Financial Services Reforms Act

Financial Services Reforms Act SECTION 1 INTRODUCTION What are the main aims of the two financial services reforms from 2001—2012? There are two major reforms from 2001-2012 in the financial service industry, such as: Financial services reforms Act (2001) The FSRA introduced in October 2001, administrated by ASIC, become mandatory on 11th March 2002. The FSR amendments to the Corporations Act 2001 (the Act) introduced three main changes which are: Licensing and conduct of financial service providers. The FSR amendments to the Corporations Act 2001 (the Act) introduced a single licensing regime for financial advice and dealings in relation to financial products. An entity that operates a financial services business must now hold an Australian financial services (AFS) license or be authorized by a licensee. Introduced the training policy Known as RG 146, required to get the new AFSL (Australian Financial service License). The Act also seeks to provide consistent and comparable disclosure in relation to financial products and services (including) advice. A single authorization procedure for financial markets and clearing and settlement facilities Future of Financial Advice (FOFA) reforms:- FOFA became mandatory on 1 July 2013 (and was voluntary from 1 July 2012). The objectives of FOFA are to improve the trust and confidence of Australian retail investors in the financial services sector and improve access to advice. The FoFA reforms key elements are: A legal requirement for financial advisers to act in the best interests of their clients. A ban on conflicted remuneration being monetary and non-monetary benefits given to a licensee or representative who provides financial product advice (personal and general) to retail clients which could reasonably be expected to influence the choice of financial product recommended or the financial advice given. On-going fee arrangements requiring the provision of fee disclosure statements and renewal notices to retail clients receiving personal advice. Increased ASIC powers to enforce elements of the FOFA reforms. What does the best interest of the client mean? From the July 1st, 2013, as per new legislation known as The Future of Financial Advice (FOFA), financial advisors and planners in giving advice to their retail clients gives priority to the best interests of the customers. Now advisors didnt only advise their clients about only the products they have on their approved product list (APL) but also refers to their retail clients to other advisors APL, if it is in their best interest. They should not focus on their own fees, but it’s their duty as per legislation (FOFA) to consider the client interest ahead of their own interest. ASIC has explained this duty in the ASIC Regulatory Guide 175 as: Acting in the best interests of the client: best interests duty (s961B) Advice providers must act in the best interests of their client in relation to the advice. One way an advice provider can demonstrate they have done this is by showing they have carried out certain steps in advising their clients. These steps, which act as a ‘safe harbour’ for complying with the best interest duty, are set out in s961B (2). To satisfy the steps for safe harbour in s961B (2), an advice provider must: 1. Identify the objectives, financial situation and needs of the client that were disclosed by the client through instructions. 2. Identify the subject matter of the advice sought by the client (whether explicitly or implicitly). 3. Identify the objectives, financial situation and needs of the client that would reasonably be considered relevant to the advice sought on that subject matter (client’s relevant circumstances). 4. If it is reasonably apparent that information relating to the client’s relevant circumstances is incomplete or inaccurate, make reasonable inquiries to obtain complete and accurate information. 5. Assess whether the advice provider has the expertise required to provide the client with advice on the subject matter sought and, if not, decline to provide the advice. 6. If it would be reasonable to consider recommending a financial product: conduct a reasonable investigation into the financial products that might achieve the objectives and meet the needs of the client that would reasonably be considered relevant to advice on that subject matter; and assess the information gathered in the investigation. 7. Base all judgements in advising the client on the client’s relevant circumstances. 8. Take any other step that, at the time the advice is provided, would reasonably be regarded as being in the best interests of the client, given the client’s relevant circumstances. The licensee or authorized representative will bear the financial liability for any breach of duty. Individual advisors may be subject to administrative sanctions, but not financially liable for any breach of the duty. Prepare a checklist of what documents you must provide to your clients as per the reforms. As per Financial Service Reform Act 2001 the financial planners must provide FSG (Financial Service Guide) to the existing as well as new expected retail clients. The FSG is an important disclosure document as it helps the clients to decide whether to get financial services from a licensed. FSG must be given to the client as soon as practicable after it becomes apparent that the client will or likely to acquire financial service and in any event before the financial service is provided. It is important to know that FSG is not required when the client is not a retail client and where no financial service is provided. As per section (942 C), FSG must include:- The title â€Å"Financial Service Guide †on the cover of or at or near the front of the Financial Service Guide document. The FSG must be dated. The name and contact details of the licensee and (their license number) and the authorized representative and the statement showing that the advisor is an authorized representative of the licensee. Information about the types of financial services (as authorized under the license) offered to retail client. Information that a (SOA) statement of advice (not required for general advice) and /or a Product Disclosure Statement (PDS) may be provided to the client. Information about all the remunerations (including commission) and other benefits received or likely to be received on provision of financial services, including for referrals. Details of any associations/ relationships that may reasonably influence the licensee or the authorized representative in providing the services to the client. Information