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<![CDATA[Allens Australian Financial Services Regulation news updates]]></title>

<link><![CDATA[http://www.allens.com.au]]></link>
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<description><![CDATA[Allens' round-up of the latest developments in Australia's financial services regulation]]></description>
<copyright><![CDATA[(c) Allens]]></copyright>

<image><title>Allens' roundup of Australia's financial services regulation news</title><url>http://www.allens.com.au/common/images04/hd_right_logo.gif</url>
<link>http://www.allens.com.au/fsr/news/index.htm</link></image>

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<title><![CDATA[ASIC consults on revised financial requirements for electricity derivative issuers]]></title>
<description><![CDATA[ASIC has today released a consultation paper, CP 177 Electricity derivative market participants: Financial requirements, which outlines ASIC's proposed changes to the financial resource requirements of electricity market participants who hold an Australian financial services licence, including to replace the current financial requirements applying to these electricity derivative issuers with a simpler net tangible asset measure, and new liquidity and cash forecasting requirements.]]></description>
<pubDate>Fri, 4 May 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#4may12</link>
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<title><![CDATA[ASIC warns financial services licensees about the use of the term 'independent']]></title>
<description><![CDATA[ASIC has today issued a release reminding Australian Financial Services licensees that they]]></description>
<pubDate>Wed, 2 May 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#2may12_01</link>
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<title><![CDATA[ASIC releases policies on adviser training and financial requirements for carbon financial products]]></title>
<description><![CDATA[Following the release earlier this week of information about the registration and licensing process for those intending to provide financial services in emissions units ]]></description>
<pubDate>Wed, 2 May 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#2may12</link>
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<title><![CDATA[Government announces one-year extension of the exemption for financial advisers providing tax advice]]></title>
<description><![CDATA[The Government has today confirmed that financial advisers will be granted an extension to their exemption from the taxation agent services regime until 30 June 2013.]]></description>
<pubDate>Mon, 30 Apr 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#30apr12_01</link>
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<title><![CDATA[ASIC releases details for registration and licensing of financial services in relation to emissions units]]></title>
<description><![CDATA[ASIC has today released details on the registration and licensing process for those intending to provide financial services in relation to emissions units  from 1 July 2012 under the Federal Government’s carbon pricing mechanism.]]></description>
<pubDate>Mon, 30 Apr 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#30apr12</link>
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<title><![CDATA[Australia and New Zealand mutual recognition of financial advisers - part of the 'single economic market outcomes' initiative]]></title>
<description><![CDATA[The Government has today announced the release of the latest report of the Trans-Tasman Outcomes Implementation Group which, among other things, notes that ASIC and the New Zealand Financial Markets Authority are expected to agree by mid year on technical standards for the mutual recognition of financial advisers.]]></description>
<pubDate>Fri, 13 Apr 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#13apr12</link>
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<title><![CDATA[Carbon credit units as financial products - new Corporations Regulation made and registered]]></title>
<description><![CDATA[The Corporations Amendment Regulation 2012 (No 1) was made on 5 April and registered today on the FRLI.  It amends the Corporations Regulations 2001 to recognise Australian carbon credit units issued under the Carbon Farming Initiative, eligible international emissions units issued in accordance with the Kyoto rules or another relevant international agreement and carbon units issued under the Clean Energy Legislation, as financial products (although some modifications (in relation to disclosure obligations) and exemptions from the FSR regime will apply in relation to these new financial products).]]></description>
<pubDate>Wed, 11 Apr 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#11apr12</link>
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<title><![CDATA[ASIC releases first enforcement report]]></title>
<description><![CDATA[ASIC has today released Report 281 ASIC enforcement outcomes: July to December 2011, its first formal report detailing ASIC enforcement actions, which follows the release of Information Sheet 151 ASIC’s approach to enforcement, Information Sheet 152 Public comment and Regulatory Guide 100 Enforceable undertakings.]]></description>
<pubDate>Thu, 29 Mar 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#29mar12</link>
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<title><![CDATA[ASIC releases report on retirement advice shadow shopping research]]></title>
<description><![CDATA[ASIC has today released Report 279 Shadow shopping study of financial advice, which contains the findings of its 'shadow shopping' research examining financial advice given to people to help them plan for retirement.]]></description>
<pubDate>Tue, 27 Mar 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#27mar12</link>
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<title><![CDATA[FoFA Bills pas the House with some amendments]]></title>
<description><![CDATA[The Corporations Amendment (Future of Financial Advice) Bill 2011 and the Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011) today passed the House of Representatives with amendments, the most notable being the change to the proposed opt-in requirement under the first of the FoFA Bills.]]></description>
