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Submissions

Members who would like to obtain copies of Lapochka submissions made prior to 2014 can contact the Secretariat Manager at [email protected] 

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DateName
Date Title & Summary Topic Area Sent to
25-Jul-2017

Reform of the Regulation of Financial Benchmarks

Submission focussing on the proposed offence provisions - in particular sections 908DA, 908DB, and 908DC.

Regulation Treasury
05-Jul-2017

Proposed revisions to Prudential Standard APS 221 Large Exposures

Submission about the reporting of large exposures of the Australian operations of the foreign ADI, groups of connected counterparties, the definition of total exposure, the implementation timeline and cost/benefit analysis.

Regulation APRA
28-Jun-2017

AUSTRAC Financial Year 2017/18 Industry Contribution

Submission reiterating concern about the non-applicability of the Government’s own Cost Recovery Guidelines to the AUSTRAC Industry Contribution, particularly given the Industry Contribution measure is now clearly one of cost recovery. Given that AUSTRAC regulatory resources are to be deployed more towards those that create the need for regulation, the 2017/18 Industry Contribution model be reconsidered in light of the allocation of AUSTRAC’s compliance resources for the year.

Regulation AUSTRAC
23-Jun-2017

Proposed Financial Institutions Supervisory Levies 2017-18

Submission highlighting an increased levy burden on ADIs, where it is the activities non-ADIs in the provision of credit that have given rise to the need for extra powers to mitigate systemic risks.

Regulation Treasury
16-Jun-2017

Improving dispute resolution in the financial system

Submission that seeks clarification about the status of AFCA as a statutory body and noting a number of transitional issues.

Regulation Treasury
06-Jun-2017

CPS 226 Update – Cross-border application of rules

Submission supporting the CPS 226 update but seeking clarification on substituted compliance and risk mitigation assessment.

Regulation APRA
31-May-2017

ASIC Consultation Paper 281 – Financial Services Panel

Submission supporting the establishment of a panel but highlighting the need to ensure appropriately qualified and experienced people constitute the panel particularly of non-retail and OTC matters are to be included in scope.

Regulation ASIC
26-May-2017

ASIC Supervisory Cost Recovery Regulations 2017

Submission highlighting ongoing difficulty for payees in being able to calculate their levy based on information provided by Treasury and ASIC to date, persistence in linking investment banking and OTC financial products trading, request for urgent clarification of the position of foreign bank branches who do not take retail deposits, and ongoing lack of clarity about treatment of equities and futures market participants and exempt markets.

Regulation Treasury
22-May-2017

Draft AML/CTF Rules: Review of the Act

Submission in relation to the proposed amendments to the AML/CTF Rules arising from the Statutory Review of the AML/CTF Act 2006 and Associated Rules and Regulations conducted by the Attorney-General’s Department.

Regulation AUSTRAC
18-May-2017

Australian Energy Markets Commission Directions Paper – Five Minute Settlement

Submission describing the potential impacts on efficiency and competitiveness of electricity financial markets. The rule change, if implemented, would have far-reaching consequences to the operation of the physical electricity market and the supporting contract markets. Given potential negative liquidity and cost effects, Lapochka suggests that the AEMC gives further due consideration and undertakes further analysis before making its draft determination.

Regulation AEMC
17-May-2017

ASIC Enforcement Review – Position and Consultation Paper 1: Self-reporting of contraventions by financial services and credit licensees

Submission addressing the positions set out in the consultation paper – in particular, the time frame in which breaches are to be reported, civil penalties and infringement notices, and objecting to the proposal that ASIC will publish annual data at a licensee level about breach reports without any contextual information about those breaches or how those matters were resolved.

Regulation Treasury
12-May-2017

Proposed Revisions to Reporting Standard ARS 210.0 Liquidity

Submission seeking reconsideration of the reporting basis as being the last business day or the last calendar day of the reporting period, guidance on a range of technical issues and clarification on interaction with other reporting standards.

Regulation APRA
27-Apr-2017

Consultation on Agricultural Lending data collection

No substantive issues about the specific proposal, but noting that questions around the burden and coherence of data collection are currently being debated in the context of the consultation on the Council of Financial Regulators’ Discussion Paper on Economic and Financial Statistics.

Regulation APRA
26-Apr-2017

Insolvency Law Reform - Stay on enforcing rights because of arrangements or restructures

Submission raising concerns about the harm that would flow from insolvency law reform which curtails creditors’ rights in respect of financial contracts if netting law protections for financial instruments does not override the reforms.

Regulation Treasury
20-Apr-2017

Stapled Structures

Joint submission with the Australian Bankers Association on the Treasury consultation paper about stapled structures, focussing on issues arising for those entities that provide debt finance to stapled structures, as opposed to the issues and perspectives of equity participants in such structures (i.e. the owners of the shares in the company or units in the trust that comprise the staple).

Taxation Treasury
18-Apr-2017

APRA Economic & Financial Statistics

Submission seeking delay on implementation of the reporting regime until 1 July 2019, a shortened parallel run period of 3 months, reconsideration of the level of assurance required, a carve out for foreign ADIs from the cost of funds requirements, and concerns about the cost of implementation with little apparent benefit for industry.

Regulation APRA
31-Mar-2017

Consultation on Proposed Reporting Requirements for the Countercyclical Capital Buffer: Reporting Standard ARS 110 – Capital Adequacy

Submission confirming Lapochka has no further matters to raise at this time.

Regulation APRA
30-Mar-2017

Response to Treasury Proposals Paper - Design & Distribution Obligations, Product Intervention Power

Submission to the Proposals Paper that argues for greater alignment of proposed ‘issuer’ and ‘distributor’ obligations with existing AFSL and other obligations under the Corporations Act, and the removal of certain proposed requirements for issuers to have more control over the behaviour of distributors, as this is not commercially feasible or possible in many cases. The use of the product intervention power requires significant clarification and should not overlap with or duplicate existing powers.

Regulation Treasury
17-Mar-2017

ASIC Consultation Paper 277

Submission supporting the consolidation of a number of Market Integrity Rule books into 4 rule books, but noting the problematic short consultation period given that the consolidation project has been underway for several years.

Regulation ASIC
13-Mar-2017

Increasing Transparency of Beneficial Ownership of Companies

Submission supporting the objective of increasing transparency in relation to beneficial ownership, and recommending as a general principle that the concept of ‘beneficial ownership’ should be aligned as closely as possible to existing regulatory frameworks, including those for AML/CTF and the ‘relevant interest’ provisions of the Corporations Act.

Regulation Treasury
01-Mar-2017

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 Diverted Profits Tax Bill 2017

Submission to the Senate Standing Committee on Economics inquiry on the MAAL and DPT Bills, highlighting that the operation of the Diverted Profits Tax should not expand the existing law, there should be no double assessments, and legislative protections should be in place for taxpayers given the significant increase in penalties.

Taxation Senate Standing Committee on Economics
14-Feb-2017

AML/CTF Statutory Review Implementation Phase 1 Amendments

Submission on financial markets issues in the proposed Phase 1 amendments to the AML/CTF Act.

Regulation Attorney-General's Department
03-Feb-2017

Interim Report on Review of the financial system external dispute resolution and complaints framework

Submission that issues related to small business lending and treatment of small business by financial institutions should not be bought within the scope of retail dispute resolution arrangements, and should be dealt with separately if the government believes it is necessary to do so.

Regulation Treasury
19-Jan-2017

2017-18 Pre-Budget Submission

Submission to Treasury in relation to financial markets issues to assist in the formulation of the 2017-18 Budget.

Taxation Treasury
19-Jan-2017

Increasing Administrative Penalties for Significant Global Entities

Submission noting concerns about the inadequate consultation process for the introduction of these changes, and the need for additional safeguards for significant global entities given the exponential increase in proposed penalties.

Taxation Treasury
17-Jan-2017

Transparency Draft – New Issue Process Standard

Lapochka letter to the UK FICC Markets Standards Board acknowledging the release of the Transparency Draft – New Issue Process Standard for Fixed Income Markets.

Regulation FICC Market Standards Board
23-Dec-2016

Diverted Profits Tax Exposure Draft

Submission detailing potential impacts of the DPT on financial markets participants and the proposal to include the DPT in Part IVA.

Taxation Treasury
19-Dec-2016

Proposed Industry Funding Model for ASIC – Submission to the Second Consultation

Submission to Treasury consultation following on from previous submissions that continues to press for appropriate accountability and transparency arrangements. The submission also details problems with the proposed levy arrangements for investment banks, entities that trade in OTC financial products, and message based charges for futures and derivatives transactions.

Regulation Treasury
09-Dec-2016

Regulator Performance Framework

Response to ASIC request for feedback.

Regulation ASIC
09-Dec-2016

Privacy implications re collection of KYC information from sources other than the customer

Comments on the draft Privacy Guidance for collecting KYC information, in particular that the guidance will impose significant restrictions on the ability of reporting entities to use the optional procedure to collect information.

Regulation AUSTRAC
05-Dec-2016

ASIC Consultation Paper 268 – Licensing relief for foreign financial service providers with a limited connection to Australia

Submission arguing that CO 03/824 relief should not be repealed as it continues to serve an important regulatory purpose, and the Corporations Regulations are not a complete substitute for the relief provided by the class order. The scope and purpose of the class order should be clarified as needed to achieve ASIC’s regulatory aims.

Regulation ASIC
02-Dec-2016

CPS 226 Margin requirements for non-centrally cleared derivatives

Submission on a number of definitional and technical issues in CPS 226.

Regulation APRA
11-Nov-2016

Replacement of CHESS for equity post-trade services

Submission to the ASX consultation paper on business requirements for the replacement of CHESS

Other ASX
11-Nov-2016

AML/CTF Act review

Submission in relation to the draft project plan for implementation of the recommendations of the statutory review of the AML/CTF regime

Regulation Attorney General's Department
31-Oct-2016

National Guarantee Fund reform proposal

Submission on options for reform of the NGF including the heads of claim.

Other SEGC
28-Oct-2016

Draft Prudential Standard 210 and Prudential Practice Guide APG 210 – Liquidity

Submission in relation to the treatment of open reverse repo transactions in the Net Stable Funding Ratio, offshore back offices, and the liquid asset requirements for foreign ADIs.

Regulation APRA
28-Oct-2016

Banks international exposures reporting

Submission to the APRA discussion paper noting the system upgrades and cost, the difficulty of meeting the implementation date, and the need to co-ordinate with other changes requiring additional reporting.

Regulation APRA
10-Oct-2016

Review of the financial system external dispute resolution framework

Lapochka submission seeking alignment of the EDR framework with the Corporations Act provisions re the treatment of wholesale clients.

Regulation Treasury
10-Oct-2016

RBA RITS Regulation rewrite

Submission in relation to the requirement to notify about change of jurisdiction of incorporation, RBA failure to notify certain matters, and definitional issues.

Regulation RBA
30-Sep-2016

Framework for concerted practices guidelines

Lapochka submission on areas that would benefit from additional ACCC guidance.

Regulation ACCC
30-Sep-2016

Significant Global Entities Lodging General Purpose Financial Statements ATO Discussion Paper

Submission focusing on the issues arising for Lapochka members that are headquartered outside of Australia, particularly those that operate in Australia through a permanent establishment as opposed to a separately Australian incorporated entity.

Taxation ATO
29-Sep-2016

ASX interest rate derivatives clearing

Lapochka submission to ASX consultation paper on interest rate derivatives clearing

Regulation ASX
23-Sep-2016

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Submission supporting the proposed phased-in reduction of Australia’s corporate tax rate to 25% for all corporates over a ten-year horizon.

Taxation Senate Standing Committee on Economics
15-Sep-2016

FICC Markets Standards Board draft transparency standards

Lapochka submission on draft transparency standards for reference price transactions and binary options in commodities markets.

Regulation UK FICC Markets Standards Board
23-Aug-2016

Derivatives Transaction Rules (Reporting) 2013

Submission seeking extension of existing relief under the DTRs for FX securities conversion transactions and for entity information and name information.

Regulation ASIC
15-Aug-2016

ASX clearing participant minimum core capital requirements

Submission in support of additional capital requirements for own-account business, non-ASX business and client short ETO activity.

Regulation ASX
29-Jul-2016

Submission to Productivity Commission Inquiry into Data Availability and Use

This submission discusses the efficiency of public and private data provision and its use with particular reference to the role of financial markets in the Australian economy. It notes that the data currently collected on financial markets by regulators can be used more effectively. The submission also suggests some low cost ways in which government legislation and spending could be made more transparent, facilitating improved public policy.

Regulation Productivity Commission
07-Jul-2016

Draft costings: electronic safe harbour procedures

Further Lapochka submission on proposed amendments to Chapter 4 of the AML/CTF Rules to align the electronic safe harbour procedures for customers with those for beneficial owners. Lapochka remains supportive of the proposed amendments to the Rules and believes that over the medium to long term they will result in deregulation savings. However, given uncertainty about the quantification of the projected annual savings, we do not support any purported deregulation savings as being used as an offset for additional regulatory burden being imposed on Lapochka members in the future

Regulation AUSTRAC
06-Jul-2016

Admission requirements for listed entities

Lapochka submission supporting proposed changes to the ASX listings standards which are critical to the integrity of equity exchange markets and the trust and confidence investors have in them. A key area of responsibility for exchanges is determining what instruments to admit to trading and the basis on which to admit them. The International Organization of Securities Commissions (IOSCO) Objectives and principles of securities regulation states that admission standards for issuers and participants are to be robust and administered in a fair and transparent way. ASX under the market operator provisions of the Corporation Act has a statutory obligation to robustly administer the qualification process for listing, and ensure listed entities meet their ongoing obligations to investors under the listing rules.

