BM+G’s Post

In this month’s APRA update: - APRA publishes 2023-24 Annual Report; - International Bank of Australia’s restricted banking licence revoked; - APRA increases transparency of super fund expenses; - Operational risk financial requirements amended for superannuation trustees. Head to the Mackay Chapman blog for more: https://lnkd.in/gSRSvvyk

#MackayChapman #APRA update for last month is on our website. See the key points below #regulation #banking #superannuation #prudential

In recognition of Reconciliation Week, it is essential for us and the sector, to continually seek ways to contribute to the reconciliation process in Australia. #Reconciliation is a continuous journey, and there is no better place to start than in the early years. The theme for this year, "Now More Than Ever", emphasises the critical need for immediate action, justice, truth-telling, respect, and understanding. 🔗 To discover more actions you can take and to join the conversation, visit Reconciliation Australia’s website: https://lnkd.in/fRGry5x #ReconciliationWeek #EarlyLearning #ReconciliationWeek2024

In the face of a heightened risk environment that increases the probability of global commercial real estate credit losses, the Office of the Superintendent of Financial Institutions (OSFI) has put forth interim guidance. Learn more here: https://ow.ly/59JN30sAqSV #EYCanada #BetterWorkingWorld

NEW: Guidance for VCSE organisations on navigating local government financial difficulty 📢 Financial difficulties within many local authorities, sometimes leading to the issuing of a section 114 notice (s114), is affecting communities across England. We know that this also affects many NAVCA members, who often receive funding from and work in partnership with local government. Working with Lloyds Bank Foundation for England and Wales, we commissioned cross-sector consultation and engagement to understand how section 114 notices work in practice, and the changes to the local operating environment that they bring. Organisations from the local government sector and a range of voluntary, sector organisations, including local infrastructure organisations (LIOs), were interviewed. We have created guidance for local and smaller VCSE organisations operating in areas where the council is experiencing financial difficulties, has issued a section 114, or may be likely to in the future. Read the full guidance, and our accompanying policy report, on the NAVCA website now: https://lnkd.in/eS4di8nG

APRA’s latest fund-level expenditure data shows retail platforms continue to hold the lion’s share of externally advised client money, while only three profit-to-member funds spent more than $1 million on external advice fees. https://lnkd.in/gHukUiaB Australian Prudential Regulation Authority #financialservices #financialadvisers #financialplanning #superannuation Peter Worn Finura Group

The Financial Services Development Council (FSDC) and Qatar Financial Centre Authority (QFCA) have signed a Memorandum of Understanding (MoU, 6/5/24) to form a partnership to promote growth & connectivity between the 2 financial markets in Hong Kong & Qatar.  Read - https://lnkd.in/g4ashfDF follow Caproasia | Driving the future of Asia The Financial Services Development Council (FSDC) and Qatar Financial Centre Authority (QFCA) have signed a Memorandum of Understanding (MoU, 6/5/24) to form a partnership to promote growth & connectivity between the 2 financial markets in Hong Kong & Qatar.  Announcement (7/5/24): “The Financial Services Development Council (FSDC) and Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, signed a Memorandum of Understanding (MoU) on May 6, 2024 to enhance and strengthen their relationship through collaborative efforts across the financial sector in Qatar and Hong Kong.  Under the MoU, FSDC and QFC will collaborate in various domains, including knowledge building by sharing best practices and expertise, conducting joint professional training workshops and exchange programmes, initiating thought leadership on topical issues affecting both entities and facilitating delegation visits. Additionally, both parties will exchange vital information on market trends and regulatory developments in relevant international financial services activities and products. They also aim to host joint market promotion events to enhance connectivity across diverse financial service sectors." Al-Jaida,  CEO of The Qatar Financial Centre:” We are pleased to formalise a partnership with FSDC, which marks an important milestone in our efforts to strengthen ties between Hong Kong and Qatar’s financial sectors. Through collaboration and knowledge sharing, we aim to foster greater innovation and growth in both markets. Together, we can drive positive change and contribute to the continued advancement of the financial services industry.” Daniel R Fung, SBS, SC, KC, FCIArb, JP, Vice Chairman of the FSDC (Financial Services Development Council): “We are delighted to form a strategic alliance with the QFCA. This partnership sets the foundation for a vibrant exchange of insights and joint initiatives. Through the exchange of best practices and regulatory developments, we aim to create unique opportunities that bring mutual benefits to both financial markets. This collaboration not only bridges our financial hubs but also reflects our shared vision for excellence, and is expected to bolster our competitive edge on the global financial landscape.” Financial Services Development Council Qatar Financial Centre (QFC) Authority Yousuf Al-Jaida

