiry Interim Report

AFMA’s second submission to the FSI comments on issues raised in the Interim Report July 2014 that are significant in the context of the ongoing development of the Australian financial markets. Our comments relate to those areas that are core business for AFMA members or affect that core business, including regulatory settings, tax settings and future reform, the corporate bond market, product disclosure, financial advice, professional competency and standards, global regulation and Australia’s competitiveness.

Regulation FSI
19-Feb-2014

FOFA draft streamlining regulations and legislation

Comments on draft amendments to FOFA regulations and legislation including stamping fees exemption, conflicted remuneration and fee disclosure.

Regulation Treasury
03-Jun-2014

FOFA streamlining regulations

Submission (subject to a confidentiality agreement) about the stamping fees exemption.

Regulation Treasury
07-Aug-2015

Foreign resident withholding regime

AFMA welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Foreign Resident CGT Withholding Regime

Taxation Treasury
30-Sep-2016

Framework for concerted practices guidelines

AFMA submission on areas that would benefit from additional ACCC guidance.

Regulation ACCC
31-Jan-2014

Fundamental Review of Trading Book

Comments on BIS proposals regarding capital treatment in the trading book.

Other Bank for International Settlements
18-Aug-2014

G20 Regulatory Coordination

Letter to the Treasurer about upcoming G20 meetings requesting his support for initiatives to achieve greater international coordination of financial market regulation.

Regulation Treasurer
23-May-2014

GST and brokerage

A submission to the ATO with respect to draft rulings regarding the application of GST to brokerage over foreign listed securities. AFMA highlighted the practical issues for members should the ATO adopt their view, resulting in the ATO withdrawing the ruling and engaging in further consultation.

Taxation ATO
03-Jun-2016

GST treatment of digital currency

AFMA submission to Treasury discussion paper on how digital currency should be treated for GST purposes.

Taxation Treasury
17-Jul-2015

Implementing Foreign Investment Reforms

Australia’s foreign investment framework should remain focussed on promoting domestic capital formation and other benefits of foreign investment, while ensuring Australia’s ‘national interest’ is appropriately safe-guarded. These outcomes can be achieved without imposing an excessive regulatory and compliance burden on foreign investors and domestic residents which, when combined with the Treasurer’s discretion over foreign acquisitions, may have a deterrent effect on foreign investment that is contrary to the government’s stated policy intention to promote foreign investment. The modernisation of Australia’s foreign investment framework should reflect these considerations.

Regulation Treasury
30-May-2016

Indicator Lending Rate

AFMA feedback on the ATO’s Technical Discussion Paper titled “Income tax: what is the Indicator Lending Rate applicable under subsection 247-20(5) of Division 247 of Part 3-10 of the Income Tax Assessment Act 1997 and subsection 247-80(4) of Division 247 in Part 3-10 of the Income Tax (Transitional Borrowings) Act 1997 in respect of capital protected borrowings (CPBs)?” and the accompanying Draft Taxation Determination

Taxation ATO
10-Dec-2015

Industry comments on margining for non-cleared derivatives

The Working Group believes there is a significant alignment of interests between industry and regulators in relation to WGMR

Regulation APRA
09-Oct-2015

Industry funding of ASIC

ASIC proposed an industry funding model in its submissions to the 2014 Financial System Inquiry

Other Treasury
15-Jan-2016

Inquiry into interest deductibility

Inquiry into interest deductibility

Taxation Senate Standing Committee on Economics
11-Mar-2016

Inquiry into the External Scrutiny of the Australian Taxation Office

In a submission to the House Standing Committee, AFMA has supported continuing robust governance and accountability arrangements for regulators and government agencies, including the ATO.

Regulation Standing Committee on Tax and Revenue
13-May-2016

Insolvency law and ‘ipso facto’ clauses

AFMA response to National Innovation and Science Agenda – Improving Bankruptcy and Insolvency Law Proposals Paper

Regulation Treasury
13-Feb-2015

Instalment warrants

AFMA is pleased to provide comments in relation to the Exposure Draft (ED) and accompanying draft Explanatory Memorandum (EM) that provide look-through treatment for holders of instalment warrants and instalment receipts.

Taxation ATO
08-Jan-2016

Joint AFMA/ISDA application for continuation of relief under ASIC Instrument 2015/844

Joint AFMA/ISDA application for continuation of relief under ASIC Instrument 2015/844 in relation to the requirement to share and pair a universal transaction identifier from 1 Feb

Regulation ASIC
21-Mar-2016

Joint AFMA/ISDA request for ASIC class order relief

AFMA and ISDA have jointly applied to ASIC for class order relief in relation to central clearing of swaps resulting from transactions in swaptions entered into prior to the clearing commencement date

Regulation ASIC
30-Mar-2016

Multinational Anti Avoidance Law (MAAL)

Submission to the ATO outlining the potential application of the MAAL to AFMA members who operate through either a foreign bank branch or subsidiary in Australia, and a request for a risk assessment

Taxation ATO
17-Jun-2015

Multinational tax avoidance exposure draft

AFMA’s preferred approach for Australia to address issues pertaining to multinational tax avoidance is for Australia to continue its contribution to the OECD BEPS process.

