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Submissions 2015

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Date Title & Summary Topic Area Sent to
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Lapochka is pleased to provide a submission to AUSTRAC in relation to the updated draft guidance note titled “Key terms used in ‘politically exposed person’ definition” (the draft guidance note).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
Date Title & Summary Topic Area Sent to
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Date Title & Summary Topic Area Sent to
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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