SECURITIES REGISTRARS ASSOCIATION OF AUSTRALIA INC. ABN 52 057 832 827
Incorporated in Victoria under the Associations Incorporations Act 1981. The liability of the Association’s members is limited. Registration Number A0026236D
Postal address: Telephone (02) 9943 0554 P O Box R488 Facsimile: (02) 9943 0554 Royal Exchange Sydney NSW 1225 Mobile: 0414 685 214 Website: www.sraa.asn.au Email: [email protected]
Newsletter No. 245
5 September 2016
Contents in this issue include:
- Agenda - Joint Meeting – 5 September 2016
- News from Divisions - Joint NSW, SA, VIC and QLD meeting – 1 August 2016
- State Division Meeting Dates - 2016
Meeting Chairman: Martin Jones
Secretary: John Steel
Disclaimer: This periodical Newsletter is designed to keep readers abreast with current developments. It is not intended to be comprehensive. Readers are therefore advised that before acting on any matter arising herein, they should discuss the same with their advisers. SECURITIES REGISTRARS ASSOCIATION OF AUSTRALIA INC. ABN 52 057 832 827
Incorporated in Victoria under the Associations Incorporations Act 1981. The liability of the Association’s members is limited. Registration Number A0026236D
Postal address: Telephone: (02) 9943 0554 P O Box R488 Facsimile: (02) 9943 0554 Royal Exchange, Sydney NSW 1225 Mobile: 0414 685 214 Web site: www.sraa.asn.au Email: [email protected]
NOTICE OF MEETING (Venues)
Victoria New South Wales South Australia
National Australia Bank ASX Limited Hobart Room Level 1 20 Bridge Street Sydney
(Please register at concierge desk on ground floor)
Dial in teleconference number for all parties : (02) 8298 8202 (wait till answer) then dial passcode 0523
Date : Monday, 5 September 2016
Time : 12.30pm to 2.00pm
Meeting Chairman : Martin Jones
AGENDA
This is to be a joint Victoria, New South Wales and South Australian meeting
- 1. Notes from previous Division meeting
- 2. ATO Third Party Reporting and Data Matching
- 3. Changes to Associations Incorporation Act
- 4. Other Business - 3 –
1. Notes from previous Division Meeting n 7 October 2015, the Commissioner of Taxation published a Commonwealth Gazette notice advising that the ATO will acquire online selling data relating to registrants who sold goods and services to a value of $10,000 or more during the 3.4 Technology neutrality in distributing company meeting notices and materials Virtual AGMs and other meetings Members were advised that Treasury had held a series of roundtable meetings in relation to the Consultation Paper they circulated. There was a meeting for registry entities on Friday, 29 July which was attended by Boardroom, Computershare and Link. Representatives from the ASA had also attended a similar meeting. Main points were: It is unlikely there will be any change ahead of the current meeting season; Treasury remains attracted to a principles based approach to be able to provide flexibility in the means of providing the information electronically; There is still unresolved questions concerning the way that individuals are notified of the availability of the notice of meeting; and There is also an unresolved issue as to the approach to be taken when there is no response from a shareholder. It was also interesting to note that both Boardroom and the ASA (there could be others but the submissions are not available as yet) put forward that the changes made should also be reflected in the sections of the Act dealing with Managed Investment Schemes.
2. Agenda Items
2.1 ATO Third Party Reporting and Data Matching On 7 October 2015, the Commissioner of Taxation published a Commonwealth Gazette notice advising that the ATO will acquire online selling data relating to registrants who sold goods and services to a value of $10,000 or more during the Members are reminded that ASIC started capturing data from 1 July 2016. Market participants, listed entities, fund managers and trustees will start capturing data from 1 July 2017 with the first annual report due for submission by 31 July 2018. Managed Funds and Trustees reporting through the Annual Investment Income Report will need to report by 31 October 2018.
2.2 FATCA update The IRS has recently released a table containing regulations, rulings, notices, announcements, and other FATCA-related guidance or requirements. The table covers Financial Institutions as well as Individuals. Full details available at: www.irs.gov/businesses/corporations/fatca-regulations-and-other-guidance