FAIS Ombud’s key message: trust your adviser, but do your homework first. The FAIS Ombud and the Financial Planning Institute of Southern Africa (FPI) issued statements this week after some financial advisers objected to the Ombud’s remarks about the extent to which consumers should trust their advisers. Trust, but verify. Get insights on what you should do the to ensure your adviser is trustworthy and competent: https://buff.ly/4fPp3Bb Share for awareness! #FAISOmbud #FPI #FinancialPlanningInstituteofSouthernAfrica #financialservicesproviders #FSPs #JohnSimpson #Moneyweb #OmbudforFinancialServicesProviders

The Financial Services Development Council (FSDC) and Qatar Financial Centre Authority (QFCA) have signed a Memorandum of Understanding (MoU, 6/5/24) to form a partnership to promote growth & connectivity between the 2 financial markets in Hong Kong & Qatar. Read - https://lnkd.in/gWP7wESs follow Caproasia | Driving the future of Asia The Financial Services Development Council (FSDC) and Qatar Financial Centre Authority (QFCA) have signed a Memorandum of Understanding (MoU, 6/5/24) to form a partnership to promote growth & connectivity between the 2 financial markets in Hong Kong & Qatar.  Announcement (7/5/24): “The Financial Services Development Council (FSDC) and Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, signed a Memorandum of Understanding (MoU) on May 6, 2024 to enhance and strengthen their relationship through collaborative efforts across the financial sector in Qatar and Hong Kong.  Under the MoU, FSDC and QFC will collaborate in various domains, including knowledge building by sharing best practices and expertise, conducting joint professional training workshops and exchange programmes, initiating thought leadership on topical issues affecting both entities and facilitating delegation visits. Additionally, both parties will exchange vital information on market trends and regulatory developments in relevant international financial services activities and products. They also aim to host joint market promotion events to enhance connectivity across diverse financial service sectors." Al-Jaida,  CEO of The Qatar Financial Centre:” We are pleased to formalise a partnership with FSDC, which marks an important milestone in our efforts to strengthen ties between Hong Kong and Qatar’s financial sectors. Through collaboration and knowledge sharing, we aim to foster greater innovation and growth in both markets. Together, we can drive positive change and contribute to the continued advancement of the financial services industry.” Daniel R Fung, SBS, SC, KC, FCIArb, JP, Vice Chairman of the FSDC (Financial Services Development Council): “We are delighted to form a strategic alliance with the QFCA. This partnership sets the foundation for a vibrant exchange of insights and joint initiatives. Through the exchange of best practices and regulatory developments, we aim to create unique opportunities that bring mutual benefits to both financial markets. This collaboration not only bridges our financial hubs but also reflects our shared vision for excellence, and is expected to bolster our competitive edge on the global financial landscape.” Financial Services Development Council Qatar Financial Centre (QFC) Authority Yousuf Al-Jaida

In April 2023, Ireland’s Department of Finance (Department) launched a broad review of the Irish funds sector. The purpose of the review was to ensure Ireland maintains its leading position in asset management and fund servicing while continuing to support the national and regional economies. The Department recently issued its final report, Funds Sector 2030 (Report), which discusses the current state of the sector and its trajectory. It was prepared by a review team composed of staff from the Department and the Central Bank of Ireland. This article discusses the Report provisions most relevant to private fund managers, with commentary from attorneys Carol Widger and David Layden from Dechert LLP’s Dublin office, and partners Gayle Bowen and Hazel Doyle of K&L Gates’ Dublin office. #HFLR #privatefunds https://lnkd.in/gvJ_xR-N