<pubDate>Thu, 22 Mar 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#22mar12</link>
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<title><![CDATA[ASIC's licensing guidance for businesses involved in carbon pricing and providing financial services in relation to emissions units]]></title>
<description><![CDATA[ASIC  has today released the following two documents in relation to the financial services licensing implications that arise under the Clean Energy Legislation package (and other carbon markets operating in Australia and overseas)]]></description>
<pubDate>Fri, 9 Mar 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#9mar12</link>
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<title><![CDATA[Parliamentary Committee report on FoFA Bills released]]></title>
<description><![CDATA[The Parliamentary Joint Committee on Corporations and Financial Services has today released its report on its inquiry into the two Bills which will implement the Future of Financial Advice (FoFA) reforms - the Corporations Amendment (Future of Financial Advice) Bill 2011 and the Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011.]]></description>
<pubDate>Wed, 29 Feb 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#29feb12_01</link>
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<title><![CDATA[ASIC grants further extension of relief - funded representative actions and funded proof of debt arrangements]]></title>
<description><![CDATA[ASIC has today announced it will extend, until 30 September 2012 (under new class order CO 12/158, which extends the original relief under CO 10/333)]]></description>
<pubDate>Wed, 29 Feb 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#29feb12</link>
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<title><![CDATA[ASIC releases guidance on enforcement and investigations]]></title>
<description><![CDATA[ASIC has today released the following guidance on how it undertakes investigations and enforcement activity.]]></description>
<pubDate>Tue, 20 Feb 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#20feb12</link>
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<title><![CDATA[ASIC releases investor guide and disclosure guidance for agribusiness schemes]]></title>
<description><![CDATA[ASIC today released an investor guide and regulatory guidance with new 
disclosure benchmarks and principles for agribusiness managed investment schemes 
to improve investor awareness of the risks associated with these products.]]></description>
<pubDate>Mon, 30 Jan 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#30jan12</link>
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<title><![CDATA[ASIC releases disclosure guidelines for infrastructure entities]]></title>
<description><![CDATA[ASIC today released new disclosure benchmarks and principles for infrastructure entities to improve investor awareness of the risks associated with investing in these products.]]></description>
<pubDate>Tue, 24 Jan 2012 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#24jan12</link>
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<title><![CDATA[ASIC's plans for FOFA reforms]]></title>
<description><![CDATA[ASIC today released its plans for publishing regulatory guidance on the impact of the Future of Financial Advice (FOFA) reforms on financial advisers and other industry participants.]]></description>
<pubDate>Tue, 13 Dec 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#13dec11</link>
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<title><![CDATA[ASIC releases new financial requirements for responsible entities]]></title>
<description><![CDATA[ASIC today released new financial requirements for responsible entities (REs) of managed investment schemes (MISs).]]></description>
<pubDate>Mon, 7 Nov 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#7nov11</link>
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<title><![CDATA[Government releases exposure draft of second tranche of FoFA amendments]]></title>
<description><![CDATA[The Government has today released for comment the second (and final) tranche of draft legislation on the FOFA reforms, the Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011.  The legislation, which supplements the first tranche released for comment in August, contains provisions relating to conflicted remuneration, including the ban on commissions and other volume-based payments to financial advisers, and bans on soft-dollar benefits to financial advisers, volume-based shelf-space fees to product platforms, and asset-based fees involving leverage.]]></description>
<pubDate>Tue, 28 Sep 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#28sep11</link>
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<title><![CDATA[ASIC releases new advertising guidelines]]></title>
<description><![CDATA[ASIC today released a consultation paper and draft regulatory guide containing best practice guidance for the advertising of financial products and financial advice.]]></description>
<pubDate>Tue, 30 Aug 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#30aug11</link>
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<title><![CDATA[Future of Financial Advice Reforms – Draft Legislation]]></title>
<description><![CDATA[The Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, today released the first tranche of draft legislation of the Future of Financial Advice (FOFA) reforms for public consultation.]]></description>
<pubDate>Mon, 29 Aug 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#29aug11</link>
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<title><![CDATA[Extension of transition period for shorter PDS regime]]></title>
<description><![CDATA[ASIC has announced its intention to extend the transition period for the shorter product disclosure statement (PDS) regime for superannuation and simple managed investment schemes.]]></description>
<pubDate>Tue, 21 Jun 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#21jun11</link>
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<title><![CDATA[Retail investors and financial service providers will find changing to new PDS easier]]></title>
<description><![CDATA[Following changes announced today by Assistant Treasurer Bill Shorten, financial services providers will find it easier to change to the new Product Disclosure Statement (PDS) regime in June 2012.]]></description>
