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FOS consults on new Terms of Reference |
 The Financial Ombudsman Service (which was created by the merger of FICS with the banking and the insurance Ombudsmen in July) is consulting on its new Terms of Reference. SDIA made a lengthly submission on the draft Term of Reference during October.
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Share Purchase Plan Level should be Increased |
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In August, SDIA made an application to ASIC to increase the level of share purchase plans (SPPs). ASIC replied in October that they will undertake a consultation process in 2009 to consider whether the current level should be increased.
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ASX Capital Requirements |
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In October, we again met ASX with a group of the affected members, where ASX made it clear that the changes will stand. Affected members are now considering their position.
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ASX Derivatives Market Reform |
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In October ASX announced it was conducting consultation on reform of the derivatives market in two areas:
o Settlement in takeover situations, and
o Contract size.
Submissions are due in December.
SDIA is consulting members on the appropriate response.
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Compliance Breakfasts |
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Following the success of the Compliance Breakfasts at the national SDIA Conference each year, SDIA with the kind support of Blake Dawson, held one-off Compliance Breakfasts in October in Melbourne and Sydney.
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Credit Reform |
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Following on from the Green Paper consultation earlier in 2008, the Government has announced its plans for National Consumer Credit.
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Short Selling |
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Throughout October, SDIA has been in continuous liaison with ASIC on issues flowing from the ban on naked and covered short selling. As members will be aware, the ban on naked and covered short sales was extended by ASIC on 21 October, and is now to continue in force until 18 November 2008 in respect of non-financial securities and 27 January 2009 in respect of financial securities. SDIA has made representations to ASIC on issues of no-action relief and carve outs from the scope of the ban. This has included relief in respect of short selling in connection with client facilitation, dual listed stock arbitrage and executive share option schemes.
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Client Insolvency Issues |
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In times like the present, members should be alert to the potential for an increase in client insolvencies. It might be a prudent precaution for brokers to carry out an audit of their client documentation, particularly in relation to major clients, to ensure that copies of all relevant documentation are held, that the documentation is in order and that client agreements are effective.
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AUSTRAC - SDIA Seminars |
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A follow-up series of education and awareness seminars with AUSTRAC will be held in Sydney, Melbourne, Brisbane, Perth and Adelaide in October. Please register for these free seminars via the SDIA website.
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ASIC Measures Against Short Selling |
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After close of trading on Friday 19 September, 2008, ASIC announced a series of measures banning naked short selling in all ASX listed securities, and providing for daily reporting of covered short positions to the ASX. The ban was introduced as an interim measure for 30 days pending the release by the Federal Government of the new draft Bill relating to Short Selling, was in response to similar action taken by the FSA in the UK and by the SEC in the US, and was designed to act as a circuit breaker in view of the current state of the share market both here in Australia and globally.
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