After AFCA commences operations, ASIC will publicly consult on new standards for IDR and the new mandatory IDR reporting requirements contained in the legislation. Tides, Inc. 2017 Form 990. The legislation also enhances reporting and information provision to regulators by requiring reports of serious contraventions to regulators, including ASIC, APRA and the Australian Taxation Office (ATO). ASIC receives correspondence from members of Parliament both directly and indirectly through requests from the Treasury. In May 2018, ASIC gave financial firms, including superannuation trustees, transitional relief until 1 July 2019 to update mandatory disclosure documents with AFCA’s contact details. All values JPY millions. In May 2017, Cathie was reappointed for a further five years. An enhanced regulatory sandbox put forward by a Bill to Parliament in October 2017 proposes to extend the scope of the ASIC sandbox. OPEN, 4 ASIC’s achievements by sector For more information on our work improving financial capability, see Section 3.3. We will continue to work with all stakeholders to ensure that the transition to AFCA is smooth and that consumer access to EDR is maintained throughout. I acknowledge the leadership of Greg Medcraft as Chair of ASIC until November 2017 and Peter Kell as acting Chair during the transition until February 2018. A fair, efficient and effective dispute resolution framework is integral to consumer trust and confidence in the Australian financial system. In the 2018–19 Budget, the Government announced its intention to reform the Corporations Act to include new phoenix offences, restrict related party voting rights, prevent misuse of backdating director appointments and change director resignation provisions. The Auditor-General audits our annual financial statements on behalf of the Parliament. The changes will also provide better access to registry data, in line with the Government's open data policy. ASIC's Corporate Plan 2017–18 to 2020–21 was published on 31 August 2017. Internal committees: Enforcement Committee; Regulatory Transformation Board. 1 ASIC's role Intraday Data provided by FACTSET and subject to terms of use. 2019.05.10 4Q-18-Financial Information. In September 2017, the Government announced a package of reforms to address illegal phoenix activity, building on, among other things, the work of the Phoenix Taskforce, of which we are a member. For more information on industry funding and fees for service, see Section 4. ANNUAL PERFORMANCE STATEMENT 27 Introductory statement 28 … 1Q-20-Financial Information. View New Balance stock / share price, financials, funding rounds, investors and more at Craft. ASIC supports the Government's work to reform Australia's corporate sector whistleblowing regime. By using this site you agree to the Corporate Australia – and, in particular, the finance industry – is suffering from a deficit of trust. The Auditor-General audits our annual financial statements on behalf of the Parliament. It will have an expanded small business and monetary jurisdiction and preserve the pre-existing access to EDR for superannuation fund members and beneficiaries under the SCT. Our submission highlighted: In February 2017, the Senate established the Select Committee on Lending to Primary Production Customers to inquire into, and report on, the regulation and practices of financial institutions in relation to primary production industries, including agriculture, fisheries and forestry. This is my first annual report as Chair of ASIC after commencing in the role on 1 February 2018. There are currently no items in this Watchlist. ASICS men’s shoes can help power your workout and assist your work to surpass your goals. As an organisation, we strive to be strategic and agile as well as resolute so we can respond rapidly to challenges as they arise. We recently released our four-year corporate plan, which explains how we will respond to future challenges; and our business plans, which detail how we will implement our vision and realise our mission. 2020.05.08 4Q-19-Financial Information. We supported the Productivity Commission's draft recommendations to: We also commented on the Productivity Commission's recommendations to relabel general advice, allow financial advisers to promote specific credit advice, and introduce a competition champion. Get the detailed quarterly/annual income statement for Nike, Inc. (NKE). FY 2017. 2015 2016 2017 2018 2019 5-year trend; Cash & Short Term Investments: 56.66B: 68.43B: 81.26B: 68.29B The significant reform to implement a Director Identification Number is being pursued via the Government's registry modernisation initiative. It is intended to serve as a bellwether of the degree and direction of systemic reforms being undertaken by governments in respect of cities. In addition, we will focus on enhancing professionalism and advocating why developing and maintaining a professional mindset is important. Measures are in place to ensure that consumers are kept informed of how and where to pursue their complaints during the transition to AFCA commencement. Some of our key regulatory outcomes include securing admissions from three of Australia's big four banks over unconscionable conduct in respect of the bank bill swap rate (BBSW) and significant changes to practices in the add-on insurance sector, including the payment of over $122 million in compensation to consumers. External bodies: Australian Business Register Advisory Board; Business Advisory Committee; Council of Financial Regulators; Digital Finance Advisory Committee; Director Advisory Panel; Standard Business Reporting. On 28 March 2018, we responded to the Productivity Commission's Competition in the financial system: Draft report with a submission focusing on the recommendations most relevant to ASIC. FIND OUT MORE. ASIC's Corporate Plan 2017–18 to 2020–21 was published on 31 August 2017. In October 2016, the Government announced a taskforce to review ASIC's enforcement regime. In April 2018, the Government released the taskforce's final report and announced its response. 2012 Annual Report. We aim to respond to 100% of correspondence within 28 days of receipt. We highlighted our concerns in relation to investor protection, phoenix activity and encouragement of excessive risk-taking; and suggested safeguards which could be incorporated into the draft Bill to mitigate these concerns. Income Statement Balance Sheet Cash Flow Statement. External bodies: Australian Criminal Intelligence Commission; Australian Government Financial Literacy Board; Council of Financial Regulators; Criminal Justice and Law Enforcement Forum; International Organization of Securities Commissions. Log in to see them here or sign up to get started. February gold finishes down $6.10, or 0.3%, lower at $1,882.80/oz. Annual Report 2017 3 11 Group financial statements 98 11.1 Management’s report on internal control 99 11.2 Report of the independent auditor 100 11.3 Independent auditor’s report on internal control over financial reporting 101 11.4 Consolidated statements of income 102 As part of the Government's response to the Financial System Inquiry, the Government accepted the Inquiry's recommendations to introduce: The product intervention power is intended to work together with the design and distribution obligations to ensure the regulatory framework delivers fairer outcomes for consumers. This includes: Our threat, harm and behaviour framework is a process that identifies and describes regulatory risks in the market to inform the strategic priorities in our corporate plan. ASIC's Regional Commissioners are our local ambassadors, engaging with business and local communities through regular stakeholder liaison meetings and promoting ASIC initiatives. Year has seen significant reform reshaping the dispute resolution framework that ASIC.... Consider the benefits of pursuing the incident of misconduct, including specific and general deterrence and protecting or obtaining for! In addition, we will focus on enhancing professionalism and advocating why developing and maintaining a professional mindset is.! Asic has provided technical assistance throughout the consultation process, effective and agile regulator services the! February gold finishes down $ 6.10, or 0.3 %, lower at $ 1,882.80/oz key features the! 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