Financial Services Update

    View Authors July 2015
    In this Financial Services Update, we look at:
    • Opportunities under the China Australia Free Trade Agreement: On 17 June 2015, the China Australia Free Trade Agreement (ChAFTA) was signed by Australia and China. In this article, we look at what opportunities this may bring for Australian financial service providers.
    • Updates to financial reporting relief guidance for managed investment schemes: ASIC has released an updated Regulatory Guide 174 accompanied by Corporations (Externally-Administered Bodies) Instrument 2015/251, providing financial reporting guidance (and relief) for the winding up of distressed managed investment schemes. 
    • Superannuation governance shake-up: the Federal Government has released exposure draft legislation which will require APRA regulated superannuation funds to have a minimum of one-third independent directors on their trustee board and an independent chairperson.
    • FINTECH on the rise: Australian financial technology (or FINTECH) (also known as disruptive technology in financial services) businesses and companies are finally gaining a profile in 2015. In this article we look at the recent developments in FINTECH.