AFMA's view on policy issues are often conveyed through formal submissions. This list presents our public submissions, though we do deal with many issues that are not listed here. For queries about policy issues please contact us.

Date Title & Summary
 Topic Area Sent To
21 December 2011 Inquiry into the Future of Financial Advice Bills

The submission to the Parliamentary Inquiry into the FOFA Bills outlines the extensive reach of the legislative reforms and sets out the need for an adequate transition period.

Regulation
 Parliamentary Joint Committee on Corporations and Financial Services
16 December 2011 Review of Transfer Pricing Rules

The submission to the review of Australia's transfer pricing rules seek better alignment of Australia's taxation of Permanent Establishments with international standard practice.

Taxation
 Treasury
12 December 2011 Exposure Draft - Regulating Australian Carbon Credit Units and Eligible International Emission Units as Financial Products

The submission responds to exposure draft legislation on amendments to the Corporations Regulations 2001 and the Australian Securities and Investments Commission Regulations 2001 in respect of Australian carbon credit unit and eligible international emissions units.

Other
 Treasury
5 December 2011 Review of Financial Market Infrastructure Regulation

The submission responds to the Council of Financial Regulators' review of Financial Market Infrastructure regulation and suggests that any reform in this area needs to be measured and fully developed to avoid uncertainty for regulators and market stakeholders.

Regulation
 Treasury
21 November 2011 ERCO123 National Electricity Amendment Rule 2011

The submission in response to a proposed rule change in the National Electricity Market notes the critical role derivatives play in managing risk in the electricity market.

Other
 Australian Energy Market Commission
4 November 2011 Corporations (Fees) Amendment Regulations 2011 (No. 2)

The submission responds to the Government's consultation on a proposed cost recovery model for market supervision.

Regulation
 Treasury
1 November 2011 Consultation Paper 167 - Advertising Financial Products and Advice Services

The submission supports proposed best practice guidelines developed by ASIC on advertising financial products and advice services, however, notes that the guidelines are potentially too prescriptive and all-encompassing in certain respects.

Regulation
 ASIC
26 October 2011 G20 Debate on Financial Transaction Tax

The briefing material supports the Government's position in rejecting the financial transaction tax proposed by the European Commission.

Taxation
 Treasury
21 October 2011 Future of Financial Advice - Tranche 2 of Draft Legislation

The submission responds to the second tranche of exposure draft legislation on the Future of Financial Advice Reforms, which deals with the ban on conflicted remuneration, volume based shelf space fees, and the ban on asset based fees on geared funds.

Other
 Treasury
30 September 2011 Market Supervision Cost Recovery Consultation

The submission responds to the Government's consultation on a proposed cost recovery model for market supervision.

Other
 Treasury
16 September 2011 Consultation Paper 166 - MIR for non-AFS Licensee Foreign Participants and Consequential Amendments

The submission identifies an unintended consequence that may result in a market structure change in relation to National Best Bid and Offer (NBBO) crossings and seeks to correct this.

Regulation
 ASIC
9 September 2011 Clearing for OTC Derivatives

The submission responds to the Council of Financial Regulators' discussion paper on the central clearing of OTC derivatives.

Regulation
 Council of Financial Regulators
9 September 2011 Inquiry into the Corporations (Fees) Amendment Bill 2011

The submission responds to the cost recovery framework proposed by the Government to recoup the cost of market regulation by ASIC.

 Other
 Standing Committee on Economics
6 September 2011 NZ Financial Markets Conduct Bill

The submission is in response to the wholesale reform of New Zealand's securities law, and makes technical comment on the implications of the reform for trans-Tasman businesses.

 Regulation
 New Zealand Ministry of Economic Development
22 August 2011 Carbon Pricing Mechanism

The submission to the Government's Clean Energy package focuses on the implementation of the international floor price, security of title, significant holding disclosure requirements and taxation implications of the proposed scheme.

 Other
 Department of Climate Change and Energy Efficiency
8 August 2011 Draft Close-out Netting Legislation

The submission responds to draft legislation on close-out netting, which will minimise the risk of market disruption or instability arising from uncertainty over the potential adverse treatment of counterparties to close-out netting contracts.

 Regulation
 Treasury
5 August 2011 Improving Incentives for Saving - Tax Discount for Interest Income

The submission responds to Treasury's consultation on the implementation of the Government's announcement of a tax discount for interest income.