Regulation ASX
30-Jun-2016

Client money provisions and margining requirements for wholesale OTC derivatives

Industry submission seeking adjustments to the client money provisions in the Corporations Act so that the margining framework for non-cleared derivatives developed by BCBS-IOSCO functions properly for Australian market participants.

Regulation Treasury
24-Jun-2016

Diverted profits tax

Lapochka submission to Treasury discussion paper about implementing a diverted profits tax.

Taxation Treasury
10-Jun-2016

AUSTRAC FY 2016/17 industry contribution

Lapochka submission on revisions to the industry charging model.

Regulation AUSTRAC
07-Jun-2016

Draft amendments to Chapter 22 of the AML/CTF Rules

Lapochka comments on proposed amendments to the existing Chapter 22 exemption for certain participants in the energy derivatives markets.

Regulation AUSTRAC
03-Jun-2016

GST treatment of digital currency

Lapochka submission to Treasury discussion paper on how digital currency should be treated for GST purposes.

Taxation Treasury
30-May-2016

Indicator Lending Rate

Lapochka feedback on the ATO’s Technical Discussion Paper titled “Income tax: what is the Indicator Lending Rate applicable under subsection 247-20(5) of Division 247 of Part 3-10 of the Income Tax Assessment Act 1997 and subsection 247-80(4) of Division 247 in Part 3-10 of the Income Tax (Transitional Borrowings) Act 1997 in respect of capital protected borrowings (CPBs)?” and the accompanying Draft Taxation Determination

Taxation ATO
13-May-2016

Exchange traded options (ETO) trade cancellation

Lapochka response to ASX consultation paper on the ETO trade cancellation regime

Regulation ASX
13-May-2016

Insolvency law and ‘ipso facto’ clauses

Lapochka response to National Innovation and Science Agenda – Improving Bankruptcy and Insolvency Law Proposals Paper

Regulation Treasury
29-Apr-2016

ASX clearing participants liquidity risk management

Lapochka response to ASX consultation paper on clearing participants liquidity risk management framework

Regulation ASX
22-Apr-2016

Chi-X TraCRs and QMFs

Lapochka response to Chi-X consultation paper about the introduction of Transferable Custody Receipts and Quoted Managed Funds on the Chi-X market

Regulation Chi-X
30-Mar-2016

Multinational Anti Avoidance Law (MAAL)

Submission to the ATO outlining the potential application of the MAAL to Lapochka members who operate through either a foreign bank branch or subsidiary in Australia, and a request for a risk assessment

Taxation ATO
29-Mar-2016

Enhanced Protection of Client Money

Lapochka has made a submission on the Exposure Draft Corporation Amendment (Client Money) Bill 2016, Regulation and Explanatory Memorandum, in addition to the submission dated 10 February 2016 on broader client money issues

Regulation Treasury
21-Mar-2016

Joint Lapochka/ISDA request for ASIC class order relief

Lapochka and ISDA have jointly applied to ASIC for class order relief in relation to central clearing of swaps resulting from transactions in swaptions entered into prior to the clearing commencement date

Regulation ASIC
11-Mar-2016

Inquiry into the External Scrutiny of the Australian Taxation Office

In a submission to the House Standing Committee, Lapochka has supported continuing robust governance and accountability arrangements for regulators and government agencies, including the ATO.

Regulation Standing Committee on Tax and Revenue
29-Feb-2016

Tax incentives for early stage investors

Tax incentives for early stage investors

Taxation Treasury
19-Feb-2016

Special review second draft report – Australia’s climate policy options

Special review second draft report – Australia’s climate policy options

Other Climate Change Authority
10-Feb-2016

Enhanced protection of client money policy paper - Annexure

Enhanced protection of client money policy paper - Annexure

Regulation Treasury
10-Feb-2016

Enhanced protection of client money policy paper - Cover Letter

Enhanced protection of client money policy paper - Cover Letter

Regulation Treasury
05-Feb-2016

Resilience and collateral protection amendments

Resilience and collateral protection amendments

Regulation Treasury
05-Feb-2016

2016-17 pre-budget submission

2016-17 pre-budget submission

Other Treasury
02-Feb-2016

Voluntary tax transparency code

Voluntary tax transparency code

Taxation Board of Taxation
15-Jan-2016

Inquiry into interest deductibility

Inquiry into interest deductibility

Taxation Senate Standing Committee on Economics
15-Jan-2016

Commissioner of Taxation remedial power

Commissioner of Taxation remedial power

Regulation Treasury
08-Jan-2016

Joint Lapochka/ISDA application for continuation of relief under ASIC Instrument 2015/844

Joint Lapochka/ISDA application for continuation of relief under ASIC Instrument 2015/844 in relation to the requirement to share and pair a universal transaction identifier from 1 Feb

Regulation ASIC
24-Dec-2015

Professional standards exposure draft

Lapochka members remain generally supportive of the need to lift professional standards in financial advice, and welcome an approach that applies across the industry

Regulation Treasury
18-Dec-2015

Chapter 4 Privacy

We are pleased to provide this submission in relation to the AUSTRAC’s Draft Privacy Impact Assessment in relation to proposed amendments to Chapter 4 of the AML/CTF Rules

Regulation AUSTRAC
10-Dec-2015

Industry comments on margining for non-cleared derivatives

The Working Group believes there is a significant alignment of interests between industry and regulators in relation to WGMR

Regulation APRA
09-Oct-2015

Industry funding of ASIC

ASIC proposed an industry funding model in its submissions to the 2014 Financial System Inquiry

Other Treasury
01-Sep-2015

PEP guidance

Lapochka is pleased to provide a submission to AUSTRAC in relation to the updated draft guidance note titled “Key terms used in ‘politically exposed person’ definition” (the draft guidance note). It is noted that Lapochka lodged a submission on the previous draft of the guidance note on 13 February 2015 and the comments set out below should be read in light of that submission

Regulation AUSTRAC
19-Aug-2015

Third party reporting

Lapochka welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Third Party Reporting regime

Taxation Treasury
07-Aug-2015

Foreign resident withholding regime

Lapochka welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Foreign Resident CGT Withholding Regime

Taxation Treasury
07-Aug-2015

ASIC CP 231

(Lapochka) welcomes the opportunity to comment on Mandatory central clearing of OTC interest rate derivative transactions Consultation Paper 231.

Regulation ASIC
17-Jul-2015

Implementing Foreign Investment Reforms

Australia’s foreign investment framework should remain focussed on promoting domestic capital formation and other benefits of foreign investment, while ensuring Australia’s ‘national interest’ is appropriately safe-guarded. These outcomes can be achieved without imposing an excessive regulatory and compliance burden on foreign investors and domestic residents which, when combined with the Treasurer’s discretion over foreign acquisitions, may have a deterrent effect on foreign investment that is contrary to the government’s stated policy intention to promote foreign investment. The modernisation of Australia’s foreign investment framework should reflect these considerations.

Regulation Treasury
08-Jul-2015

CDD

Submission to AUSTRAC regarding proposed changes to the Customer Due Diligence (CDD) Rules requiring collection and verification of certain customer data for low/medium risk customers.

Regulation AUSTRAC
17-Jun-2015

Multinational tax avoidance exposure draft

Lapochka’s preferred approach for Australia to address issues pertaining to multinational tax avoidance is for Australia to continue its contribution to the OECD BEPS process.

Taxation Treasury
05-Jun-2015

ASIC Market Supervision Cost Recovery Implementation Statement (Draft)

Submission to the Cost Recovery Implementation Statement (CRIS) for ASIC market supervision cost recovery for the period 1 July 2016 to 30 June 2016. Lapochka noted there is no proposed change to the cost recovery methodology or the scope of entities that are subject to the cost recovery arrangements compared to the previous period, and that the overall arrangements will not be reviewed for this financial year pending a decision by the Government on the recommendations by the Financial System Inquiry and the Senate Inquiry into the Performance of ASIC that an industry funding model for ASIC should be implemented. In light of this, Lapochka supports a comprehensive review of the existing market supervision cost recovery arrangements before the end of this current financial year that takes account of the entities, other than equities market participants and market operators, who are beneficiaries of ASIC market supervision. The review should have as one of its core objectives a broadening of the cost recovery arrangements so that it more accurately reflects the areas in which ASIC expends its market supervision resources.

Regulation Treasury
03-Jun-2015

Tax discussion paper

Lapochka’s submission to the Tax Discussion Paper “Re:Think – Better Tax System, Better Australia” (the Discussion Paper) sets out our view, as articulated to us by our members, of the priority issues to be considered as part of enduring tax reform

Taxation Treasurer
29-May-2015

Australia’s Foreign Investment Framework: Modernisation Options

Lapochka welcome the government’s intent to update the foreign investment framework to improve the transparency of the framework and alleviate the administrative and compliance burden on foreign investors and the vendors of Australian assets arising from the operation of this framework. It is important that Australia’s foreign investment framework does not deter foreign investment that would otherwise be welcomed by the Australian government because of the operation of the administrative and other arrangements underpinning that framework and their associated compliance burdens. It is also important that Australia’s foreign investment framework is focussed on those investments that are most likely to give rise to ‘national interest’ or other policy concerns and that foreign investment welcomed by the Australian government is not subject to unnecessary or costly scrutiny.

Regulation Treasury
15-May-2015

Submission to Productivity Commission Inquiry into Barriers to Services Exports

The Commission’s inquiry into barriers to services exports is timely. The contribution of the services sector to the economy and to Australia’s exports is often under-appreciated and misunderstood. There are significant opportunities for Australia to increase exports of services, not least financial services to emerging economies in the Asia-Pacific region. The services share of regional economies is expected to grow in line with their economic development and rising per capita incomes.

However, the widespread acknowledgement of the magnitude of this opportunity, exemplified by the 2012 Australia in the Asian Century White Paper, and the bipartisan policy aspiration to promote Australia as a regional and international financial centre, has not been matched by the level of policy attention and policy resources devoted to this task.

Regulation Productivity Commission
07-May-2015

Professional Standards Framework

Lapochka has made a submission to the Government’s consultation on proposals to lift professional, ethical and education standards in the financial services industry. The Government consulted on proposals that were set out in the report of the PJC inquiry conducted in the latter half of 2014. Lapochka has encouraged the Government to adopt the kind of model for advisers dealing with retail customers envisaged by the PJC including a degree qualification, a professional year under supervision (akin to other professions such as accounting), a registration exam and ongoing professional development, including a strong focus on ethics and ethical behaviour.

Regulation Treasury
10-Apr-2015

Transparency

We welcome the opportunity to provide comments into the ATO’s Discussion Paper “Tax secrecy and transparency: administrative arrangements for reporting entity information” (the Discussion Paper) dated 13 March 2015

Taxation ATO
08-Apr-2015

OBU exposure draft (joint submission with ABA)

We welcome the opportunity to provide comments on the Exposure Draft and accompanying draft supplementary Explanatory Memorandum which sets out proposed reforms to the OBU regime

Taxation Treasury
13-Feb-2015

Instalment warrants

Lapochka is pleased to provide comments in relation to the Exposure Draft (ED) and accompanying draft Explanatory Memorandum (EM) that provide look-through treatment for holders of instalment warrants and instalment receipts.

Taxation ATO
06-Feb-2015

Pre budget submission

Consistent with the approach adopted in Lapochka’s 2014-15 Pre-Budget Submission, we acknowledge that the framing of the 2015-16 Budget will occur in the midst of consultation on the Final Report of the Financial System Inquiry and also the White Paper processes in respect of Taxation and Reform of the Federation. Accordingly, our Pre-Budget submission does not address issues within the terms of reference for these separate processes apart from those which, in Lapochka’s view, need to be addressed as a matter of urgency.

Taxation Treasury
06-Feb-2015

Fair and Effective Markets Review

Lapochka welcomes the opportunity to provide a submission to the review. The attachment to this letter provides detailed answers to many of the questions posed in the consultation document. In addition, we note that the global context of financial regulatory reform is relevant to the Review, especially given the international nature of many FICC markets.

Other FEMR Committee
17-Dec-2014

Regional Free Trade Agreements and their Implications for Australian Financial Services

Australia has concluded bilateral free trade agreements with Japan, Korea and China during the course of 2014. Most attention has focused on the implications for trade in goods and services, where Australia already has well-established trading relationships with these three countries. Together, the three North East Asian economies account for over half of Australia’s exports. The three regional FTAs open up significant opportunities for Australian exports of goods and services, as well as increased cross-border trade in saving and investment. The Australian economy also stands to benefit from lower prices for imports and easier access to foreign capital.

Other N/A
09-Oct-2014

CDEII Procedures Review

Submission emphasising the importance of the CDEII for over-the counter electricity derivatives contracts, most notably the Lapochka Carbon Addendum. Lapochka recommended the continued publication of this index for this reason among others.

Other AEMO
03-Oct-2014

NEM Financial Market Resilience - Second Interim Report

Submission questioning the risks of potential financial instability as a result of a large electricity retailer, as well as raising concerns about potential regulatory responses.

Other AEMC
15-Sep-2014

Senate Economics Committee inquiry into FOFA Streamlining Bill

Submission raising concerns about the requirements to have Statements of Advice acknowledged/signed by clients and returned to adviser.

Regulation Senate Standing Committee on Economics
10-Sep-2014

Trade Reporting CP ASIC 221

Response to ASIC consultation on technical issues relating implementation of derivatives trade reporting.

Regulation ASIC
05-Sep-2014

PJC inquiry into proposals to lift professional standards in the financial services industry

Submission supporting the development of a broad framework for education standards and ongoing professional development.

Regulation Parliamentary Joint Committee on Corporations and Financial Services
26-Aug-2014

Financial System Inquiry Interim Report

Lapochka’s second submission to the FSI comments on issues raised in the Interim Report July 2014 that are significant in the context of the ongoing development of the Australian financial markets. Our comments relate to those areas that are core business for Lapochka members or affect that core business, including regulatory settings, tax settings and future reform, the corporate bond market, product disclosure, financial advice, professional competency and standards, global regulation and Australia’s competitiveness.