regarding client concern and the licensee dispute resolution systems. Details regarding the privacy of clients personal details and how such details will be used and handled (as per the privacy act regulation). Describes the different types of client leads? There are three types client leads:- Cold leads, generally referred to just name with little or no other information normally obtained from sources like database, phone book or third party. Their priority to contact is very low as they lack of qualifying information. When making contact with cold leads, it’s important to know that Hawking provisions may relate. Warm leads there is some prospect that contact will be productive and their detailed and specific information availability will ensure that they do not breach the hawking provisions must be specific. Hot leads are the ones where the prospect is known to be interested to take services of a financial planner. They may have asked directly for a product or service and these leads should be contacted at as early as possible. Which of the six basic steps in the financial planning would include lodgement of the paperwork and obtaining all the signatures necessary for the recommendations in the financial plan to be actioned? The six basic steps in the financial planning process are:- i. Preparation Fact Finding Data Analysis and developing a recommendation Preparing a written Recommendation Implementation Review On Implementation stage – Presenting recommendations and gaining agreement to proceed. At this stage after preparation of written recommendations, financial planner plan to take appointments from the client and well prepared financial planner at this stage have all the relevant documents ready for the clients signature. On completion of presentation, interview the paper work needs to be lodged promptly so that recommendations can be implemented and the plan commenced Why a financial plan may need to be reviewed? With the passage of time many things changes, so the financial plan also requires regular reviewing and change in order to make it more realistic. Here are a few reasons that call for to review and change of your financial plan. Variation in financial conditions: changes in the financial / economic condition in the economy have a greater effect on many investment decisions when you feel that your progress towards the achievement of planned goals becomes slow besides the required time lapsed because of changes in external conditions then you should modify /change your investment goals, make them achievable and profitable in present situations. Changes in income / Job: Because of uncertainty and unemployment in the market it is possible that any time may be you lose your job or your income not increase as expected, in both situations your contributions towards your financial goals will be reduced. On the other hand, if your salary increases beyond your expectations as because of promotion / bonus, this enables you to achieve your current financial goal earlier than planned or because of surplus funds you may look for new investments. Unexpected increase in expenses: Sudden medical / accident expenses rise in household expenses as overall prices of goods and services have increased may require to cut down your savings and if you have no other contingency fund in yours plan this can upset your financial goals and enforce to review and bring changes in your financial plan. New Goals: Trend in market change e as time passes like if you have invested in savings accounts, then you may want to invest your funds in building societies or credit unions or s unit trust if they are now offering better interest rates and lower tax benefit. Number of dependent: At the time when your children are small dependent on you then the yours financial goals will be to increase life insurance coverage, but as they grown up and settled in their life your priority changes and now you want to spend more for your health insurance, secondly no of children (dependent) or death of any family loved one also impact upon yours cash flows and yours financial plans Risk Tolerance Fator: When a person is young, he may take risky investments young and energetic and have less responsibilities, but as the time passes that person in older age will try to go for investments where the risk factor is very low as to safeguard his principal. What are the key recommendation areas? In developing the recommendations the key areas which the financial planner will consider are:- How the financial position can be improved - share, property, bonds, unit trust. Ways to accumulate funds for retirements. superannuation. Options to generate funds in retirement rollovers, pensions. Protection of beneficiaries will, life insurance, estate planning. How to protect lifestyles income protection, disability insurance. Protection of assets general insurance cover. Keeping in view the above mentioned key main areas, financial planner also follow the rule of â€Å"Know your client† which means trying to understand clearly what your clients want to achieve from investments of their fund. After clear understanding of the clients needs/ goals, following the rule ofâ€Å" Know your product† financial advisor determine by which available products or strategies the clients needs can be fulfilled in the planned time frame. Selection of different investment options /product advisors also keep in mind that there are certain external factors like economic and financial conditions in the economy, which may call for a change in investment strategies or increase in planned time frame of objectives. Finally, the advisors develop the actual recommendations of a financial plan and discuss these recommendations with the client so that at this stage they can be reviewed or altered as per client input. According to best business practice, how often should a client review interview take place? Financial advisors frequently review the financial plan to access its progress as it is still appropriate or required alteration with the consent of the client. Short term reviews normally take place in every six months on the basis of following reasons: Significant changes in the clients current life circumstances, such as get married, increases or decrease in dependents, change in income status or loss of job etc. Changes in the economic conditions like establishment of new monetary laws, inflation, changes in tax rates as these can affect the investments. Its clients own desire to have more frequent reviews However, routine reviews should take place about approx, every 12 months.