 Taxation
 Treasury
5 July 2011 ASIC CP156: Retail OTC Derivative Issuers - Financial Requirements

The submission in response to ASIC's consultation paper on proposed new financial requirements for issuers of OTC derivative products supports the increased financial requirements for certain issuers as proposed.

 Regulation
 ASIC
30 June 2011 ASIC CP161: Market Integrity Rules for Capital and Related Requirements

The submission in response to ASIC's consultation paper on the transition to ASIC from ASX of the supervision and enforcement of capital, reporting and margin requirements for non-clearing market participants supports ASIC's suggested approach of modelling the proposed market integrity rules in this area around the current requirements in the ASX and ASX 24 Operating Rules.

 Regulation
 ASIC
28 June 2011 ASIC CP155: Prospectus Disclosure - Improving Disclosure for Retail Investors

The submission in response to ASIC's consultation paper on improving prospectus disclosure to retail investors welcomes the guidance and supports the objectives of the proposed reform.

 Regulation
 ASIC
7 June 2011 ASIC CP153: Licensing - Assessment and Professional Development Framework for Financial Advisers

The submission in response to ASIC's consultation paper on a proposed assessment and professional development framework for financial advisers seeks refinement of the scope of the proposed framework.

 Regulation
 ASIC
2 June 2011 Parliamentary Inquiry into the AUSTRAC Cost Recovery Bills

The submission to the Parliamentary review of legislation to implement a levy of entities regulated by AUSTRAC expresses strong reservations about the integrity of the proposed cost recovery model.

 Other
 Senate Legal & Constitutional Committees
1 June 2011 ERC0123: National Electricity Amendment Rule 2011

The submission responds to a proposed Australian Energy Market Commission (AEMC) rule change and highlights the extent to which such a rule would undermine key elements of this successful market's design.

 Other
 Australian Energy Market Commission
10 May 2011 Carbon Pricing Mechanism Architecture and Implementation

The submission responds to the Department of Climate Change and Energy Efficiency's consultation the proposed carbon pricing mechanism architecture and implementation details, noting the need for certainty in the scheme to enable an effective market to form.

 Other
 Department of Climate Change and Energy Efficiency
10 May 2011 Draft AML/CTF Rules on Self-Managed Superannuation Funds

The submission responds to AUSTRAC's consultation on draft rules to amend Chapter 4 of the AML/CTF Rules so that reporting entities may no longer use the simplified trust verification procedures in relation to self-managed super funds.

 Security
 AUSTRAC
13 April 2011 New Rules and Timetables for Common Forms of Capital Raising

The submission responds to ASX proposals to systematise timetables for common forms of capital raising, instead of relying solely on the current case-by-case waivers.

 Regulation
 ASX
5 April 2011 Application of GST to Cross-border Transactions

The submission to a Treasury discussion paper welcomes proposed changes to the GST cross-border rules to make Australian an easier place for non-residents to do business.

 Taxation
 Treasury
25 March 2011 ASIC CP148: Proposed Market Integrity Rules - Chi-X Market

The submission to an ASIC consultation paper on proposed Chi-X market integrity rules emphasises the need for a unified set of rules for all market operators as soon as possible with full consultation on all outstanding issues

 Regulation
 ASIC
14 March 2011 Designing a Tax System Advisory Board

The submission to Treasury's consultation on the establishment of a Tax System Advisory Board recommends changes to the proposed design for the Board in order to make it more effective from an industry perspective.

 Taxation
 Treasury
11 March 2011 Wholesale and Retail Clients Options Paper

The submission cautions against radical change to the retail/wholesale distinction in the Corporations Act, and seeks a thorough impact assessment before any changes to the definition are made.

 Regulation
 Treasury
1 March 2011 AUSTRAC Cost Recovery Impact Statement Exposure Draft

The submission recommends improvements to several aspects of the proposed cost recovery model for AUSTRAC.

 Security
 AUSTRAC
28 February 2011 Tax Law Amendment (2010 Measures No.5) Bill

The submission seeks improvements to proposed changes to the taxation treatment of capital protected products for investors.

 Taxation
 Treasury
28 January 2011 ASIC CP145: Australian Equity Market Structure Proposals

The submission in response to ASIC's consultation on the structure of Australia's equity market and proposed market integrity rules encourages priority to be given to measures that will assist the early introduction of competition to equity markets.

 Regulation
 ASIC
18 January 2011 Review of the Taxation Treatment of Islamic Finance

The submission responds to consultation by the Board of Taxation on solutions to address the inappropriate taxation treatment of Islamic finance transactions.

 Taxation
 Board of Taxation