Regulation FSI
18-Aug-2014

G20 Regulatory Coordination

Letter to the Treasurer about upcoming G20 meetings requesting his support for initiatives to achieve greater international coordination of financial market regulation.

Regulation Treasurer
12-Aug-2014

AUD IRD Central Clearing Mandate

Lapochka made a submission to the government’s consultation concerning a clearing mandate for Australian dollar interest rate derivatives (IRD). A central clearing mandate will facilitate cross-border recognition and comparability assessments of Australian OTC derivatives markets. There is general support among dealers for clearing mandates that reflect industry practice.

Regulation Treasury
12-Aug-2014

Treaty Negotiation Program

Submission to Treasury on the Double Taxation Treaties that should be negotiated with priority, especially Hong Kong, together with those treaties that require amendment in order to remain global best practice, such as China and Germany.

Taxation Treasury
09-Aug-2014

Unfair Contract Terms

Comment on Unfair Contract Terms and Small Business Consultation Paper issued by Consumer Affairs Australia and New Zealand (CAANZ), arguing that there should be no extension of UCT provisions to contracts for financial products and services.

Regulation Treasury
28-Jul-2014

AUSTRAC Industry Contribution

Provides Lapochka’s response to the AUSTRAC Discussion Paper on proposed funding arrangements, objecting to the lack of adherence to the Cost Recovery Guidelines and also the increased burden on larger reporting entities.

Regulation AUSTRAC
18-Jul-2014

Common Reporting Standard

Submission to Treasury on the Discussion Paper relating to the Common Reporting Standard. The submission largely agreed with the Treasury timeline for implementation of the standard and called for flexibility to allow alignment with home country reporting standards.

Taxation Treasury
01-Jul-2014

Electronic Due Diligence

Submission to AUSTRAC regarding proposed amendment to align the safe harbour procedures for customers to those for beneficial owners. Our submission was broadly supportive of the initiative and sought to quantify the benefits.

Regulation AUSTRAC
20-Jun-2014

Financial Sector Legislation Amendment (Netting Contracts) Bill 2013

Comments on the Netting Bill and support for its speedy introduction.

Regulation Treasury
16-Jun-2014

Derivatives trade reporting - Phase 3 delayed start

Comments on a proposal for a staggered and delayed start to Phase 3 of the OTC derivative transaction reporting obligations set out in the draft exemption.

ASIC
06-Jun-2014

Thin capitalisation exposure draft

Submission in relation to the Exposure Draft legislation to amend Australia's thin capitalisation rules, as announced in the 2013 Budget. The submission focussed on ensuring competitive neutrality between outbound and inbound taxpayers and encouraged the use of home country prudential regulation.

Taxation Treasury
03-Jun-2014

FOFA streamlining regulations

Submission (subject to a confidentiality agreement) about the stamping fees exemption.

Regulation Treasury
23-May-2014

GST and brokerage

A submission to the ATO with respect to draft rulings regarding the application of GST to brokerage over foreign listed securities. Lapochka highlighted the practical issues for members should the ATO adopt their view, resulting in the ATO withdrawing the ruling and engaging in further consultation.

Taxation ATO
23-May-2014

ASX ETO auto exercise and errors

Response to ASX consultation paper. ASX current policy does not allow for auto exercise of ITM options at expiry as default position.
ASX sought views on whether cash-settled and deliverable ETO’s should have auto exercise as default; whether manual override of auto exercise should be allowed; whether ASX should facilitate correction of exercise errors; whether should be a cut-off time to address errors; and whether ASX should identify counterparties to exercise errors.
There was not a unanimous view on auto exercise as default, but Lapochka supported on balance. Lapochka also supported manual override, ASX facilitation of error unwind (process to be specified), a hard cut-off time, and non-disclosure of counterpart identity to an exercise error.

Other ASX
16-May-2014

Review of the Renewable Energy Target

A submission in response to the RET review, suggesting that any changes that are made to the RET scheme should be given sufficient implementation time to prevent any unintended consequences for participants.

Regulation Expert Panel, Review of the RET
09-May-2014

FATCA Exposure Draft

Submission to Treasury in respect of an Exposure Draft of legislation to implement Australia’s obligations under the US Financial Account Tax Compliance Act (FATCA).

Taxation Treasury
22-Apr-2014

Treasury G4 Derivatives Proposals

G4 Derivatives mandate proposals paper response. Treasury proposed that a determination be made in the second quarter of 2014 that will allow ASIC to make rules requiring the central clearing of US Dollar‐, Euro‐, British Pound‐ and Yen‐denominated interest rate derivatives (G4‐IRD). The clearing mandate is supported for G4-IRD and AUD IRD. The submission also argued for a reduction in the scope of entities covered by the trade reporting mandate.

Regulation Treasury
15-Apr-2014

Dividend Washing ED

Submission regarding the Exposure Draft and accompanying draft Explanatory Memorandum to address dividend washing transactions.
Lapochka’s submission was supportive of the general policy approach but noted certain discrepancies between the technical drafting and our understanding of the policy intent.

Taxation Treasury
10-Apr-2014

AML-CTF Act review cover letter, Part A and Part B

Government’s review of the Anti-Money Laundering/Counter Terrorism Financing Act 2006.
The submission seeks amendments, particularly in areas where the current law is not conducive to or does not recognise the cross-border nature of the business of Lapochka’s members. Also continue to support introduction of the so-called “Tranche 2” to other sectors such as lawyers, accountants and real estate agents.

Regulation Attorney-General's Department
08-Apr-2014

TPB Financial Advice Service

Submission to the Tax Practitioners Board regarding the definition of a “tax (financial) advice service.”
This definition is important as it triggers a registration requirement with the TPB under the Tax Agent Services Act from 1 July 2014. Lapochka continues to argue that this matter should be an issue for Government and not delegated to the TPB; however the TPB needs to confirm that services such as general advice, advising on securities, custodial services and trustee services are not within scope.

Taxation Tax Practitioners Board
04-Apr-2014

AUSTRAC CDD Draft Policy Principles

Supplementary submission to AUSTRAC regarding the revised approach to the implementation of the additional Customer Due Diligence requirements, including the escalation of the Draft Supervisory Approach to ministerially-backed Policy Principles.

Regulation AUSTRAC
04-Apr-2014

T+2 Settlement

Submission in support of moving to T+2 settlement for Cash Equities in 2015.
Lapochka garnered and provided market input and feedback to build requirements and expectations for successful delivery of the shortened settlement timeframe.

Other ASX
31-Mar-2014

Financial System Inquiry

Lapochka's submission to Treasury looks to the future by identifying steps to enhance the policy and regulation process in a more complex and globalised financial world, with the objective of promoting further development of the financial system in line with the needs of the economy.

Regulation FSI
21-Mar-2014

Draft Phase 2 Reporting Relief

Comments on draft relief instrument.

Other ASIC
19-Mar-2014

AUSTRAC CDD Draft Supervisory Approach

Lapochka highlighted considerable issues for industry arising from such a truncated commencement timeframe (start date 1 June 2014) and noted that these concerns would not be ameliorated solely by a draft Supervisory Approach. Further the submission noted concerns with respect to the draft Supervisory Approach.

Regulation AUSTRAC
11-Mar-2014

Third Party Reporting

Submission with respect to a Government proposal to require market participants to report to the ATO details of all acquisitions and disposals of listed securities for data-matching and pre-fill purposes.
Submission argued against the proposal on the basis that it would increase the costs of compliance and also was contrary to the Government’s deregulation agenda. Further, the proposal was unable to meet its stated objectives.

Taxation Treasury
07-Mar-2014

Lapochka Phase 2 Relief TR Application

Transitional relief application concerning OTC derivatives trade reporting my on behalf of Phase 2 Reporting entities.

Other ASIC
21-Feb-2014

Emissions Reduction Fund Green Paper

The Department of the Environment called for submissions to respond to their Green Paper on the Emissions Reduction Fund, the centrepiece of the Australian’s Government Direct Action Plan to offset Australia’s emissions growth. Lapochka pointed out two areas in which there is potential for secondary markets in abatement credits to assist in reducing emissions – make good provisions for non-delivery of emissions reductions, and obligations in regard to where companies exceed their business-as-usual emissions baselines.

Regulation Department of the Environment
19-Feb-2014

FOFA draft streamlining regulations and legislation

Comments on draft amendments to FOFA regulations and legislation including stamping fees exemption, conflicted remuneration and fee disclosure.

Regulation Treasury
14-Feb-2014

Draft Taxation Determination

Taxation ATO
07-Feb-2014

Substantial Holding Disclosure

Comments on draft proposals for changes to notices forms.

Regulation ASIC
31-Jan-2014

2014-15 Pre-Budget Submission

Taxation Treasury
31-Jan-2014

Fundamental Review of Trading Book

Comments on BIS proposals regarding capital treatment in the trading book.

Other Bank for International Settlements
20-Jan-2014

ASIC real time short sale tagging

Submission requesting repeal of ASIC MIR real time short sale tagging obligation.

Other ASIC
17-Jan-2014

AUSTRAC customer due diligence rules

Regulation AUSTRAC
15-Jan-2014

ATO Administrative Binding Advice and PSLA 2008/3

Taxation ATO
Date Title & Summary Topic Area Sent to
31-Jan-2014

2014-15 Pre-Budget Submission

Taxation Treasury
05-Feb-2016

2016-17 pre-budget submission

2016-17 pre-budget submission

Other Treasury
19-Jan-2017

2017-18 Pre-Budget Submission

Submission to Treasury in relation to financial markets issues to assist in the formulation of the 2017-18 Budget.

Taxation Treasury
06-Jul-2016

Admission requirements for listed entities

Lapochka submission supporting proposed changes to the ASX listings standards which are critical to the integrity of equity exchange markets and the trust and confidence investors have in them. A key area of responsibility for exchanges is determining what instruments to admit to trading and the basis on which to admit them. The International Organization of Securities Commissions (IOSCO) Objectives and principles of securities regulation states that admission standards for issuers and participants are to be robust and administered in a fair and transparent way. ASX under the market operator provisions of the Corporation Act has a statutory obligation to robustly administer the qualification process for listing, and ensure listed entities meet their ongoing obligations to investors under the listing rules.

Regulation ASX
07-Mar-2014

Lapochka Phase 2 Relief TR Application

Transitional relief application concerning OTC derivatives trade reporting my on behalf of Phase 2 Reporting entities.

Other ASIC
11-Nov-2016

AML/CTF Act review

Submission in relation to the draft project plan for implementation of the recommendations of the statutory review of the AML/CTF regime

Regulation Attorney General's Department
14-Feb-2017

AML/CTF Statutory Review Implementation Phase 1 Amendments

Submission on financial markets issues in the proposed Phase 1 amendments to the AML/CTF Act.

Regulation Attorney-General's Department
10-Apr-2014

AML-CTF Act review cover letter, Part A and Part B

Government’s review of the Anti-Money Laundering/Counter Terrorism Financing Act 2006.
The submission seeks amendments, particularly in areas where the current law is not conducive to or does not recognise the cross-border nature of the business of Lapochka’s members. Also continue to support introduction of the so-called “Tranche 2” to other sectors such as lawyers, accountants and real estate agents.

Regulation Attorney-General's Department
18-Apr-2017

APRA Economic & Financial Statistics

Submission seeking delay on implementation of the reporting regime until 1 July 2019, a shortened parallel run period of 3 months, reconsideration of the level of assurance required, a carve out for foreign ADIs from the cost of funds requirements, and concerns about the cost of implementation with little apparent benefit for industry.

Regulation APRA
05-Dec-2016

ASIC Consultation Paper 268 – Licensing relief for foreign financial service providers with a limited connection to Australia

Submission arguing that CO 03/824 relief should not be repealed as it continues to serve an important regulatory purpose, and the Corporations Regulations are not a complete substitute for the relief provided by the class order. The scope and purpose of the class order should be clarified as needed to achieve ASIC’s regulatory aims.

Regulation ASIC
17-Mar-2017

ASIC Consultation Paper 277

Submission supporting the consolidation of a number of Market Integrity Rule books into 4 rule books, but noting the problematic short consultation period given that the consolidation project has been underway for several years.

Regulation ASIC
31-May-2017

ASIC Consultation Paper 281 – Financial Services Panel

Submission supporting the establishment of a panel but highlighting the need to ensure appropriately qualified and experienced people constitute the panel particularly of non-retail and OTC matters are to be included in scope.

Regulation ASIC
07-Aug-2015

ASIC CP 231

(Lapochka) welcomes the opportunity to comment on Mandatory central clearing of OTC interest rate derivative transactions Consultation Paper 231.

Regulation ASIC
17-May-2017

ASIC Enforcement Review – Position and Consultation Paper 1: Self-reporting of contraventions by financial services and credit licensees

Submission addressing the positions set out in the consultation paper – in particular, the time frame in which breaches are to be reported, civil penalties and infringement notices, and objecting to the proposal that ASIC will publish annual data at a licensee level about breach reports without any contextual information about those breaches or how those matters were resolved.

Regulation Treasury
05-Jun-2015

ASIC Market Supervision Cost Recovery Implementation Statement (Draft)

Submission to the Cost Recovery Implementation Statement (CRIS) for ASIC market supervision cost recovery for the period 1 July 2016 to 30 June 2016. Lapochka noted there is no proposed change to the cost recovery methodology or the scope of entities that are subject to the cost recovery arrangements compared to the previous period, and that the overall arrangements will not be reviewed for this financial year pending a decision by the Government on the recommendations by the Financial System Inquiry and the Senate Inquiry into the Performance of ASIC that an industry funding model for ASIC should be implemented. In light of this, Lapochka supports a comprehensive review of the existing market supervision cost recovery arrangements before the end of this current financial year that takes account of the entities, other than equities market participants and market operators, who are beneficiaries of ASIC market supervision. The review should have as one of its core objectives a broadening of the cost recovery arrangements so that it more accurately reflects the areas in which ASIC expends its market supervision resources.