2.3 CHESS HIN – Holder Registration Name Standards No update.
On 7 October 2015, the Commissioner of Taxation published a Commonwealth Gazette notice advising that the ATO will acquire online selling data relating to registrants who sold goods and services to a value of $10,000 or more during the 3.1 Shortening the Settlement Cycle in the US DTCC has released a detailed testing framework to provide its members with a detailed plan for testing T+2 changes with DTCC and other industry infrastructures. The paper includes detailed information on: • The structure of the T+2 industry test, including information on other industry infrastructures participating in the industry test, testing cycles and testing schedules • DTCC’s T+2 and T+3 test environments, including information on the role of the different environments, how to connect to the different environments and how to get all the required access in both environments to support testing • Suggested test scenarios which Members can use to begin preparing their own T+2 test plans T+2 testing will not be mandated. Members can test T+2 changes as they see fit based on the changes made to their respective systems and processes. SRA members can view the paper at: http://www.ust2.com/pdfs/UST2-Testing-WhitePaper.pdf
3.2 16-278MR ASIC releases guidance on regulating digital advice ASIC has today released its guidance on providing digital financial product advice for retail investors: Providing digital financial product advice to retail clients (RG 255). The guide brings together some of the issues that digital advice providers need to consider when operating in Australia – from the licensing stage through to the actual provision of advice. Digital advice (also known as ‘robo-advice’ or ‘automated advice’) is the provision of automated financial product advice using algorithms and technology and without the direct involvement of a human adviser. It can comprise general or personal advice, and range from advice that is narrow in scope (for example, advice about portfolio construction) to comprehensive financial product advice.
3.3 Technology neutrality in distributing company meeting notices and materials Virtual AGMs and other meetings Submissions closed 17 June 2016. No update.
- 4 -
3.4 Changes to Associations Incorporation Act Amendments to enhance the way Incorporated Associations are administered and to clarify the way Associations operate commenced on 1 September 2016. After public consultation over a 3 year period, the Associations Incorporation Act 2009 will be amended and the existing Regulation replaced with a new Associations Incorporation Regulation 2016 on 1 September 2016. The key changes include: the official address of an association will now be an address in NSW where the public officer can generally be found and where documents can be served on the association by post (but not a post office box) a new provision for keeping financial records and minutes of meetings electronically and providing that financial records be kept for at least 5 years amendments to the model constitution: these changes will automatically apply to all associations that have adopted the model constitution. If an association has its own constitution and it fails to address a matter in Schedule 1 of the Act, the provision in the model constitution relating to that matter will automatically apply allowing for electronic ballots if this is permitted under an association's constitution the fee for lodging the annual statement of financial affairs has reduced for Tier 2 [small] associations (gross receipts less than $250,000) and has increased for Tier 1 [large] associations. In general, fees have been revised to reflect the amount of work required to process the documentation clarifying the duties and liabilities of committee members removing the need to reserve a name before lodging an application to register an association or change an association's name. For one year from 1 September 2016, any Association wishing to update its Constitution as a result of the amendments to the legislation will not have to pay a fee to register the change. Full details are available on the Fair trading website: www.fairtrading.nsw.gov.au
Other Business 4.1 CHESS Participant and Registry Bulletins 0953.16.08 mFund Settlement Service – CHESS Release 9 go-live confirmed On 15 August 2016, ASX Settlement confirmed that CHESS Release 9 would be implemented on the weekend commencing Saturday, 13 August 2016 in preparation for a go-live date of Monday, 15 August 2016. The new features involve a change to the CHESS messaging process flows and new messages, together with changes to the relevant ASX Settlement Operating Rules and Procedures.
4.2 Game over for CHESS? In a recent announcement, ASX advised that trials run on its successful blockchain prototype indicated that the system could eventually handle the required Australian market volumes and replace the current (CHESS) trading platform. Further development will occur over the next 18 months with Digital Asset Holdings. ASX owns 8.5%. of this company.
Embarrassing Moments A man came into the ER and yelled, “My wife is going to have her baby in the taxi!” I grabbed my things, rushed out to the taxi and with great difficulty, tried to lift the woman’s dress and remove her underwear. Suddenly, I realised that there were several taxis and that I was in the wrong one.
When I was in nursing school another nursing student and I were giving our first bedbath to a patient that was a bilateral AKA. When we had finished his bath we pulled his sheet up and asked if he’d like his blanket as well. The patient said he didn’t care if we pulled the blanket up or not. My classmate covered him with the blanket saying if you don’t want it you can kick it off!!
Please advise the Secretary or your state representative if you have any items you wish to have discussed at the meeting. - 5 - Securities Registrars Association of Australia Inc ABN 52 057 832 827 State Division Meeting Dates - 2016
Victorian Division 1 February 1 August 7 March 5 September 4 April 10 October 2 May 7 November 6 June 5 December (optional) 4 July
New South Wales Division
Meetings held at 12:30 pm 1 February 1 August at: Australian Stock Exchange Ltd 7 March 5 September Level 1 4 April 10 October 20 Bridge Street 2 May 7 November Sydney 6 June 5 December (optional) 4 July
Queensland Division 1 February 1 August 7 March 5 September 4 April 10 October 2 May 7 November 6 June 5 December (optional) 4 July
Western Australian Division
Meetings held at 10:30 am 10 February at: Venue to be advised 13 April 8 June 10 August 12 October 14 December
South Australian Division 1 February 1 August 7 March 5 September 4 April 10 October 2 May 7 November 6 June 5 December (optional) 4 July
Annual General Meeting – 24 March 2017 TBC
Committee of Management Meeting – 24 March 2017 TBC