<pubDate>Thu, 08 Jun 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#8jun11</link>
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<title><![CDATA[Government announces further details for future of financial advice reforms]]></title>
<description><![CDATA[The Government has today announced, with the release of an information pack, more details regarding the Future of Financial Advice (FOFA) reforms. Today's announcement provides further information on those areas that the Government had previously indicated would require additional consultation, as well as providing more details about how the reforms announced last April will operate.]]></description>
<pubDate>Thu, 28 Apr 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#28apr11</link>
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<title><![CDATA[Government announces release of consultation paper on review of compensation arrangements for financial services]]></title>
<description><![CDATA[The Government has today launched a consultation paper, Review of compensation arrangements for consumers of financial services, which was prepared by financial services and corporate governance expert, Richard St John, as part of the <i>Future of Financial Advice </i>reforms, which were announced by the Government in April last year.]]></description>
<pubDate>Wed, 27 Apr 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#20apr11</link>
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<title><![CDATA[ASIC invites feedback on proposals to improve disclosure for hedge funds]]></title>
<description><![CDATA[ASIC has today released consultation paper CP 147 Hedge funds: Improving disclosure for retail investors, which seeks feedback on enhancements aimed at ensuring retail investors and their advisers have the information they need to make an informed investment decision about the risks posed by hedge funds.]]></description>
<pubDate>Mon, 24 Feb 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#24feb11</link>
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<title><![CDATA[Government releases exposure draft of Trustee Companies Bill]]></title>
<description><![CDATA[The Government has today released an exposure draft of the Corporations and Other Legislation Amendment (Trustee Companies and Other Measures) Bill 2011, which amends the trustee company provisions in Ch 5D of the Corporations Act. The proposed amendments include: the establishment of a mechanism for the voluntary transfer of trustee company business from an existing entity to a licensed trustee company; and, changes to the operation of common funds and the drawing down, and imposition, of fees. ]]></description>
<pubDate>Tue, 31 Jan 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#31jan11</link>
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<title><![CDATA[Government releases options paper on distinction between retail and wholesale investor]]></title>
<description><![CDATA[The Government has today, as part of its Future of Financial Advice reforms agenda, released an options paper reviewing the distinction between retail and wholesale clients in the Corporations Act 2001.]]></description>
<pubDate>Tue, 24 Jan 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#24jan11</link>
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<title><![CDATA[ASIC issues latest report on relief applications from financial services providers (1 June &ndash; 30 September 2010)]]></title>
<description><![CDATA[ASIC has today released a report, Overview of decisions on relief applications,  outlining decisions on recent applications from capital markets participants, financial services providers, and credit providers and intermediaries.]]></description>
<pubDate>Tue, 18 Jan 2011 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#18jan11</link>
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<title><![CDATA[ASIC releases guidance to provide greater certainty about delivering online financial services disclosures]]></title>
<description><![CDATA[ASIC today released guidance to provide greater certainty for financial services providers who supply financial services disclosures – such as product disclosure statements – to clients using online means, including email and the internet..]]></description>
<pubDate>Mon, 13 Dec 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#13dec10</link>
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<title><![CDATA[ASIC releases guidance to improve margin lending disclosure]]></title>
<description><![CDATA[ASIC has today released regulatory guidance which aims to improve protections for retail clients through better disclosure of non-standard margin lending facilities.]]></description>
<pubDate>Wed, 10 Nov 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#10nov10</link>
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<title><![CDATA[ASIC consults on compensation requirements for traditional trustee company services]]></title>
<description><![CDATA[ASIC has released a consultation paper inviting feedback on its proposal regarding the administration of compensation requirements for trustee companies providing traditional trustee company services (traditional services) to retail clients.]]></description>
<pubDate>Tue, 23 Sep 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#23sep10</link>
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<title><![CDATA[ASIC consults on dispute resolution requirements for traditional trustee company services]]></title>
<description><![CDATA[ASIC has released a consultation paper seeking public comment on dispute resolution arrangements required of trustee companies providing traditional services, like preparing wills.]]></description>
<pubDate>Tue, 17 Sep 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#17sep10</link>
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<title><![CDATA[ASIC updates guidance on product disclosure statements]]></title>
<description><![CDATA[ASIC has today released updated Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations) (RG 168).]]></description>
<pubDate>Thu, 6 Sep 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#6sep10</link>
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<title><![CDATA[ASIC provides relief for parent entity financial statements]]></title>