Regulation Treasury
20-Jan-2014

ASIC real time short sale tagging

Submission requesting repeal of ASIC MIR real time short sale tagging obligation.

Other ASIC
26-May-2017

ASIC Supervisory Cost Recovery Regulations 2017

Submission highlighting ongoing difficulty for payees in being able to calculate their levy based on information provided by Treasury and ASIC to date, persistence in linking investment banking and OTC financial products trading, request for urgent clarification of the position of foreign bank branches who do not take retail deposits, and ongoing lack of clarity about treatment of equities and futures market participants and exempt markets.

Regulation Treasury
15-Aug-2016

ASX clearing participant minimum core capital requirements

Submission in support of additional capital requirements for own-account business, non-ASX business and client short ETO activity.

Regulation ASX
29-Apr-2016

ASX clearing participants liquidity risk management

Lapochka response to ASX consultation paper on clearing participants liquidity risk management framework

Regulation ASX
23-May-2014

ASX ETO auto exercise and errors

Response to ASX consultation paper. ASX current policy does not allow for auto exercise of ITM options at expiry as default position.
ASX sought views on whether cash-settled and deliverable ETO’s should have auto exercise as default; whether manual override of auto exercise should be allowed; whether ASX should facilitate correction of exercise errors; whether should be a cut-off time to address errors; and whether ASX should identify counterparties to exercise errors.
There was not a unanimous view on auto exercise as default, but Lapochka supported on balance. Lapochka also supported manual override, ASX facilitation of error unwind (process to be specified), a hard cut-off time, and non-disclosure of counterpart identity to an exercise error.

Other ASX
29-Sep-2016

ASX interest rate derivatives clearing

Lapochka submission to ASX consultation paper on interest rate derivatives clearing

Regulation ASX
15-Jan-2014

ATO Administrative Binding Advice and PSLA 2008/3

Taxation ATO
12-Aug-2014

AUD IRD Central Clearing Mandate

Lapochka made a submission to the government’s consultation concerning a clearing mandate for Australian dollar interest rate derivatives (IRD). A central clearing mandate will facilitate cross-border recognition and comparability assessments of Australian OTC derivatives markets. There is general support among dealers for clearing mandates that reflect industry practice.

Regulation Treasury
04-Apr-2014

AUSTRAC CDD Draft Policy Principles

Supplementary submission to AUSTRAC regarding the revised approach to the implementation of the additional Customer Due Diligence requirements, including the escalation of the Draft Supervisory Approach to ministerially-backed Policy Principles.

Regulation AUSTRAC
19-Mar-2014

AUSTRAC CDD Draft Supervisory Approach

Lapochka highlighted considerable issues for industry arising from such a truncated commencement timeframe (start date 1 June 2014) and noted that these concerns would not be ameliorated solely by a draft Supervisory Approach. Further the submission noted concerns with respect to the draft Supervisory Approach.

Regulation AUSTRAC
17-Jan-2014

AUSTRAC customer due diligence rules

Regulation AUSTRAC
28-Jun-2017

AUSTRAC Financial Year 2017/18 Industry Contribution

Submission reiterating concern about the non-applicability of the Government’s own Cost Recovery Guidelines to the AUSTRAC Industry Contribution, particularly given the Industry Contribution measure is now clearly one of cost recovery. Given that AUSTRAC regulatory resources are to be deployed more towards those that create the need for regulation, the 2017/18 Industry Contribution model be reconsidered in light of the allocation of AUSTRAC’s compliance resources for the year.

Regulation AUSTRAC
10-Jun-2016

AUSTRAC FY 2016/17 industry contribution

Lapochka submission on revisions to the industry charging model.

Regulation AUSTRAC
28-Jul-2014

AUSTRAC Industry Contribution

Provides Lapochka’s response to the AUSTRAC Discussion Paper on proposed funding arrangements, objecting to the lack of adherence to the Cost Recovery Guidelines and also the increased burden on larger reporting entities.

Regulation AUSTRAC
29-May-2015

Australia’s Foreign Investment Framework: Modernisation Options

Lapochka welcome the government’s intent to update the foreign investment framework to improve the transparency of the framework and alleviate the administrative and compliance burden on foreign investors and the vendors of Australian assets arising from the operation of this framework. It is important that Australia’s foreign investment framework does not deter foreign investment that would otherwise be welcomed by the Australian government because of the operation of the administrative and other arrangements underpinning that framework and their associated compliance burdens. It is also important that Australia’s foreign investment framework is focussed on those investments that are most likely to give rise to ‘national interest’ or other policy concerns and that foreign investment welcomed by the Australian government is not subject to unnecessary or costly scrutiny.

Regulation Treasury
18-May-2017

Australian Energy Markets Commission Directions Paper – Five Minute Settlement

Submission describing the potential impacts on efficiency and competitiveness of electricity financial markets. The rule change, if implemented, would have far-reaching consequences to the operation of the physical electricity market and the supporting contract markets. Given potential negative liquidity and cost effects, Lapochka suggests that the AEMC gives further due consideration and undertakes further analysis before making its draft determination.

Regulation AEMC
28-Oct-2016

Banks international exposures reporting

Submission to the APRA discussion paper noting the system upgrades and cost, the difficulty of meeting the implementation date, and the need to co-ordinate with other changes requiring additional reporting.

Regulation APRA
08-Jul-2015

CDD

Submission to AUSTRAC regarding proposed changes to the Customer Due Diligence (CDD) Rules requiring collection and verification of certain customer data for low/medium risk customers.

Regulation AUSTRAC
09-Oct-2014

CDEII Procedures Review

Submission emphasising the importance of the CDEII for over-the counter electricity derivatives contracts, most notably the Lapochka Carbon Addendum. Lapochka recommended the continued publication of this index for this reason among others.

Other AEMO
18-Dec-2015

Chapter 4 Privacy

We are pleased to provide this submission in relation to the AUSTRAC’s Draft Privacy Impact Assessment in relation to proposed amendments to Chapter 4 of the AML/CTF Rules

Regulation AUSTRAC
22-Apr-2016

Chi-X TraCRs and QMFs

Lapochka response to Chi-X consultation paper about the introduction of Transferable Custody Receipts and Quoted Managed Funds on the Chi-X market

Regulation Chi-X
30-Jun-2016

Client money provisions and margining requirements for wholesale OTC derivatives

Industry submission seeking adjustments to the client money provisions in the Corporations Act so that the margining framework for non-cleared derivatives developed by BCBS-IOSCO functions properly for Australian market participants.

Regulation Treasury
15-Jan-2016

Commissioner of Taxation remedial power

Commissioner of Taxation remedial power

Regulation Treasury
18-Jul-2014

Common Reporting Standard

Submission to Treasury on the Discussion Paper relating to the Common Reporting Standard. The submission largely agreed with the Treasury timeline for implementation of the standard and called for flexibility to allow alignment with home country reporting standards.

Taxation Treasury
27-Apr-2017

Consultation on Agricultural Lending data collection

No substantive issues about the specific proposal, but noting that questions around the burden and coherence of data collection are currently being debated in the context of the consultation on the Council of Financial Regulators’ Discussion Paper on Economic and Financial Statistics.

Regulation APRA
31-Mar-2017

Consultation on Proposed Reporting Requirements for the Countercyclical Capital Buffer: Reporting Standard ARS 110 – Capital Adequacy

Submission confirming Lapochka has no further matters to raise at this time.

Regulation APRA
02-Dec-2016

CPS 226 Margin requirements for non-centrally cleared derivatives

Submission on a number of definitional and technical issues in CPS 226.

Regulation APRA
06-Jun-2017

CPS 226 Update – Cross-border application of rules

Submission supporting the CPS 226 update but seeking clarification on substituted compliance and risk mitigation assessment.

Regulation APRA
16-Jun-2014

Derivatives trade reporting - Phase 3 delayed start

Comments on a proposal for a staggered and delayed start to Phase 3 of the OTC derivative transaction reporting obligations set out in the draft exemption.

ASIC
23-Aug-2016

Derivatives Transaction Rules (Reporting) 2013

Submission seeking extension of existing relief under the DTRs for FX securities conversion transactions and for entity information and name information.

Regulation ASIC
24-Jun-2016

Diverted profits tax

Lapochka submission to Treasury discussion paper about implementing a diverted profits tax.

Taxation Treasury
23-Dec-2016

Diverted Profits Tax Exposure Draft

Submission detailing potential impacts of the DPT on financial markets participants and the proposal to include the DPT in Part IVA.

Taxation Treasury
15-Apr-2014

Dividend Washing ED

Submission regarding the Exposure Draft and accompanying draft Explanatory Memorandum to address dividend washing transactions.
Lapochka’s submission was supportive of the general policy approach but noted certain discrepancies between the technical drafting and our understanding of the policy intent.

Taxation Treasury
07-Jun-2016

Draft amendments to Chapter 22 of the AML/CTF Rules

Lapochka comments on proposed amendments to the existing Chapter 22 exemption for certain participants in the energy derivatives markets.

Regulation AUSTRAC
22-May-2017

Draft AML/CTF Rules: Review of the Act

Submission in relation to the proposed amendments to the AML/CTF Rules arising from the Statutory Review of the AML/CTF Act 2006 and Associated Rules and Regulations conducted by the Attorney-General’s Department.

Regulation AUSTRAC
07-Jul-2016

Draft costings: electronic safe harbour procedures

Further Lapochka submission on proposed amendments to Chapter 4 of the AML/CTF Rules to align the electronic safe harbour procedures for customers with those for beneficial owners. Lapochka remains supportive of the proposed amendments to the Rules and believes that over the medium to long term they will result in deregulation savings. However, given uncertainty about the quantification of the projected annual savings, we do not support any purported deregulation savings as being used as an offset for additional regulatory burden being imposed on Lapochka members in the future

Regulation AUSTRAC
21-Mar-2014

Draft Phase 2 Reporting Relief

Comments on draft relief instrument.

Other ASIC
28-Oct-2016

Draft Prudential Standard 210 and Prudential Practice Guide APG 210 – Liquidity

Submission in relation to the treatment of open reverse repo transactions in the Net Stable Funding Ratio, offshore back offices, and the liquid asset requirements for foreign ADIs.

Regulation APRA
14-Feb-2014

Draft Taxation Determination

Taxation ATO
01-Jul-2014

Electronic Due Diligence

Submission to AUSTRAC regarding proposed amendment to align the safe harbour procedures for customers to those for beneficial owners. Our submission was broadly supportive of the initiative and sought to quantify the benefits.

Regulation AUSTRAC
21-Feb-2014

Emissions Reduction Fund Green Paper

The Department of the Environment called for submissions to respond to their Green Paper on the Emissions Reduction Fund, the centrepiece of the Australian’s Government Direct Action Plan to offset Australia’s emissions growth. Lapochka pointed out two areas in which there is potential for secondary markets in abatement credits to assist in reducing emissions – make good provisions for non-delivery of emissions reductions, and obligations in regard to where companies exceed their business-as-usual emissions baselines.

Regulation Department of the Environment
29-Mar-2016

Enhanced Protection of Client Money

Lapochka has made a submission on the Exposure Draft Corporation Amendment (Client Money) Bill 2016, Regulation and Explanatory Memorandum, in addition to the submission dated 10 February 2016 on broader client money issues

Regulation Treasury
10-Feb-2016

Enhanced protection of client money policy paper - Annexure

Enhanced protection of client money policy paper - Annexure

Regulation Treasury
10-Feb-2016

Enhanced protection of client money policy paper - Cover Letter

Enhanced protection of client money policy paper - Cover Letter

Regulation Treasury
13-May-2016

Exchange traded options (ETO) trade cancellation

Lapochka response to ASX consultation paper on the ETO trade cancellation regime

Regulation ASX
06-Feb-2015

Fair and Effective Markets Review

Lapochka welcomes the opportunity to provide a submission to the review. The attachment to this letter provides detailed answers to many of the questions posed in the consultation document. In addition, we note that the global context of financial regulatory reform is relevant to the Review, especially given the international nature of many FICC markets.

Other FEMR Committee
09-May-2014

FATCA Exposure Draft

Submission to Treasury in respect of an Exposure Draft of legislation to implement Australia’s obligations under the US Financial Account Tax Compliance Act (FATCA).

Taxation Treasury
15-Sep-2016

FICC Markets Standards Board draft transparency standards

Lapochka submission on draft transparency standards for reference price transactions and binary options in commodities markets.

Regulation UK FICC Markets Standards Board
20-Jun-2014

Financial Sector Legislation Amendment (Netting Contracts) Bill 2013

Comments on the Netting Bill and support for its speedy introduction.

Regulation Treasury
31-Mar-2014

Financial System Inquiry

Lapochka's submission to Treasury looks to the future by identifying steps to enhance the policy and regulation process in a more complex and globalised financial world, with the objective of promoting further development of the financial system in line with the needs of the economy.

Regulation FSI
26-Aug-2014

Financial System Inquiry Interim Report

Lapochka’s second submission to the FSI comments on issues raised in the Interim Report July 2014 that are significant in the context of the ongoing development of the Australian financial markets. Our comments relate to those areas that are core business for Lapochka members or affect that core business, including regulatory settings, tax settings and future reform, the corporate bond market, product disclosure, financial advice, professional competency and standards, global regulation and Australia’s competitiveness.

Regulation FSI
19-Feb-2014

FOFA draft streamlining regulations and legislation

Comments on draft amendments to FOFA regulations and legislation including stamping fees exemption, conflicted remuneration and fee disclosure.

