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ACSA – Year in Review 2016

Wednesday, 8 February 2017   (0 Comments)
Posted by: Lauren Collier
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ACSA – Year in Review 2016

The year 2016 was significant for the Australian Custody industry, with assets held in custody increasing by 1.4% to $2.9 trillion in the half-year to 30 June 2016. Below is a snapshot of some the important work ACSA has been undertaking on behalf of members.


Regulatory reform and advocacy

At a strategic level, ACSA has been working with Regulators and other Industry bodies to ensure that industry changes are cost effective and improve the Funds Management and Superannuation sector. We continue to be focused on the efficient implementation of changes to regulation, tax regimes and accounting standards.

 

We have facilitated the implementation of the new Accounting Standard AASB 1056 for Superannuation Entities for this financial year and the rollout of ASIC Regulatory Guide 133 for Managed Investments and custodial or depository services. Following consultation with the ABS, new reporting has been delivered to cover Financial Positions, Derivatives and Stock Lending (SRF 720-722).


ACSA has been in consultation with the ASX and Computershare with respect to proposed changes to the efficiency of the Australian Equities processing system (e.g.: CHESS replacement project), and facilitated the industry movement to T+2 days settlement in March this year.


Stakeholder communications

ACSA continued its commitment to supporting the online provision of professional industry training, through the Introduction to Custody and Introduction to Financial Markets courses.
ACSA now also has a presence on LinkedIn which will support the communications issued from the acsa.com.au website going forward. We encourage you to follow the page and share relevant content with your networks.


During 2016, ACSA held two member-only events covering both Sydney and Melbourne. These events provide an opportunity for members to hear from our subject matter experts on key topics affecting the industry.


Issues covered included Cyber Security, Blockchain developments, updates and trends within the superannuation industry, and a panel discussion reviewing the opportunities and challenges with pending changes for the export of Australian Funds Management capabilities. These events have been well attended and have facilitated greater collaboration between members.


ACSA was also represented at the FSC, IO&C and CMSF conferences in 2016, where industry experts provided updates on relevant issues to the audiences.


Member recognition

 

 ACSA relies heavily on our 300+ registered members, and this year we recognised Mick Giddings, Nab Asset Servicing with a ‘Service to Industry’ award this year, for his leading role in over 50 industry tax submissions. Josephine Maiorana (BNP Paribas), Roger Chan (JP Morgan) and Suresh Chinnappa (Nab Asset Servicing) were also recognised by 2016 ACSA awards for their outstanding contributions to the development of the industry.


Board changes

Martin Carpenter stepped down as Deputy Chair and Director of ACSA after seven years sterling service to the ACSA Board. Martin’s position on the ACSA Board was filled by Andrew Gibson (Citibank). Daniel Cheever (State Street) has assumed the duties of Deputy Chair going forward.
Gordon Little also stepped down as Treasurer although he remains on the ACSA Board. Daryl Crich has taken over as Treasurer.


What changes can we expect in 2017?


Regulatory

 

The industry is in consultation with Treasury on the implementation of CIVs (Collective Investment Vehicles), to help improve the global competitiveness of the Australian Funds Management sector. We expect further consultation in early 2017 on the Corporate CIV (CCIV) which is scheduled to be launched on 1 July 2017. The ongoing derivatives reform will continue with enhancements to OTC clearing processes a focus area in 2017. ACSA is working on better defining the custodial definitions for the Syndicated Loan Asset Class.


The industry is also collaborating to facilitate the implementation of ASIC Regulatory Guide 97 next year, to improve disclosure on fees and costs for both Managed Investment Schemes and Superannuation Funds.


Tax

The Managed Investment Trust Reforms will continue to be deployed across the industry with the introduction of a new reporting format for multi class Managed Investment Trusts (AMMA Statements), Standard Distribution Statements (SDS) and Annual Investment Income Reporting (AIIR).


ACSA will have a continued focus on the rules and management of Withholding Tax (WHT) for newly proposed investment structures.


Consultation will also continue on proposed simplification of the Tax on Financial Arrangements (TOFA) rules with the ATO for implementation in 2018. 


Following the Tax Laws Amendment, the OECD Common Reporting Standards (CRS) will come into effect in July 2017.


Operations (and Corporate Actions)


Consultation will continue across the industry with respect to the proposed CHESS replacement, and ACSA will also be seeking improvements in the standardisation of processing of discount securities, and also proposed improvements to Proxy Voting Automation.

 



On behalf of ACSA, I would like to thank all our members, key industry partners and particularly our team of industry experts for your hard work in 2016.

 

The success of ACSA highly depends on its volunteers, who work towards raising the industry profile and benefit from networking and professional development opportunities in return. We encourage more members to become a part of our working group committees and get more from your membership.

 

In summary, 2017 is shaping up to be another year of change and ACSA is well positioned to help the industry meet these new challenges.

 

 

Best wishes

David Knights
ACSA Chair


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