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La Cour suprême du Canada tranche : les cadres ne pourront se syndiquer au Québec
Le 19 avril dernier, la Cour suprême du Canada a rendu une décision fort attendue en matière de syndicalisation des cadres.
Australie | Publication | août 2021
This article was co-authored with Merren Taylor and Caterina Presutti.
On 16 July 2021, the Government released for consultation the draft Financial Accountability Regime Bill 2020 (Cth) (FAR), the Policy Proposal Paper in relation to the list of prescribed responsibilities and positions in FAR, an Information Paper on the joint administration of FAR by ASIC and APRA (Regulators), and a Q&A in relation to FAR and the consultation process. FAR is intended to replace the existing Banking Executive Accountability Regime (BEAR) in line with the recommendations from the Financial Services Royal Commission, and extends its application to all APRA regulated insurers and registrable superannuation entity licensees.
FAR will take effect for the banking sector from the later of 1 July 2022 or six months after commencement, and for APRA regulated insurers and superannuation entities from the later of 1 July 2023 or 18 months after commencement.
FAR imposes four core sets of obligations on entities:
The metrics for enhanced compliance thresholds are proposed to be total assets over $10b for authorised deposit-taking institutions and superannuation entities (this refers to the combined total assets for all superannuation entities under the trusteeship of a given licensee).
FAR grants the Regulators considerable powers to oversee the conduct of Accountable Persons, including but not limited to:
FAR is designed to improve the risk and governance cultures and operating culture of entities in the banking, insurance and superannuation sectors by imposing a strengthened responsibility and accountability framework for those institutions, directors and most senior and influential executives of those institutions.
Consultation on the Bill is open until 13 August 2021. For more information please follow this link. Consultation on the transitional provisions is expected to commence in August/September 2021.
Significantly, the detailed obligations that are outlined in the BEAR legislation are not included in the current draft FAR; instead they will be incorporated as rules determined by the Minister. These have only been outlined at this stage in the Policy Proposal Paper released by Treasury. It is proposed that the prescribed responsibilities and positions will be differentiated according to banks, superannuation entities and insurers. The Federal Government will formally consult on the list of prescribed responsibilities and positions prior to the list being finalised.
In our experience, the implementation of BEAR in the banking sector required banks to invest significant resources and time, and required the involvement of senior people.
The new obligations under FAR significantly exceed current prudential requirements and will expand obligations on banks currently subject to BEAR. Superannuation entities, which are new to this regime, will need to consider the following actions to ensure they will be ready and compliant with FAR as presented under the proposals:
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Le 19 avril dernier, la Cour suprême du Canada a rendu une décision fort attendue en matière de syndicalisation des cadres.
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