Regulation Treasury
03-Jun-2014

FOFA streamlining regulations

Submission (subject to a confidentiality agreement) about the stamping fees exemption.

Regulation Treasury
07-Aug-2015

Foreign resident withholding regime

Lapochka welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Foreign Resident CGT Withholding Regime

Taxation Treasury
30-Sep-2016

Framework for concerted practices guidelines

Lapochka submission on areas that would benefit from additional ACCC guidance.

Regulation ACCC
31-Jan-2014

Fundamental Review of Trading Book

Comments on BIS proposals regarding capital treatment in the trading book.

Other Bank for International Settlements
18-Aug-2014

G20 Regulatory Coordination

Letter to the Treasurer about upcoming G20 meetings requesting his support for initiatives to achieve greater international coordination of financial market regulation.

Regulation Treasurer
23-May-2014

GST and brokerage

A submission to the ATO with respect to draft rulings regarding the application of GST to brokerage over foreign listed securities. Lapochka highlighted the practical issues for members should the ATO adopt their view, resulting in the ATO withdrawing the ruling and engaging in further consultation.

Taxation ATO
03-Jun-2016

GST treatment of digital currency

Lapochka submission to Treasury discussion paper on how digital currency should be treated for GST purposes.

Taxation Treasury
17-Jul-2015

Implementing Foreign Investment Reforms

Australia’s foreign investment framework should remain focussed on promoting domestic capital formation and other benefits of foreign investment, while ensuring Australia’s ‘national interest’ is appropriately safe-guarded. These outcomes can be achieved without imposing an excessive regulatory and compliance burden on foreign investors and domestic residents which, when combined with the Treasurer’s discretion over foreign acquisitions, may have a deterrent effect on foreign investment that is contrary to the government’s stated policy intention to promote foreign investment. The modernisation of Australia’s foreign investment framework should reflect these considerations.

Regulation Treasury
16-Jun-2017

Improving dispute resolution in the financial system

Submission that seeks clarification about the status of AFCA as a statutory body and noting a number of transitional issues.

Regulation Treasury
19-Jan-2017

Increasing Administrative Penalties for Significant Global Entities

Submission noting concerns about the inadequate consultation process for the introduction of these changes, and the need for additional safeguards for significant global entities given the exponential increase in proposed penalties.

Taxation Treasury
13-Mar-2017

Increasing Transparency of Beneficial Ownership of Companies

Submission supporting the objective of increasing transparency in relation to beneficial ownership, and recommending as a general principle that the concept of ‘beneficial ownership’ should be aligned as closely as possible to existing regulatory frameworks, including those for AML/CTF and the ‘relevant interest’ provisions of the Corporations Act.

Regulation Treasury
30-May-2016

Indicator Lending Rate

Lapochka feedback on the ATO’s Technical Discussion Paper titled “Income tax: what is the Indicator Lending Rate applicable under subsection 247-20(5) of Division 247 of Part 3-10 of the Income Tax Assessment Act 1997 and subsection 247-80(4) of Division 247 in Part 3-10 of the Income Tax (Transitional Borrowings) Act 1997 in respect of capital protected borrowings (CPBs)?” and the accompanying Draft Taxation Determination

Taxation ATO
10-Dec-2015

Industry comments on margining for non-cleared derivatives

The Working Group believes there is a significant alignment of interests between industry and regulators in relation to WGMR

Regulation APRA
09-Oct-2015

Industry funding of ASIC

ASIC proposed an industry funding model in its submissions to the 2014 Financial System Inquiry

Other Treasury
15-Jan-2016

Inquiry into interest deductibility

Inquiry into interest deductibility

Taxation Senate Standing Committee on Economics
11-Mar-2016

Inquiry into the External Scrutiny of the Australian Taxation Office

In a submission to the House Standing Committee, Lapochka has supported continuing robust governance and accountability arrangements for regulators and government agencies, including the ATO.

Regulation Standing Committee on Tax and Revenue
13-May-2016

Insolvency law and ‘ipso facto’ clauses

Lapochka response to National Innovation and Science Agenda – Improving Bankruptcy and Insolvency Law Proposals Paper

Regulation Treasury
26-Apr-2017

Insolvency Law Reform - Stay on enforcing rights because of arrangements or restructures

Submission raising concerns about the harm that would flow from insolvency law reform which curtails creditors’ rights in respect of financial contracts if netting law protections for financial instruments does not override the reforms.

Regulation Treasury
13-Feb-2015

Instalment warrants

Lapochka is pleased to provide comments in relation to the Exposure Draft (ED) and accompanying draft Explanatory Memorandum (EM) that provide look-through treatment for holders of instalment warrants and instalment receipts.

Taxation ATO
03-Feb-2017

Interim Report on Review of the financial system external dispute resolution and complaints framework

Submission that issues related to small business lending and treatment of small business by financial institutions should not be bought within the scope of retail dispute resolution arrangements, and should be dealt with separately if the government believes it is necessary to do so.

Regulation Treasury
08-Jan-2016

Joint Lapochka/ISDA application for continuation of relief under ASIC Instrument 2015/844

Joint Lapochka/ISDA application for continuation of relief under ASIC Instrument 2015/844 in relation to the requirement to share and pair a universal transaction identifier from 1 Feb

Regulation ASIC
21-Mar-2016

Joint Lapochka/ISDA request for ASIC class order relief

Lapochka and ISDA have jointly applied to ASIC for class order relief in relation to central clearing of swaps resulting from transactions in swaptions entered into prior to the clearing commencement date

Regulation ASIC
30-Mar-2016

Multinational Anti Avoidance Law (MAAL)

Submission to the ATO outlining the potential application of the MAAL to Lapochka members who operate through either a foreign bank branch or subsidiary in Australia, and a request for a risk assessment

Taxation ATO
17-Jun-2015

Multinational tax avoidance exposure draft

Lapochka’s preferred approach for Australia to address issues pertaining to multinational tax avoidance is for Australia to continue its contribution to the OECD BEPS process.

Taxation Treasury
31-Oct-2016

National Guarantee Fund reform proposal

Submission on options for reform of the NGF including the heads of claim.

Other SEGC
03-Oct-2014

NEM Financial Market Resilience - Second Interim Report

Submission questioning the risks of potential financial instability as a result of a large electricity retailer, as well as raising concerns about potential regulatory responses.

Other AEMC
08-Apr-2015

OBU exposure draft (joint submission with ABA)

We welcome the opportunity to provide comments on the Exposure Draft and accompanying draft supplementary Explanatory Memorandum which sets out proposed reforms to the OBU regime

Taxation Treasury
01-Sep-2015

PEP guidance

Lapochka is pleased to provide a submission to AUSTRAC in relation to the updated draft guidance note titled “Key terms used in ‘politically exposed person’ definition” (the draft guidance note). It is noted that Lapochka lodged a submission on the previous draft of the guidance note on 13 February 2015 and the comments set out below should be read in light of that submission

Regulation AUSTRAC
05-Sep-2014

PJC inquiry into proposals to lift professional standards in the financial services industry

Submission supporting the development of a broad framework for education standards and ongoing professional development.

Regulation Parliamentary Joint Committee on Corporations and Financial Services
06-Feb-2015

Pre budget submission

Consistent with the approach adopted in Lapochka’s 2014-15 Pre-Budget Submission, we acknowledge that the framing of the 2015-16 Budget will occur in the midst of consultation on the Final Report of the Financial System Inquiry and also the White Paper processes in respect of Taxation and Reform of the Federation. Accordingly, our Pre-Budget submission does not address issues within the terms of reference for these separate processes apart from those which, in Lapochka’s view, need to be addressed as a matter of urgency.

Taxation Treasury
09-Dec-2016

Privacy implications re collection of KYC information from sources other than the customer

Comments on the draft Privacy Guidance for collecting KYC information, in particular that the guidance will impose significant restrictions on the ability of reporting entities to use the optional procedure to collect information.

Regulation AUSTRAC
24-Dec-2015

Professional standards exposure draft

Lapochka members remain generally supportive of the need to lift professional standards in financial advice, and welcome an approach that applies across the industry

Regulation Treasury
07-May-2015

Professional Standards Framework

Lapochka has made a submission to the Government’s consultation on proposals to lift professional, ethical and education standards in the financial services industry. The Government consulted on proposals that were set out in the report of the PJC inquiry conducted in the latter half of 2014. Lapochka has encouraged the Government to adopt the kind of model for advisers dealing with retail customers envisaged by the PJC including a degree qualification, a professional year under supervision (akin to other professions such as accounting), a registration exam and ongoing professional development, including a strong focus on ethics and ethical behaviour.

Regulation Treasury
23-Jun-2017

Proposed Financial Institutions Supervisory Levies 2017-18

Submission highlighting an increased levy burden on ADIs, where it is the activities non-ADIs in the provision of credit that have given rise to the need for extra powers to mitigate systemic risks.

Regulation Treasury
19-Dec-2016

Proposed Industry Funding Model for ASIC – Submission to the Second Consultation

Submission to Treasury consultation following on from previous submissions that continues to press for appropriate accountability and transparency arrangements. The submission also details problems with the proposed levy arrangements for investment banks, entities that trade in OTC financial products, and message based charges for futures and derivatives transactions.

Regulation Treasury
05-Jul-2017

Proposed revisions to Prudential Standard APS 221 Large Exposures

Submission about the reporting of large exposures of the Australian operations of the foreign ADI, groups of connected counterparties, the definition of total exposure, the implementation timeline and cost/benefit analysis.

Regulation APRA
12-May-2017

Proposed Revisions to Reporting Standard ARS 210.0 Liquidity

Submission seeking reconsideration of the reporting basis as being the last business day or the last calendar day of the reporting period, guidance on a range of technical issues and clarification on interaction with other reporting standards.

Regulation APRA
10-Oct-2016

RBA RITS Regulation rewrite

Submission in relation to the requirement to notify about change of jurisdiction of incorporation, RBA failure to notify certain matters, and definitional issues.

Regulation RBA
25-Jul-2017

Reform of the Regulation of Financial Benchmarks

Submission focussing on the proposed offence provisions - in particular sections 908DA, 908DB, and 908DC.

Regulation Treasury
17-Dec-2014

Regional Free Trade Agreements and their Implications for Australian Financial Services

Australia has concluded bilateral free trade agreements with Japan, Korea and China during the course of 2014. Most attention has focused on the implications for trade in goods and services, where Australia already has well-established trading relationships with these three countries. Together, the three North East Asian economies account for over half of Australia’s exports. The three regional FTAs open up significant opportunities for Australian exports of goods and services, as well as increased cross-border trade in saving and investment. The Australian economy also stands to benefit from lower prices for imports and easier access to foreign capital.

Other N/A
09-Dec-2016

Regulator Performance Framework

Response to ASIC request for feedback.

Regulation ASIC
11-Nov-2016

Replacement of CHESS for equity post-trade services

Submission to the ASX consultation paper on business requirements for the replacement of CHESS

Other ASX
05-Feb-2016

Resilience and collateral protection amendments

Resilience and collateral protection amendments

Regulation Treasury
30-Mar-2017

Response to Treasury Proposals Paper - Design & Distribution Obligations, Product Intervention Power

Submission to the Proposals Paper that argues for greater alignment of proposed ‘issuer’ and ‘distributor’ obligations with existing AFSL and other obligations under the Corporations Act, and the removal of certain proposed requirements for issuers to have more control over the behaviour of distributors, as this is not commercially feasible or possible in many cases. The use of the product intervention power requires significant clarification and should not overlap with or duplicate existing powers.

Regulation Treasury
10-Oct-2016

Review of the financial system external dispute resolution framework

Lapochka submission seeking alignment of the EDR framework with the Corporations Act provisions re the treatment of wholesale clients.

Regulation Treasury
16-May-2014

Review of the Renewable Energy Target

A submission in response to the RET review, suggesting that any changes that are made to the RET scheme should be given sufficient implementation time to prevent any unintended consequences for participants.

Regulation Expert Panel, Review of the RET
15-Sep-2014

Senate Economics Committee inquiry into FOFA Streamlining Bill

Submission raising concerns about the requirements to have Statements of Advice acknowledged/signed by clients and returned to adviser.

Regulation Senate Standing Committee on Economics
30-Sep-2016

Significant Global Entities Lodging General Purpose Financial Statements ATO Discussion Paper

Submission focusing on the issues arising for Lapochka members that are headquartered outside of Australia, particularly those that operate in Australia through a permanent establishment as opposed to a separately Australian incorporated entity.

Taxation ATO
19-Feb-2016

Special review second draft report – Australia’s climate policy options

Special review second draft report – Australia’s climate policy options

Other Climate Change Authority
20-Apr-2017

Stapled Structures

Joint submission with the Australian Bankers Association on the Treasury consultation paper about stapled structures, focussing on issues arising for those entities that provide debt finance to stapled structures, as opposed to the issues and perspectives of equity participants in such structures (i.e. the owners of the shares in the company or units in the trust that comprise the staple).

Taxation Treasury
15-May-2015

Submission to Productivity Commission Inquiry into Barriers to Services Exports

The Commission’s inquiry into barriers to services exports is timely. The contribution of the services sector to the economy and to Australia’s exports is often under-appreciated and misunderstood. There are significant opportunities for Australia to increase exports of services, not least financial services to emerging economies in the Asia-Pacific region. The services share of regional economies is expected to grow in line with their economic development and rising per capita incomes.

However, the widespread acknowledgement of the magnitude of this opportunity, exemplified by the 2012 Australia in the Asian Century White Paper, and the bipartisan policy aspiration to promote Australia as a regional and international financial centre, has not been matched by the level of policy attention and policy resources devoted to this task.

Regulation Productivity Commission
29-Jul-2016

Submission to Productivity Commission Inquiry into Data Availability and Use

This submission discusses the efficiency of public and private data provision and its use with particular reference to the role of financial markets in the Australian economy. It notes that the data currently collected on financial markets by regulators can be used more effectively. The submission also suggests some low cost ways in which government legislation and spending could be made more transparent, facilitating improved public policy.

