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News and guidance on regulatory matters
Key Points
- Australian companies and some other entities, such as listed trusts, are regulated under the Corporations Act by the Australian Securities and Investments Commission (ASIC)
- ASIC periodically issue Class Orders exempting certain companies from aspects of the Corporations Act and Regulatory Guides explaining how they apply the legislation to specific types of entity
- Other types of entity, such as co-operatives and associations, are subject to State legislation.
Our Reporting and Assurance team monitors the Australian regulatory environment and publishes news and developments for members via Charter and the ANT Newsletter.
Apart from the standard setting boards, the Australian Accounting Standards Board and the Auditing and Assurance Standards Board, other significant elements of the Australian regulatory framework include:
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The Australian Securities and Investments Commission (ASIC), which administers the Corporations Act and issues further regulations and guidance as needed. ASIC periodically issue Class Orders exempting certain companies from aspects of the Corporations Act and Regulatory Guides explaining how they apply the legislation to specific types of entity
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The Australian Prudential Regulation Authority (APRA), which looks after the prudential regulation of financial institutions
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The Australian Securities Exchange (ASX), which looks after regulation for listed entities
- A variety of state regulators that are responsible for entities such as associations, co-operatives and strata title arrangements.
Recent developments the Institute has been following include:
Refer to the articles below to stay up-to-date with the latest news and guidance on regulatory matters, or use the search filters to look-up historical information.
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The Co-operatives (Adoption of National Laws) Act 2012 passed through NSW Parliament on 9 May 2012 and is now awaiting royal assent.
Published on 21 May 2012
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The Financial Reporting Council is seeking insights on the level of financial literacy of directors in Australia.
Published on 2 May 2012
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The FRC in conjunction with the ASX is conducting an online survey seeking feedback from key stakeholders about the level of financial literacy of directors in Australia.
Published on 23 April 2012
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The Federal Government’s Minerals Resource Rent Tax (MRRT) Act 2012 and Petroleum Resource Rent Tax Assessment Amendment Act 2012 were given royal assent on 29 March 2012.
Published on 16 April 2012
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The revised Cooperatives National Law is another step closer to completion following the approval of the draft legislation by the Governance Forum on Consumer Affairs in mid January 2012.
Published on 26 March 2012
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ASIC has released new regulatory guidance and a consultation paper as part of the process of preparing business for the introduction of the Federal Government’s new carbon pricing scheme.
Published on 19 March 2012
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Draft legislation was issued this week to cut the company tax rate for all companies from 30 per cent to 29 per cent for the 2013-14 income year and subsequent income years.
Published on 19 March 2012
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The Institute is preparing a submission on the European Securities and Markets Authority’s consultation on ‘materiality’ in financial reporting.
Published on 14 March 2012
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The Federal Government is proceeding with further reforms to improve the executive remuneration disclosures.
Published on 5 March 2012
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ASIC is calling on companies to improve the disclosure of executive and director remuneration arrangements.
Published on 2 March 2012