19 June 2017
The ABA provided Treasury with comments on the reforms for cooperatives, mutuals and member-owned firms. The ABA is a strong supporter of the recommendations arising from the 2015 Senate Economics References Committee inquiry into cooperatives, mutuals and member-owned firms. Of particular interest to the ABA are recommendations 16 (Capital Raising) and 17 (Amendments to the Corporations Act).
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The ABA fully supports the removal of the exemption for funeral expenses policies from the defintion of financial products.
The ABA welcomes the exclusion from the requirement to provide a Target Market Determination (TMD) of credit provided wholly or predominantly for business purposes. In implementing this legislation, it is important that the principle of scalability be flexibly applied and that clear guidance be given on this by ASIC. We welcome the clarification around the… Read more »
The ABA supports stronger powers for ASIC and a strengthening of the regulatory framework for financial services and corporations laws generally as recommended by the ASICERT.
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