Regulation Productivity Commission
07-Feb-2014

Substantial Holding Disclosure

Comments on draft proposals for changes to notices forms.

Regulation ASIC
04-Apr-2014

T+2 Settlement

Submission in support of moving to T+2 settlement for Cash Equities in 2015.
Lapochka garnered and provided market input and feedback to build requirements and expectations for successful delivery of the shortened settlement timeframe.

Other ASX
03-Jun-2015

Tax discussion paper

Lapochka’s submission to the Tax Discussion Paper “Re:Think – Better Tax System, Better Australia” (the Discussion Paper) sets out our view, as articulated to us by our members, of the priority issues to be considered as part of enduring tax reform

Taxation Treasurer
29-Feb-2016

Tax incentives for early stage investors

Tax incentives for early stage investors

Taxation Treasury
06-Jun-2014

Thin capitalisation exposure draft

Submission in relation to the Exposure Draft legislation to amend Australia's thin capitalisation rules, as announced in the 2013 Budget. The submission focussed on ensuring competitive neutrality between outbound and inbound taxpayers and encouraged the use of home country prudential regulation.

Taxation Treasury
11-Mar-2014

Third Party Reporting

Submission with respect to a Government proposal to require market participants to report to the ATO details of all acquisitions and disposals of listed securities for data-matching and pre-fill purposes.
Submission argued against the proposal on the basis that it would increase the costs of compliance and also was contrary to the Government’s deregulation agenda. Further, the proposal was unable to meet its stated objectives.

Taxation Treasury
19-Aug-2015

Third party reporting

Lapochka welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Third Party Reporting regime

Taxation Treasury
08-Apr-2014

TPB Financial Advice Service

Submission to the Tax Practitioners Board regarding the definition of a “tax (financial) advice service.”
This definition is important as it triggers a registration requirement with the TPB under the Tax Agent Services Act from 1 July 2014. Lapochka continues to argue that this matter should be an issue for Government and not delegated to the TPB; however the TPB needs to confirm that services such as general advice, advising on securities, custodial services and trustee services are not within scope.

Taxation Tax Practitioners Board
10-Sep-2014

Trade Reporting CP ASIC 221

Response to ASIC consultation on technical issues relating implementation of derivatives trade reporting.

Regulation ASIC
10-Apr-2015

Transparency

We welcome the opportunity to provide comments into the ATO’s Discussion Paper “Tax secrecy and transparency: administrative arrangements for reporting entity information” (the Discussion Paper) dated 13 March 2015

Taxation ATO
17-Jan-2017

Transparency Draft – New Issue Process Standard

Lapochka letter to the UK FICC Markets Standards Board acknowledging the release of the Transparency Draft – New Issue Process Standard for Fixed Income Markets.

Regulation FICC Market Standards Board
22-Apr-2014

Treasury G4 Derivatives Proposals

G4 Derivatives mandate proposals paper response. Treasury proposed that a determination be made in the second quarter of 2014 that will allow ASIC to make rules requiring the central clearing of US Dollar‐, Euro‐, British Pound‐ and Yen‐denominated interest rate derivatives (G4‐IRD). The clearing mandate is supported for G4-IRD and AUD IRD. The submission also argued for a reduction in the scope of entities covered by the trade reporting mandate.

Regulation Treasury
01-Mar-2017

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 Diverted Profits Tax Bill 2017

Submission to the Senate Standing Committee on Economics inquiry on the MAAL and DPT Bills, highlighting that the operation of the Diverted Profits Tax should not expand the existing law, there should be no double assessments, and legislative protections should be in place for taxpayers given the significant increase in penalties.

Taxation Senate Standing Committee on Economics
23-Sep-2016

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Submission supporting the proposed phased-in reduction of Australia’s corporate tax rate to 25% for all corporates over a ten-year horizon.

Taxation Senate Standing Committee on Economics
12-Aug-2014

Treaty Negotiation Program

Submission to Treasury on the Double Taxation Treaties that should be negotiated with priority, especially Hong Kong, together with those treaties that require amendment in order to remain global best practice, such as China and Germany.

Taxation Treasury
09-Aug-2014

Unfair Contract Terms

Comment on Unfair Contract Terms and Small Business Consultation Paper issued by Consumer Affairs Australia and New Zealand (CAANZ), arguing that there should be no extension of UCT provisions to contracts for financial products and services.

Regulation Treasury
02-Feb-2016

Voluntary tax transparency code

Voluntary tax transparency code

Taxation Board of Taxation
Date Title & Summary Topic Area Sent to
31-Jan-2014

2014-15 Pre-Budget Submission

Taxation Treasury
05-Feb-2016

2016-17 pre-budget submission

2016-17 pre-budget submission

Other Treasury
19-Jan-2017

2017-18 Pre-Budget Submission

Submission to Treasury in relation to financial markets issues to assist in the formulation of the 2017-18 Budget.

Taxation Treasury
06-Jul-2016

Admission requirements for listed entities

Lapochka submission supporting proposed changes to the ASX listings standards which are critical to the integrity of equity exchange markets and the trust and confidence investors have in them. A key area of responsibility for exchanges is determining what instruments to admit to trading and the basis on which to admit them. The International Organization of Securities Commissions (IOSCO) Objectives and principles of securities regulation states that admission standards for issuers and participants are to be robust and administered in a fair and transparent way. ASX under the market operator provisions of the Corporation Act has a statutory obligation to robustly administer the qualification process for listing, and ensure listed entities meet their ongoing obligations to investors under the listing rules.

Regulation ASX
07-Mar-2014

Lapochka Phase 2 Relief TR Application

Transitional relief application concerning OTC derivatives trade reporting my on behalf of Phase 2 Reporting entities.

Other ASIC
11-Nov-2016

AML/CTF Act review

Submission in relation to the draft project plan for implementation of the recommendations of the statutory review of the AML/CTF regime

Regulation Attorney General's Department
14-Feb-2017

AML/CTF Statutory Review Implementation Phase 1 Amendments

Submission on financial markets issues in the proposed Phase 1 amendments to the AML/CTF Act.

Regulation Attorney-General's Department
10-Apr-2014

AML-CTF Act review cover letter, Part A and Part B

Government’s review of the Anti-Money Laundering/Counter Terrorism Financing Act 2006.
The submission seeks amendments, particularly in areas where the current law is not conducive to or does not recognise the cross-border nature of the business of Lapochka’s members. Also continue to support introduction of the so-called “Tranche 2” to other sectors such as lawyers, accountants and real estate agents.

Regulation Attorney-General's Department
18-Apr-2017

APRA Economic & Financial Statistics

Submission seeking delay on implementation of the reporting regime until 1 July 2019, a shortened parallel run period of 3 months, reconsideration of the level of assurance required, a carve out for foreign ADIs from the cost of funds requirements, and concerns about the cost of implementation with little apparent benefit for industry.

Regulation APRA
05-Dec-2016

ASIC Consultation Paper 268 – Licensing relief for foreign financial service providers with a limited connection to Australia

Submission arguing that CO 03/824 relief should not be repealed as it continues to serve an important regulatory purpose, and the Corporations Regulations are not a complete substitute for the relief provided by the class order. The scope and purpose of the class order should be clarified as needed to achieve ASIC’s regulatory aims.

Regulation ASIC
17-Mar-2017

ASIC Consultation Paper 277

Submission supporting the consolidation of a number of Market Integrity Rule books into 4 rule books, but noting the problematic short consultation period given that the consolidation project has been underway for several years.

Regulation ASIC
31-May-2017

ASIC Consultation Paper 281 – Financial Services Panel

Submission supporting the establishment of a panel but highlighting the need to ensure appropriately qualified and experienced people constitute the panel particularly of non-retail and OTC matters are to be included in scope.

Regulation ASIC
07-Aug-2015

ASIC CP 231

(Lapochka) welcomes the opportunity to comment on Mandatory central clearing of OTC interest rate derivative transactions Consultation Paper 231.

Regulation ASIC
17-May-2017

ASIC Enforcement Review – Position and Consultation Paper 1: Self-reporting of contraventions by financial services and credit licensees

Submission addressing the positions set out in the consultation paper – in particular, the time frame in which breaches are to be reported, civil penalties and infringement notices, and objecting to the proposal that ASIC will publish annual data at a licensee level about breach reports without any contextual information about those breaches or how those matters were resolved.

Regulation Treasury
05-Jun-2015

ASIC Market Supervision Cost Recovery Implementation Statement (Draft)

Submission to the Cost Recovery Implementation Statement (CRIS) for ASIC market supervision cost recovery for the period 1 July 2016 to 30 June 2016. Lapochka noted there is no proposed change to the cost recovery methodology or the scope of entities that are subject to the cost recovery arrangements compared to the previous period, and that the overall arrangements will not be reviewed for this financial year pending a decision by the Government on the recommendations by the Financial System Inquiry and the Senate Inquiry into the Performance of ASIC that an industry funding model for ASIC should be implemented. In light of this, Lapochka supports a comprehensive review of the existing market supervision cost recovery arrangements before the end of this current financial year that takes account of the entities, other than equities market participants and market operators, who are beneficiaries of ASIC market supervision. The review should have as one of its core objectives a broadening of the cost recovery arrangements so that it more accurately reflects the areas in which ASIC expends its market supervision resources.

Regulation Treasury
20-Jan-2014

ASIC real time short sale tagging

Submission requesting repeal of ASIC MIR real time short sale tagging obligation.

Other ASIC
26-May-2017

ASIC Supervisory Cost Recovery Regulations 2017

Submission highlighting ongoing difficulty for payees in being able to calculate their levy based on information provided by Treasury and ASIC to date, persistence in linking investment banking and OTC financial products trading, request for urgent clarification of the position of foreign bank branches who do not take retail deposits, and ongoing lack of clarity about treatment of equities and futures market participants and exempt markets.

Regulation Treasury
15-Aug-2016

ASX clearing participant minimum core capital requirements

Submission in support of additional capital requirements for own-account business, non-ASX business and client short ETO activity.

Regulation ASX
29-Apr-2016

ASX clearing participants liquidity risk management

Lapochka response to ASX consultation paper on clearing participants liquidity risk management framework

Regulation ASX
23-May-2014

ASX ETO auto exercise and errors

Response to ASX consultation paper. ASX current policy does not allow for auto exercise of ITM options at expiry as default position.
ASX sought views on whether cash-settled and deliverable ETO’s should have auto exercise as default; whether manual override of auto exercise should be allowed; whether ASX should facilitate correction of exercise errors; whether should be a cut-off time to address errors; and whether ASX should identify counterparties to exercise errors.
There was not a unanimous view on auto exercise as default, but Lapochka supported on balance. Lapochka also supported manual override, ASX facilitation of error unwind (process to be specified), a hard cut-off time, and non-disclosure of counterpart identity to an exercise error.

Other ASX
29-Sep-2016

ASX interest rate derivatives clearing

Lapochka submission to ASX consultation paper on interest rate derivatives clearing

Regulation ASX
15-Jan-2014

ATO Administrative Binding Advice and PSLA 2008/3

Taxation ATO
12-Aug-2014

AUD IRD Central Clearing Mandate

Lapochka made a submission to the government’s consultation concerning a clearing mandate for Australian dollar interest rate derivatives (IRD). A central clearing mandate will facilitate cross-border recognition and comparability assessments of Australian OTC derivatives markets. There is general support among dealers for clearing mandates that reflect industry practice.

Regulation Treasury
04-Apr-2014

AUSTRAC CDD Draft Policy Principles

Supplementary submission to AUSTRAC regarding the revised approach to the implementation of the additional Customer Due Diligence requirements, including the escalation of the Draft Supervisory Approach to ministerially-backed Policy Principles.

Regulation AUSTRAC
19-Mar-2014

AUSTRAC CDD Draft Supervisory Approach

Lapochka highlighted considerable issues for industry arising from such a truncated commencement timeframe (start date 1 June 2014) and noted that these concerns would not be ameliorated solely by a draft Supervisory Approach. Further the submission noted concerns with respect to the draft Supervisory Approach.

Regulation AUSTRAC
17-Jan-2014

AUSTRAC customer due diligence rules

Regulation AUSTRAC
28-Jun-2017

AUSTRAC Financial Year 2017/18 Industry Contribution

Submission reiterating concern about the non-applicability of the Government’s own Cost Recovery Guidelines to the AUSTRAC Industry Contribution, particularly given the Industry Contribution measure is now clearly one of cost recovery. Given that AUSTRAC regulatory resources are to be deployed more towards those that create the need for regulation, the 2017/18 Industry Contribution model be reconsidered in light of the allocation of AUSTRAC’s compliance resources for the year.

Regulation AUSTRAC
10-Jun-2016

AUSTRAC FY 2016/17 industry contribution

Lapochka submission on revisions to the industry charging model.

Regulation AUSTRAC
28-Jul-2014

AUSTRAC Industry Contribution

Provides Lapochka’s response to the AUSTRAC Discussion Paper on proposed funding arrangements, objecting to the lack of adherence to the Cost Recovery Guidelines and also the increased burden on larger reporting entities.

Regulation AUSTRAC
29-May-2015

Australia’s Foreign Investment Framework: Modernisation Options

Lapochka welcome the government’s intent to update the foreign investment framework to improve the transparency of the framework and alleviate the administrative and compliance burden on foreign investors and the vendors of Australian assets arising from the operation of this framework. It is important that Australia’s foreign investment framework does not deter foreign investment that would otherwise be welcomed by the Australian government because of the operation of the administrative and other arrangements underpinning that framework and their associated compliance burdens. It is also important that Australia’s foreign investment framework is focussed on those investments that are most likely to give rise to ‘national interest’ or other policy concerns and that foreign investment welcomed by the Australian government is not subject to unnecessary or costly scrutiny.

