“A breach or likely breach of a core obligation captures a wide range of scenarios and includes any contravention of a civil penalty provision.
“Considering the scope of civil penalty provisions and what may amount to trivial breaches, AIST considers that high-level guidance does not provide sufficient objectivity to assist AFS licensees determine if a breach or likely breach of a core obligation is a reportable situation. AIST supports measures that enhance breach reporting but notes that there is scope in Draft RG 78 for additional and targeted guidance on what constitutes ‘core obligation’.”
AIST said there needed to be guidance on how to determine whether a breach or likely breach of a core obligation was “significant”.
Stapling measures delayed as Your Future, Your Super passes Senate ifa.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ifa.com.au Daily Mail and Mail on Sunday newspapers.
Senator Rex Patrick said he was confident he had the numbers in the Senate to pass a range of amendments to the government’s signature superannuation reforms.
The Your Future Your Super bill has passed the House of Representatives and will now be voted on after the Government dropped the controversial investment veto powers.