Taxation Treasury
31-Oct-2016

National Guarantee Fund reform proposal

Submission on options for reform of the NGF including the heads of claim.

Other SEGC
03-Oct-2014

NEM Financial Market Resilience - Second Interim Report

Submission questioning the risks of potential financial instability as a result of a large electricity retailer, as well as raising concerns about potential regulatory responses.

Other AEMC
08-Apr-2015

OBU exposure draft (joint submission with ABA)

We welcome the opportunity to provide comments on the Exposure Draft and accompanying draft supplementary Explanatory Memorandum which sets out proposed reforms to the OBU regime

Taxation Treasury
01-Sep-2015

PEP guidance

AFMA is pleased to provide a submission to AUSTRAC in relation to the updated draft guidance note titled “Key terms used in ‘politically exposed person’ definition” (the draft guidance note). It is noted that AFMA lodged a submission on the previous draft of the guidance note on 13 February 2015 and the comments set out below should be read in light of that submission

Regulation AUSTRAC
05-Sep-2014

PJC inquiry into proposals to lift professional standards in the financial services industry

Submission supporting the development of a broad framework for education standards and ongoing professional development.

Regulation Parliamentary Joint Committee on Corporations and Financial Services
06-Feb-2015

Pre budget submission

Consistent with the approach adopted in AFMA’s 2014-15 Pre-Budget Submission, we acknowledge that the framing of the 2015-16 Budget will occur in the midst of consultation on the Final Report of the Financial System Inquiry and also the White Paper processes in respect of Taxation and Reform of the Federation. Accordingly, our Pre-Budget submission does not address issues within the terms of reference for these separate processes apart from those which, in AFMA’s view, need to be addressed as a matter of urgency.

Taxation Treasury
09-Dec-2016

Privacy implications re collection of KYC information from sources other than the customer

Comments on the draft Privacy Guidance for collecting KYC information, in particular that the guidance will impose significant restrictions on the ability of reporting entities to use the optional procedure to collect information.

Regulation AUSTRAC
24-Dec-2015

Professional standards exposure draft

AFMA members remain generally supportive of the need to lift professional standards in financial advice, and welcome an approach that applies across the industry

Regulation Treasury
07-May-2015

Professional Standards Framework

AFMA has made a submission to the Government’s consultation on proposals to lift professional, ethical and education standards in the financial services industry. The Government consulted on proposals that were set out in the report of the PJC inquiry conducted in the latter half of 2014. AFMA has encouraged the Government to adopt the kind of model for advisers dealing with retail customers envisaged by the PJC including a degree qualification, a professional year under supervision (akin to other professions such as accounting), a registration exam and ongoing professional development, including a strong focus on ethics and ethical behaviour.

Regulation Treasury
10-Oct-2016

RBA RITS Regulation rewrite

Submission in relation to the requirement to notify about change of jurisdiction of incorporation, RBA failure to notify certain matters, and definitional issues.

Regulation RBA
17-Dec-2014

Regional Free Trade Agreements and their Implications for Australian Financial Services

Australia has concluded bilateral free trade agreements with Japan, Korea and China during the course of 2014. Most attention has focused on the implications for trade in goods and services, where Australia already has well-established trading relationships with these three countries. Together, the three North East Asian economies account for over half of Australia’s exports. The three regional FTAs open up significant opportunities for Australian exports of goods and services, as well as increased cross-border trade in saving and investment. The Australian economy also stands to benefit from lower prices for imports and easier access to foreign capital.

Other N/A
09-Dec-2016

Regulator Performance Framework

Response to ASIC request for feedback.

Regulation ASIC
11-Nov-2016

Replacement of CHESS for equity post-trade services

Submission to the ASX consultation paper on business requirements for the replacement of CHESS

Other ASX
05-Feb-2016

Resilience and collateral protection amendments

Resilience and collateral protection amendments

Regulation Treasury
10-Oct-2016

Review of the financial system external dispute resolution framework

AFMA submission seeking alignment of the EDR framework with the Corporations Act provisions re the treatment of wholesale clients.

Regulation Treasury
16-May-2014

Review of the Renewable Energy Target

A submission in response to the RET review, suggesting that any changes that are made to the RET scheme should be given sufficient implementation time to prevent any unintended consequences for participants.

Regulation Expert Panel, Review of the RET
15-Sep-2014

Senate Economics Committee inquiry into FOFA Streamlining Bill

Submission raising concerns about the requirements to have Statements of Advice acknowledged/signed by clients and returned to adviser.

Regulation Senate Standing Committee on Economics
30-Sep-2016

Significant Global Entities Lodging General Purpose Financial Statements ATO Discussion Paper

Submission focusing on the issues arising for AFMA members that are headquartered outside of Australia, particularly those that operate in Australia through a permanent establishment as opposed to a separately Australian incorporated entity.