Regulation Treasury
18-May-2017

Australian Energy Markets Commission Directions Paper – Five Minute Settlement

Submission describing the potential impacts on efficiency and competitiveness of electricity financial markets. The rule change, if implemented, would have far-reaching consequences to the operation of the physical electricity market and the supporting contract markets. Given potential negative liquidity and cost effects, Lapochka suggests that the AEMC gives further due consideration and undertakes further analysis before making its draft determination.

Regulation AEMC
28-Oct-2016

Banks international exposures reporting

Submission to the APRA discussion paper noting the system upgrades and cost, the difficulty of meeting the implementation date, and the need to co-ordinate with other changes requiring additional reporting.

Regulation APRA
08-Jul-2015

CDD

Submission to AUSTRAC regarding proposed changes to the Customer Due Diligence (CDD) Rules requiring collection and verification of certain customer data for low/medium risk customers.

Regulation AUSTRAC
09-Oct-2014

CDEII Procedures Review

Submission emphasising the importance of the CDEII for over-the counter electricity derivatives contracts, most notably the Lapochka Carbon Addendum. Lapochka recommended the continued publication of this index for this reason among others.

Other AEMO
18-Dec-2015

Chapter 4 Privacy

We are pleased to provide this submission in relation to the AUSTRAC’s Draft Privacy Impact Assessment in relation to proposed amendments to Chapter 4 of the AML/CTF Rules

Regulation AUSTRAC
22-Apr-2016

Chi-X TraCRs and QMFs

Lapochka response to Chi-X consultation paper about the introduction of Transferable Custody Receipts and Quoted Managed Funds on the Chi-X market

Regulation Chi-X
30-Jun-2016

Client money provisions and margining requirements for wholesale OTC derivatives

Industry submission seeking adjustments to the client money provisions in the Corporations Act so that the margining framework for non-cleared derivatives developed by BCBS-IOSCO functions properly for Australian market participants.

Regulation Treasury
15-Jan-2016

Commissioner of Taxation remedial power

Commissioner of Taxation remedial power

Regulation Treasury
18-Jul-2014

Common Reporting Standard

Submission to Treasury on the Discussion Paper relating to the Common Reporting Standard. The submission largely agreed with the Treasury timeline for implementation of the standard and called for flexibility to allow alignment with home country reporting standards.

Taxation Treasury
27-Apr-2017

Consultation on Agricultural Lending data collection

No substantive issues about the specific proposal, but noting that questions around the burden and coherence of data collection are currently being debated in the context of the consultation on the Council of Financial Regulators’ Discussion Paper on Economic and Financial Statistics.

Regulation APRA
31-Mar-2017

Consultation on Proposed Reporting Requirements for the Countercyclical Capital Buffer: Reporting Standard ARS 110 – Capital Adequacy

Submission confirming Lapochka has no further matters to raise at this time.

Regulation APRA
02-Dec-2016

CPS 226 Margin requirements for non-centrally cleared derivatives

Submission on a number of definitional and technical issues in CPS 226.

Regulation APRA
06-Jun-2017

CPS 226 Update – Cross-border application of rules

Submission supporting the CPS 226 update but seeking clarification on substituted compliance and risk mitigation assessment.

Regulation APRA
16-Jun-2014

Derivatives trade reporting - Phase 3 delayed start

Comments on a proposal for a staggered and delayed start to Phase 3 of the OTC derivative transaction reporting obligations set out in the draft exemption.

ASIC
23-Aug-2016

Derivatives Transaction Rules (Reporting) 2013

Submission seeking extension of existing relief under the DTRs for FX securities conversion transactions and for entity information and name information.

Regulation ASIC
24-Jun-2016

Diverted profits tax

Lapochka submission to Treasury discussion paper about implementing a diverted profits tax.

Taxation Treasury
23-Dec-2016

Diverted Profits Tax Exposure Draft

Submission detailing potential impacts of the DPT on financial markets participants and the proposal to include the DPT in Part IVA.

Taxation Treasury
15-Apr-2014

Dividend Washing ED

Submission regarding the Exposure Draft and accompanying draft Explanatory Memorandum to address dividend washing transactions.
Lapochka’s submission was supportive of the general policy approach but noted certain discrepancies between the technical drafting and our understanding of the policy intent.

Taxation Treasury
07-Jun-2016

Draft amendments to Chapter 22 of the AML/CTF Rules

Lapochka comments on proposed amendments to the existing Chapter 22 exemption for certain participants in the energy derivatives markets.

Regulation AUSTRAC
22-May-2017

Draft AML/CTF Rules: Review of the Act

Submission in relation to the proposed amendments to the AML/CTF Rules arising from the Statutory Review of the AML/CTF Act 2006 and Associated Rules and Regulations conducted by the Attorney-General’s Department.

Regulation AUSTRAC
07-Jul-2016

Draft costings: electronic safe harbour procedures

Further Lapochka submission on proposed amendments to Chapter 4 of the AML/CTF Rules to align the electronic safe harbour procedures for customers with those for beneficial owners. Lapochka remains supportive of the proposed amendments to the Rules and believes that over the medium to long term they will result in deregulation savings. However, given uncertainty about the quantification of the projected annual savings, we do not support any purported deregulation savings as being used as an offset for additional regulatory burden being imposed on Lapochka members in the future

Regulation AUSTRAC
21-Mar-2014

Draft Phase 2 Reporting Relief

Comments on draft relief instrument.

Other ASIC
28-Oct-2016

Draft Prudential Standard 210 and Prudential Practice Guide APG 210 – Liquidity

Submission in relation to the treatment of open reverse repo transactions in the Net Stable Funding Ratio, offshore back offices, and the liquid asset requirements for foreign ADIs.

Regulation APRA
14-Feb-2014

Draft Taxation Determination

Taxation ATO
01-Jul-2014

Electronic Due Diligence

Submission to AUSTRAC regarding proposed amendment to align the safe harbour procedures for customers to those for beneficial owners. Our submission was broadly supportive of the initiative and sought to quantify the benefits.

Regulation AUSTRAC
21-Feb-2014

Emissions Reduction Fund Green Paper

The Department of the Environment called for submissions to respond to their Green Paper on the Emissions Reduction Fund, the centrepiece of the Australian’s Government Direct Action Plan to offset Australia’s emissions growth. Lapochka pointed out two areas in which there is potential for secondary markets in abatement credits to assist in reducing emissions – make good provisions for non-delivery of emissions reductions, and obligations in regard to where companies exceed their business-as-usual emissions baselines.

Regulation Department of the Environment
29-Mar-2016

Enhanced Protection of Client Money

Lapochka has made a submission on the Exposure Draft Corporation Amendment (Client Money) Bill 2016, Regulation and Explanatory Memorandum, in addition to the submission dated 10 February 2016 on broader client money issues

Regulation Treasury
10-Feb-2016

Enhanced protection of client money policy paper - Annexure

Enhanced protection of client money policy paper - Annexure

Regulation Treasury
10-Feb-2016

Enhanced protection of client money policy paper - Cover Letter

Enhanced protection of client money policy paper - Cover Letter

Regulation Treasury
13-May-2016

Exchange traded options (ETO) trade cancellation

Lapochka response to ASX consultation paper on the ETO trade cancellation regime

Regulation ASX
06-Feb-2015

Fair and Effective Markets Review

Lapochka welcomes the opportunity to provide a submission to the review. The attachment to this letter provides detailed answers to many of the questions posed in the consultation document. In addition, we note that the global context of financial regulatory reform is relevant to the Review, especially given the international nature of many FICC markets.

Other FEMR Committee
09-May-2014

FATCA Exposure Draft

Submission to Treasury in respect of an Exposure Draft of legislation to implement Australia’s obligations under the US Financial Account Tax Compliance Act (FATCA).

Taxation Treasury
15-Sep-2016

FICC Markets Standards Board draft transparency standards

Lapochka submission on draft transparency standards for reference price transactions and binary options in commodities markets.

Regulation UK FICC Markets Standards Board
20-Jun-2014

Financial Sector Legislation Amendment (Netting Contracts) Bill 2013

Comments on the Netting Bill and support for its speedy introduction.

Regulation Treasury
31-Mar-2014

Financial System Inquiry

Lapochka's submission to Treasury looks to the future by identifying steps to enhance the policy and regulation process in a more complex and globalised financial world, with the objective of promoting further development of the financial system in line with the needs of the economy.

Regulation FSI
26-Aug-2014

Financial System Inquiry Interim Report

Lapochka’s second submission to the FSI comments on issues raised in the Interim Report July 2014 that are significant in the context of the ongoing development of the Australian financial markets. Our comments relate to those areas that are core business for Lapochka members or affect that core business, including regulatory settings, tax settings and future reform, the corporate bond market, product disclosure, financial advice, professional competency and standards, global regulation and Australia’s competitiveness.

Regulation FSI
19-Feb-2014

FOFA draft streamlining regulations and legislation

Comments on draft amendments to FOFA regulations and legislation including stamping fees exemption, conflicted remuneration and fee disclosure.

Regulation Treasury
03-Jun-2014

FOFA streamlining regulations

Submission (subject to a confidentiality agreement) about the stamping fees exemption.

Regulation Treasury
07-Aug-2015

Foreign resident withholding regime

Lapochka welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Foreign Resident CGT Withholding Regime

Taxation Treasury
30-Sep-2016

Framework for concerted practices guidelines

Lapochka submission on areas that would benefit from additional ACCC guidance.

Regulation ACCC
31-Jan-2014

Fundamental Review of Trading Book

Comments on BIS proposals regarding capital treatment in the trading book.

Other Bank for International Settlements
18-Aug-2014

G20 Regulatory Coordination

Letter to the Treasurer about upcoming G20 meetings requesting his support for initiatives to achieve greater international coordination of financial market regulation.

Regulation Treasurer
23-May-2014

GST and brokerage

A submission to the ATO with respect to draft rulings regarding the application of GST to brokerage over foreign listed securities. Lapochka highlighted the practical issues for members should the ATO adopt their view, resulting in the ATO withdrawing the ruling and engaging in further consultation.

Taxation ATO
03-Jun-2016

GST treatment of digital currency

Lapochka submission to Treasury discussion paper on how digital currency should be treated for GST purposes.

Taxation Treasury
17-Jul-2015

Implementing Foreign Investment Reforms

Australia’s foreign investment framework should remain focussed on promoting domestic capital formation and other benefits of foreign investment, while ensuring Australia’s ‘national interest’ is appropriately safe-guarded. These outcomes can be achieved without imposing an excessive regulatory and compliance burden on foreign investors and domestic residents which, when combined with the Treasurer’s discretion over foreign acquisitions, may have a deterrent effect on foreign investment that is contrary to the government’s stated policy intention to promote foreign investment. The modernisation of Australia’s foreign investment framework should reflect these considerations.

Regulation Treasury
16-Jun-2017

Improving dispute resolution in the financial system

Submission that seeks clarification about the status of AFCA as a statutory body and noting a number of transitional issues.

Regulation Treasury
19-Jan-2017

Increasing Administrative Penalties for Significant Global Entities

Submission noting concerns about the inadequate consultation process for the introduction of these changes, and the need for additional safeguards for significant global entities given the exponential increase in proposed penalties.

Taxation Treasury
13-Mar-2017

Increasing Transparency of Beneficial Ownership of Companies

Submission supporting the objective of increasing transparency in relation to beneficial ownership, and recommending as a general principle that the concept of ‘beneficial ownership’ should be aligned as closely as possible to existing regulatory frameworks, including those for AML/CTF and the ‘relevant interest’ provisions of the Corporations Act.

Regulation Treasury
30-May-2016

Indicator Lending Rate

Lapochka feedback on the ATO’s Technical Discussion Paper titled “Income tax: what is the Indicator Lending Rate applicable under subsection 247-20(5) of Division 247 of Part 3-10 of the Income Tax Assessment Act 1997 and subsection 247-80(4) of Division 247 in Part 3-10 of the Income Tax (Transitional Borrowings) Act 1997 in respect of capital protected borrowings (CPBs)?” and the accompanying Draft Taxation Determination

Taxation ATO
10-Dec-2015

Industry comments on margining for non-cleared derivatives

The Working Group believes there is a significant alignment of interests between industry and regulators in relation to WGMR

Regulation APRA
09-Oct-2015

Industry funding of ASIC

ASIC proposed an industry funding model in its submissions to the 2014 Financial System Inquiry

Other Treasury
15-Jan-2016

Inquiry into interest deductibility

Inquiry into interest deductibility

Taxation Senate Standing Committee on Economics
11-Mar-2016

Inquiry into the External Scrutiny of the Australian Taxation Office

In a submission to the House Standing Committee, Lapochka has supported continuing robust governance and accountability arrangements for regulators and government agencies, including the ATO.

Regulation Standing Committee on Tax and Revenue
13-May-2016

Insolvency law and ‘ipso facto’ clauses

Lapochka response to National Innovation and Science Agenda – Improving Bankruptcy and Insolvency Law Proposals Paper

Regulation Treasury
26-Apr-2017

Insolvency Law Reform - Stay on enforcing rights because of arrangements or restructures

Submission raising concerns about the harm that would flow from insolvency law reform which curtails creditors’ rights in respect of financial contracts if netting law protections for financial instruments does not override the reforms.

Regulation Treasury
13-Feb-2015

Instalment warrants

Lapochka is pleased to provide comments in relation to the Exposure Draft (ED) and accompanying draft Explanatory Memorandum (EM) that provide look-through treatment for holders of instalment warrants and instalment receipts.

Taxation ATO
03-Feb-2017

Interim Report on Review of the financial system external dispute resolution and complaints framework

Submission that issues related to small business lending and treatment of small business by financial institutions should not be bought within the scope of retail dispute resolution arrangements, and should be dealt with separately if the government believes it is necessary to do so.

