Schedule 2 of the Treasury Laws Amendment (2021 Measures No.1) Bill are unwarranted.
Speaking at the public hearing of the Senate Estimates, Kate Griffiths, executive manager for public policy and advocacy, and Ed John, executive manager for governance and engagement, said ACSI members invested $200 billion in Australian equities.
The changes proposed under Schedule 2 of the bill related to continuous disclosure obligations and ACSI said it did not see any existing problems with current disclosure measures that would necessitate the changes outlined in Schedule 2.
Griffiths said: “We have had a fair and transparent market under existing laws for many years where companies are incentivised to ensure material information is disclosed in a timely manner. It is not overly burdensome for firm to establish appropriate disclosure systems and there is ample guidance from Australian Securities and Investment Commission [ASIC] and the ASX on how to manage disclosure responsibiliti
Stephen Glenfield, FASEA chief executive, said any adviser that did not pass could apply for a re-mark, but were warned it may not be worth it.
“If they re nowhere near the pass mark, they re advised [that] you can apply for a re-mark, but your mark is not sufficient,” Glenfield said.
“If your mark is close to the border, the opportunity is there to apply for a re-mark, so it gives them an idea of where they sit without giving an actual mark.”
Glenfield said FASEA had made “good progress” on the feedback it gave advisers after the exam.
“Candidates used to get feedback that said whether they d underperformed in one, two or three of [the exam] areas,” Glenfield said.