<description><![CDATA[ASIC has today announced the making of a new class order, (CO 10/654), to allow companies, registered schemes and disclosing entities that present consolidated financial statements to also present parent entity financial statements.]]></description>
<pubDate>Thu, 29 July 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#29jul10</link>
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<title><![CDATA[ASIC updates disclosure guidance for capital protected products and retail structured or derivative products]]></title>
<description><![CDATA[ASIC has today released a report outlining its key findings from a review of selected Product Disclosure Statements (PDSs) for capital protected products and other structured or derivative products marketed to retail investors.]]></description>
<pubDate>Thu, 22 July 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#22jul10</link>
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<title><![CDATA[ASIC to Take Over Supervision of Australia's Financial Markets From 1 August 2010]]></title>
<description><![CDATA[Chris Bowen, Minister for Financial Services, Superannuation and Corporate Law has today announced that the transfer of supervisory responsibility for Australia's domestic licensed financial markets will take place on 1 August 2010]]></description>
<pubDate>Mon, 12 July 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#8jul10</link>
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<title><![CDATA[ASIC amends Class Order 08/1 and its policy regarding group purchasing bodies]]></title>
<description><![CDATA[ASIC has announced that Regulatory Guide 195: Group purchasing bodies for insurance and risk products (RG 195) has been amended to clarify when ASIC may grant relief from the Australian financial services licensing and disclosure regime and Ch 5C of the Corporations Act 2001 for some group purchasing bodies and to also give additional guidance on how the conditions for relief operate.]]></description>
<pubDate>Mon, 28 June 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#28jun10</link>
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<title><![CDATA[ASIC strengthens disclosure requirements for debentures and unsecured notes]]></title>
<description><![CDATA[ASIC has today released updated requirements for unlisted debentures and unsecured notes to improve disclosure to retail investors. The guidance is set out in an updated version of Regulatory Guide 69 Debentures and unsecured notes–improving disclosure for retail investors (RG 69).]]></description>
<pubDate>Mon, 25 June 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#25jun10</link>
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<title><![CDATA[Amending Regulations prescribing shorter and simpler Product Disclosure Statements for financial products registered on the FRLI]]></title>
<description><![CDATA[The Corporations Amendment Regulations 2010 (No 5) (Cth) (the Regulations), which were made on 15 June 2010, were registered today (21 June) on the FRLI.]]></description>
<pubDate>Mon, 21 June 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#21jun10</link>
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<title><![CDATA[Reforms to the Supervision of Australia's Financial Markets &ndash; Exposure Draft of Fees Regulations and Consultation Paper]]></title>
<description><![CDATA[In August 2009 the Government announced that it would transfer the responsibility for supervision of Australia's domestic licensed financial markets from market operators to the Australian Securities and Investments Commission (ASIC). The Corporations Amendment (Financial Market Supervision) Act 2010 received Royal Assent on 25 March 2010.]]></description>
<pubDate>Fri, 18 June 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#18jun10</link>
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<title><![CDATA[Updated ASIC guidance helps industry prepare for credit licensing]]></title>
<description><![CDATA[ASIC has today issued updated policy guidance, and details of the standard conditions that will be imposed by ASIC on credit licences, to assist those individuals and entities intending to engage in credit activities after 1 July 2010]]></description>
<pubDate>Wed, 9 June 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#8jun10</link>
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<title><![CDATA[Government Commences Consultation on Future of Financial Advice Reforms]]></title>
<description><![CDATA[Chris Bowen, Minister for Financial Services, Superannuation and Corporate Law has today announced the commencement of consultation on the Future of Financial Advice reforms announced on 26 April 2010.]]></description>
<pubDate>Mon, 17 May 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#17may10</link>
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<title><![CDATA[Government releases exposure draft of regulations and consultation paper - Reforms to the Supervision of Australia's Financial Markets]]></title>
<description><![CDATA[In August 2009 the Government announced that it would transfer the responsibility for supervision of Australia’s domestic licensed financial markets from market operators to ASIC. The Corporations Amendment (Financial Market Supervision) Act 2010 (Cth) received Royal Assent on 25 March 2010.]]></description>
<pubDate>Thu, 13 May 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#13may10</link>

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<title><![CDATA[Regulations made supporting the new margin loan regulatory regime]]></title>
<description><![CDATA[Regulations were introduced today to support regulating margin loans as financial products.]]></description>
<pubDate>Fri, 7 May 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#7may10_3</link>
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<title><![CDATA[National Regulation of Trustee Companies Commences]]></title>
<description><![CDATA[Chris Bowen, Minister for Financial Services, Superannuation and Corporate Law has today announced the commencement of national regulation of licensed trustee companies.]]></description>
<pubDate>Fri, 7 May 2010 00:00:00 +1100</pubDate>
<link>http://www.allens.com.au/fsr/news/index.htm?rss=true#7may10_01</link>
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