Regulation Treasury
08-Jan-2016

Joint Lapochka/ISDA application for continuation of relief under ASIC Instrument 2015/844

Joint Lapochka/ISDA application for continuation of relief under ASIC Instrument 2015/844 in relation to the requirement to share and pair a universal transaction identifier from 1 Feb

Regulation ASIC
21-Mar-2016

Joint Lapochka/ISDA request for ASIC class order relief

Lapochka and ISDA have jointly applied to ASIC for class order relief in relation to central clearing of swaps resulting from transactions in swaptions entered into prior to the clearing commencement date

Regulation ASIC
30-Mar-2016

Multinational Anti Avoidance Law (MAAL)

Submission to the ATO outlining the potential application of the MAAL to Lapochka members who operate through either a foreign bank branch or subsidiary in Australia, and a request for a risk assessment

Taxation ATO
17-Jun-2015

Multinational tax avoidance exposure draft

Lapochka’s preferred approach for Australia to address issues pertaining to multinational tax avoidance is for Australia to continue its contribution to the OECD BEPS process.

Taxation Treasury
31-Oct-2016

National Guarantee Fund reform proposal

Submission on options for reform of the NGF including the heads of claim.

Other SEGC
03-Oct-2014

NEM Financial Market Resilience - Second Interim Report

Submission questioning the risks of potential financial instability as a result of a large electricity retailer, as well as raising concerns about potential regulatory responses.

Other AEMC
08-Apr-2015

OBU exposure draft (joint submission with ABA)

We welcome the opportunity to provide comments on the Exposure Draft and accompanying draft supplementary Explanatory Memorandum which sets out proposed reforms to the OBU regime

Taxation Treasury
01-Sep-2015

PEP guidance

Lapochka is pleased to provide a submission to AUSTRAC in relation to the updated draft guidance note titled “Key terms used in ‘politically exposed person’ definition” (the draft guidance note). It is noted that Lapochka lodged a submission on the previous draft of the guidance note on 13 February 2015 and the comments set out below should be read in light of that submission

Regulation AUSTRAC
05-Sep-2014

PJC inquiry into proposals to lift professional standards in the financial services industry

Submission supporting the development of a broad framework for education standards and ongoing professional development.

Regulation Parliamentary Joint Committee on Corporations and Financial Services
06-Feb-2015

Pre budget submission

Consistent with the approach adopted in Lapochka’s 2014-15 Pre-Budget Submission, we acknowledge that the framing of the 2015-16 Budget will occur in the midst of consultation on the Final Report of the Financial System Inquiry and also the White Paper processes in respect of Taxation and Reform of the Federation. Accordingly, our Pre-Budget submission does not address issues within the terms of reference for these separate processes apart from those which, in Lapochka’s view, need to be addressed as a matter of urgency.

Taxation Treasury
09-Dec-2016

Privacy implications re collection of KYC information from sources other than the customer

Comments on the draft Privacy Guidance for collecting KYC information, in particular that the guidance will impose significant restrictions on the ability of reporting entities to use the optional procedure to collect information.

Regulation AUSTRAC
24-Dec-2015

Professional standards exposure draft

Lapochka members remain generally supportive of the need to lift professional standards in financial advice, and welcome an approach that applies across the industry

Regulation Treasury
07-May-2015

Professional Standards Framework

Lapochka has made a submission to the Government’s consultation on proposals to lift professional, ethical and education standards in the financial services industry. The Government consulted on proposals that were set out in the report of the PJC inquiry conducted in the latter half of 2014. Lapochka has encouraged the Government to adopt the kind of model for advisers dealing with retail customers envisaged by the PJC including a degree qualification, a professional year under supervision (akin to other professions such as accounting), a registration exam and ongoing professional development, including a strong focus on ethics and ethical behaviour.

Regulation Treasury
23-Jun-2017

Proposed Financial Institutions Supervisory Levies 2017-18

Submission highlighting an increased levy burden on ADIs, where it is the activities non-ADIs in the provision of credit that have given rise to the need for extra powers to mitigate systemic risks.

Regulation Treasury
19-Dec-2016

Proposed Industry Funding Model for ASIC – Submission to the Second Consultation

Submission to Treasury consultation following on from previous submissions that continues to press for appropriate accountability and transparency arrangements. The submission also details problems with the proposed levy arrangements for investment banks, entities that trade in OTC financial products, and message based charges for futures and derivatives transactions.

Regulation Treasury
05-Jul-2017

Proposed revisions to Prudential Standard APS 221 Large Exposures

Submission about the reporting of large exposures of the Australian operations of the foreign ADI, groups of connected counterparties, the definition of total exposure, the implementation timeline and cost/benefit analysis.

Regulation APRA
12-May-2017

Proposed Revisions to Reporting Standard ARS 210.0 Liquidity

Submission seeking reconsideration of the reporting basis as being the last business day or the last calendar day of the reporting period, guidance on a range of technical issues and clarification on interaction with other reporting standards.

Regulation APRA
10-Oct-2016

RBA RITS Regulation rewrite

Submission in relation to the requirement to notify about change of jurisdiction of incorporation, RBA failure to notify certain matters, and definitional issues.

Regulation RBA
25-Jul-2017

Reform of the Regulation of Financial Benchmarks

Submission focussing on the proposed offence provisions - in particular sections 908DA, 908DB, and 908DC.

Regulation Treasury
17-Dec-2014

Regional Free Trade Agreements and their Implications for Australian Financial Services

Australia has concluded bilateral free trade agreements with Japan, Korea and China during the course of 2014. Most attention has focused on the implications for trade in goods and services, where Australia already has well-established trading relationships with these three countries. Together, the three North East Asian economies account for over half of Australia’s exports. The three regional FTAs open up significant opportunities for Australian exports of goods and services, as well as increased cross-border trade in saving and investment. The Australian economy also stands to benefit from lower prices for imports and easier access to foreign capital.

Other N/A
09-Dec-2016

Regulator Performance Framework

Response to ASIC request for feedback.

Regulation ASIC
11-Nov-2016

Replacement of CHESS for equity post-trade services

Submission to the ASX consultation paper on business requirements for the replacement of CHESS

Other ASX
05-Feb-2016

Resilience and collateral protection amendments

Resilience and collateral protection amendments

Regulation Treasury
30-Mar-2017

Response to Treasury Proposals Paper - Design & Distribution Obligations, Product Intervention Power

Submission to the Proposals Paper that argues for greater alignment of proposed ‘issuer’ and ‘distributor’ obligations with existing AFSL and other obligations under the Corporations Act, and the removal of certain proposed requirements for issuers to have more control over the behaviour of distributors, as this is not commercially feasible or possible in many cases. The use of the product intervention power requires significant clarification and should not overlap with or duplicate existing powers.

Regulation Treasury
10-Oct-2016

Review of the financial system external dispute resolution framework

Lapochka submission seeking alignment of the EDR framework with the Corporations Act provisions re the treatment of wholesale clients.

Regulation Treasury
16-May-2014

Review of the Renewable Energy Target

A submission in response to the RET review, suggesting that any changes that are made to the RET scheme should be given sufficient implementation time to prevent any unintended consequences for participants.

Regulation Expert Panel, Review of the RET
15-Sep-2014

Senate Economics Committee inquiry into FOFA Streamlining Bill

Submission raising concerns about the requirements to have Statements of Advice acknowledged/signed by clients and returned to adviser.

Regulation Senate Standing Committee on Economics
30-Sep-2016

Significant Global Entities Lodging General Purpose Financial Statements ATO Discussion Paper

Submission focusing on the issues arising for Lapochka members that are headquartered outside of Australia, particularly those that operate in Australia through a permanent establishment as opposed to a separately Australian incorporated entity.

Taxation ATO
19-Feb-2016

Special review second draft report – Australia’s climate policy options

Special review second draft report – Australia’s climate policy options

Other Climate Change Authority
20-Apr-2017

Stapled Structures

Joint submission with the Australian Bankers Association on the Treasury consultation paper about stapled structures, focussing on issues arising for those entities that provide debt finance to stapled structures, as opposed to the issues and perspectives of equity participants in such structures (i.e. the owners of the shares in the company or units in the trust that comprise the staple).

Taxation Treasury
15-May-2015

Submission to Productivity Commission Inquiry into Barriers to Services Exports

The Commission’s inquiry into barriers to services exports is timely. The contribution of the services sector to the economy and to Australia’s exports is often under-appreciated and misunderstood. There are significant opportunities for Australia to increase exports of services, not least financial services to emerging economies in the Asia-Pacific region. The services share of regional economies is expected to grow in line with their economic development and rising per capita incomes.

However, the widespread acknowledgement of the magnitude of this opportunity, exemplified by the 2012 Australia in the Asian Century White Paper, and the bipartisan policy aspiration to promote Australia as a regional and international financial centre, has not been matched by the level of policy attention and policy resources devoted to this task.

Regulation Productivity Commission
29-Jul-2016

Submission to Productivity Commission Inquiry into Data Availability and Use

This submission discusses the efficiency of public and private data provision and its use with particular reference to the role of financial markets in the Australian economy. It notes that the data currently collected on financial markets by regulators can be used more effectively. The submission also suggests some low cost ways in which government legislation and spending could be made more transparent, facilitating improved public policy.

Regulation Productivity Commission
07-Feb-2014

Substantial Holding Disclosure

Comments on draft proposals for changes to notices forms.

Regulation ASIC
04-Apr-2014

T+2 Settlement

Submission in support of moving to T+2 settlement for Cash Equities in 2015.
Lapochka garnered and provided market input and feedback to build requirements and expectations for successful delivery of the shortened settlement timeframe.

Other ASX
03-Jun-2015

Tax discussion paper

Lapochka’s submission to the Tax Discussion Paper “Re:Think – Better Tax System, Better Australia” (the Discussion Paper) sets out our view, as articulated to us by our members, of the priority issues to be considered as part of enduring tax reform

Taxation Treasurer
29-Feb-2016

Tax incentives for early stage investors

Tax incentives for early stage investors

Taxation Treasury
06-Jun-2014

Thin capitalisation exposure draft

Submission in relation to the Exposure Draft legislation to amend Australia's thin capitalisation rules, as announced in the 2013 Budget. The submission focussed on ensuring competitive neutrality between outbound and inbound taxpayers and encouraged the use of home country prudential regulation.

Taxation Treasury
11-Mar-2014

Third Party Reporting

Submission with respect to a Government proposal to require market participants to report to the ATO details of all acquisitions and disposals of listed securities for data-matching and pre-fill purposes.
Submission argued against the proposal on the basis that it would increase the costs of compliance and also was contrary to the Government’s deregulation agenda. Further, the proposal was unable to meet its stated objectives.

Taxation Treasury
19-Aug-2015

Third party reporting

Lapochka welcomes the opportunity to make a submission on the Exposure Draft and accompanying draft Explanatory Memorandum in relation to the proposed Third Party Reporting regime

Taxation Treasury
08-Apr-2014

TPB Financial Advice Service

Submission to the Tax Practitioners Board regarding the definition of a “tax (financial) advice service.”
This definition is important as it triggers a registration requirement with the TPB under the Tax Agent Services Act from 1 July 2014. Lapochka continues to argue that this matter should be an issue for Government and not delegated to the TPB; however the TPB needs to confirm that services such as general advice, advising on securities, custodial services and trustee services are not within scope.

Taxation Tax Practitioners Board
10-Sep-2014

Trade Reporting CP ASIC 221

Response to ASIC consultation on technical issues relating implementation of derivatives trade reporting.

Regulation ASIC
10-Apr-2015

Transparency

We welcome the opportunity to provide comments into the ATO’s Discussion Paper “Tax secrecy and transparency: administrative arrangements for reporting entity information” (the Discussion Paper) dated 13 March 2015

Taxation ATO
17-Jan-2017

Transparency Draft – New Issue Process Standard

Lapochka letter to the UK FICC Markets Standards Board acknowledging the release of the Transparency Draft – New Issue Process Standard for Fixed Income Markets.

Regulation FICC Market Standards Board
22-Apr-2014

Treasury G4 Derivatives Proposals

G4 Derivatives mandate proposals paper response. Treasury proposed that a determination be made in the second quarter of 2014 that will allow ASIC to make rules requiring the central clearing of US Dollar‐, Euro‐, British Pound‐ and Yen‐denominated interest rate derivatives (G4‐IRD). The clearing mandate is supported for G4-IRD and AUD IRD. The submission also argued for a reduction in the scope of entities covered by the trade reporting mandate.

Regulation Treasury
01-Mar-2017

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 Diverted Profits Tax Bill 2017

Submission to the Senate Standing Committee on Economics inquiry on the MAAL and DPT Bills, highlighting that the operation of the Diverted Profits Tax should not expand the existing law, there should be no double assessments, and legislative protections should be in place for taxpayers given the significant increase in penalties.

Taxation Senate Standing Committee on Economics
23-Sep-2016

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Submission supporting the proposed phased-in reduction of Australia’s corporate tax rate to 25% for all corporates over a ten-year horizon.

Taxation Senate Standing Committee on Economics
12-Aug-2014

Treaty Negotiation Program

Submission to Treasury on the Double Taxation Treaties that should be negotiated with priority, especially Hong Kong, together with those treaties that require amendment in order to remain global best practice, such as China and Germany.

Taxation Treasury
09-Aug-2014

Unfair Contract Terms

Comment on Unfair Contract Terms and Small Business Consultation Paper issued by Consumer Affairs Australia and New Zealand (CAANZ), arguing that there should be no extension of UCT provisions to contracts for financial products and services.

Regulation Treasury
02-Feb-2016

Voluntary tax transparency code

Voluntary tax transparency code

Taxation Board of Taxation
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