Asia Pacific

Financial Services in Focus – Issue 18

Funds and financial products

ASIC releases consultation paper on fees and costs disclosure regime

On 8 January, ASIC released a consultation paper on reforms to the fees and costs disclosure requirements for managed investment schemes and superannuation funds.

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Payment of Gratuity to Teachers

The Hon’ble Supreme Court in its recent judgment pronounced on January 7, 2019 in the case of Birla Institute of Technology vs. State of Jharkhand [Civil Appeal No. 2530 of 2012] (“BIT Case”), has endorsed its earlier view taken in the case of Ahmadabad Pvt. Primary Teachers Association vs. Administrative Officer and Others [(2004) 1 SCC 755] (“APPTA Case”) that teachers are not employees for the purposes of Payment of Gratuity Act, 1972 (“PG Act”).

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ASIC releases consultation paper on fees and costs disclosure regime

On 8 January 2019, ASIC released a consultation paper on reforms to the fees and costs disclosure requirements for managed investment schemes and superannuation funds. The paper is in response to the independent reviewer’s report into the fees and costs disclosure regime under the Corporations Act 2001 as amended by ASIC Class Order [CO 14/1252] and as augmented by its regulatory guidance. In this article, we outline some key points of the consultation paper.

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GDPR Compliances by Indian Companies – A Brief Overview

The introduction of European Union’s (“EU”) regulations on protection of natural persons with regard to processing of personal data and free movement of such data (“GDPR”) has brought on certain significant implications on Indian entities processing personal data of EU Residents. Basically, since GDPR has extra-territorial application and applies to processing of personal data of EU residents even by entities situated outside EU, Indian entities who are acting as either a ‘controller’ (i.e. the person who determines the purposes and means of the processing of data) or a ‘processor’ (i.e. the person who processes the personal data on behalf of the controller), of personal data of persons of EU, in relation to offering of goods or services to such persons or monitoring their behaviour in so far as it takes place within EU, become subject to GDPR.

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Court conducts appraisal of ‘prudent lending’ clause in valuer policy

Professional indemnity insurance policies usually require a valuer to include in his or her report a ‘prudent lender’ clause.

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Financial Services in Focus – Issue 17

Funds and financial products
ASIC to consult on measures to restrict offers to retail investors of stub-equity in proprietary companies

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APRA issues information security standard

Australian Prudential Regulation Authority (APRA) issued Prudential Standard CPS 234 Information Security (CPS 234) on 7 November 2018. CPS 234 imposes information security requirements on all APRA-regulated entities and will commence on 1 July 2019, providing transition arrangements where information assets are managed by third parties. It is crucial for all APRA-regulated entities to understand the requirements in place for the management of information security.

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Corporate trustees and ipso facto reforms

The Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Act 2017 (Cth) (Act) introduced new laws which operate to stay the enforcement of ipso facto clauses that are triggered upon a company suffering an insolvency event. These new laws come to effect for contracts entered into on or after 1 July 2018.

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January reporting deadline approaching for owners and operators of critical infrastructure

If you are a responsible entity for, or direct interest holder in, a ‘critical infrastructure asset’ you have until 11 January 2019 to comply with your initial reporting obligations under the Security of Critical Infrastructure Act 2018. If you have not already done so, now is the time to start considering and collecting the information that you will need to report. This article will assist you in understanding the new reporting framework and your reporting obligations.

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Hall & Wilcox expands national insurance and litigation practice with new appointment

Leading independent business law firm Hall & Wilcox has expanded its national insurance and litigation capabilities following the appointment of Special Counsel Vicky Kossaris, who joined the firm on 3 December.

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