Taxation ATO
19-Feb-2016

Special review second draft report – Australia’s climate policy options

Special review second draft report – Australia’s climate policy options

Other Climate Change Authority
15-May-2015

Submission to Productivity Commission Inquiry into Barriers to Services Exports

The Commission’s inquiry into barriers to services exports is timely. The contribution of the services sector to the economy and to Australia’s exports is often under-appreciated and misunderstood. There are significant opportunities for Australia to increase exports of services, not least financial services to emerging economies in the Asia-Pacific region. The services share of regional economies is expected to grow in line with their economic development and rising per capita incomes.

However, the widespread acknowledgement of the magnitude of this opportunity, exemplified by the 2012 Australia in the Asian Century White Paper, and the bipartisan policy aspiration to promote Australia as a regional and international financial centre, has not been matched by the level of policy attention and policy resources devoted to this task.

Regulation Productivity Commission
29-Jul-2016

Submission to Productivity Commission Inquiry into Data Availability and Use

This submission discusses the efficiency of public and private data provision and its use with particular reference to the role of financial markets in the Australian economy. It notes that the data currently collected on financial markets by regulators can be used more effectively. The submission also suggests some low cost ways in which government legislation and spending could be made more transparent, facilitating improved public policy.

Regulation Productivity Commission
07-Feb-2014

Substantial Holding Disclosure

Comments on draft proposals for changes to notices forms.

Regulation ASIC
04-Apr-2014

T+2 Settlement

Submission in support of moving to T+2 settlement for Cash Equities in 2015.
AFMA garnered and provided market input and feedback to build requirements and expectations for successful delivery of the shortened settlement timeframe.

Other ASX
03-Jun-2015

Tax discussion paper

AFMA’s submission to the Tax Discussion Paper “Re:Think – Better Tax System, Better Australia” (the Discussion Paper) sets out our view, as articulated to us by our members, of the priority issues to be considered as part of enduring tax reform

Taxation Treasurer
29-Feb-2016

Tax incentives for early stage investors

Tax incentives for early stage investors

Taxation Treasury
06-Jun-2014

Thin capitalisation exposure draft

Submission in relation to the Exposure Draft legislation to amend Australia's thin capitalisation rules, as announced in the 2013 Budget. The submission focussed on ensuring competitive neutrality between outbound and inbound taxpayers and encouraged the use of home country prudential regulation.

Taxation Treasury
11-Mar-2014

Third Party Reporting

Submission with respect to a Government proposal to require market participants to report to the ATO details of all acquisitions and disposals of listed securities for data-matching and pre-fill purposes.
Submission argued against the proposal on the basis that it would increase the costs of compliance and also was contrary to the Government’s deregulation agenda. Further, the proposal was unable to meet its stated objectives.

Taxation Treasury
19-Aug-2015

Third party reporting

AFMA welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Third Party Reporting regime

Taxation Treasury
08-Apr-2014

TPB Financial Advice Service

Submission to the Tax Practitioners Board regarding the definition of a “tax (financial) advice service.”
This definition is important as it triggers a registration requirement with the TPB under the Tax Agent Services Act from 1 July 2014. AFMA continues to argue that this matter should be an issue for Government and not delegated to the TPB; however the TPB needs to confirm that services such as general advice, advising on securities, custodial services and trustee services are not within scope.

Taxation Tax Practitioners Board
10-Sep-2014

Trade Reporting CP ASIC 221

Response to ASIC consultation on technical issues relating implementation of derivatives trade reporting.

Regulation ASIC
10-Apr-2015

Transparency

We welcome the opportunity to provide comments into the ATO’s Discussion Paper “Tax secrecy and transparency: administrative arrangements for reporting entity information” (the Discussion Paper) dated 13 March 2015

Taxation ATO
22-Apr-2014

Treasury G4 Derivatives Proposals

G4 Derivatives mandate proposals paper response. Treasury proposed that a determination be made in the second quarter of 2014 that will allow ASIC to make rules requiring the central clearing of US Dollar‐, Euro‐, British Pound‐ and Yen‐denominated interest rate derivatives (G4‐IRD). The clearing mandate is supported for G4-IRD and AUD IRD. The submission also argued for a reduction in the scope of entities covered by the trade reporting mandate.

Regulation Treasury
23-Sep-2016

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Submission supporting the proposed phased-in reduction of Australia’s corporate tax rate to 25% for all corporates over a ten-year horizon.

Taxation Senate Standing Committee on Economics
12-Aug-2014

Treaty Negotiation Program

Submission to Treasury on the Double Taxation Treaties that should be negotiated with priority, especially Hong Kong, together with those treaties that require amendment in order to remain global best practice, such as China and Germany.

Taxation Treasury
09-Aug-2014

Unfair Contract Terms

Comment on Unfair Contract Terms and Small Business Consultation Paper issued by Consumer Affairs Australia and New Zealand (CAANZ), arguing that there should be no extension of UCT provisions to contracts for financial products and services.

Regulation Treasury
02-Feb-2016

Voluntary tax transparency code

Voluntary tax transparency code

Taxation Board of Taxation