The Importance of Caliban in William Shakespeares The Tempest Essay

The Importance of Caliban in William Shakespeare's The Tempest    'This thing of darkness, I must acknowledge mine.' Although many seem baffled by Shakespeare's The Tempest, the plot is not the target to be deciphered. We understand The Tempest through understanding the character of Caliban. Many works highlight the virtuous side of human nature, failing to acknowledge the darkness that lives within the hearts of all. The Tempest is not one of these works. This story realizes that it is impossible to have the good aspect of human nature without the bad. Caliban helps the reader realize that the difference between good and bad people is the way in which the hidden dark side manifests itself to the outside world. Ostensibly, The Tempest is a play based around Prospero: his power to punish versus his power to forgive. ?Many scholars believe that this is a semi-autobiographical work, written towards the end of Shakespeare's literary career?(Davidson 241). This idea is reinforced throughout the play, especially towards the end and in the epilogue: '...my ending is despair, Unless I be relieved by prayer.' And 'I'll break my staff, Bury it in certain fathoms in the earth, And deeper than did ever plummet sound I'll drown my book' (i.e. his tools that work the magic) Therefore, our understanding of Caliban's position in the play is of great import. Critics debate on whether his... ... Interpretation." In The Tempest: A Casebook. Ed. D.J. Palmer. London: Macmillan & Co. Ltd., 1968. 225-263. Kermode, Frank. Introduction. The Tempest. By William Shakespeare. Cambridge: Harvard UP, 1958. xlii. Palmer, D. J. (Editor) The Tempest - A Selection of Critical Essays London: MacMillan Press Ltd., 1977. Shakespeare, William. The Tempest. The Riverside Shakespeare. Ed. G. Blakemore Evans, et. al. Boston: Houghton Mifflin Company, 1974. Solomon, Andrew. "A Reading of the Tempest." In Shakespeare's Late Plays. Ed. Richard C. Tobias and Paul G. Zolbrod. Athens: Ohio UP, 1974. 232-265 John Wilders' lecture on The Tempest given at Oxford University - Worcester College - August 4th, 1999.

Speech against Animal Testing

Now ladies and gentlemen, I would like you guys to have a think about this, without animal research, how long would it take for us to have a breakthrough in order for us to survive through small pox, rabies, malaria or any other severe diseases that had occurred in the past. If it weren’t for animal testing, we wouldn’t be all sitting here, enjoying our lives. Thank you all for listening. 0 In the case of using primates in animal testing, the National Research and Medical Research Council has stated, ‘Some biomedical research is best undertaken on primates in order to allow the greatest relevance to understanding health and disease in humans. ’ A PHD student from the University of Sydney, Swetha Murali, is working in a neuropharmacology lab researching about the development of novel therapeutics for treating chronic pain. Murali also raised a number of concerns and argued, ‘The first three are not alternatives at all. These animal dealers must be lice nsed by the United States Department of Agriculture and must adhere to Animal Welfare Act standards of care. Both dealers and research facilities can obtain dogs and cats only from specified sources and must comply with detailed record-keeping and waiting-period requirements. In addition, the United States Department of Agriculture conduct surprising inspections of dealers and research facilities for agreement to help ensure research animals are not missing pets. ’ 6They don’t actually lead to the development of novel treatments, just a better understanding of the efficacy of existing ones. Meanwhile the last two are already commonly used in most labs, but prior to and in conjunction with work and animals. ’ Murali has also stated that ‘and as powerful as modern computers are, there’s still simply no comparison – the idea of successfully simulating the complexity present in organism- level biological systems is a pipe dream at present. â€⠄¢ 9 My third point would be that there is no suitable and reliable substitution to animal testing.It has been reported that there are situations, where there are no viable alternatives to animal testing in order to enlarge the research of treatments to assist human beings from suffering a wide range of diseases. This has been brought up by the National Health and Medical Research Council which stated, ‘Animal experimentation remains crucial to a proportion of the funded research design to find better ways of preventing, treating and curing human diseases, and there are many situations where no alternatives exist. 7 The American Association for Laboratory Animal Science stated that, ‘While some research requires that dogs and cats are used, the vast majority of laboratory animals are rodents specifically bred for research. Nearly half of the dogs and cats needed for research are also bred for that purpose. Since state laws and local policies prevent many animal pounds an d shelters from providing dogs and cats to research facilities, animal dealers are the primary source for the other half of the animals scientists require. ’ 5Good morning teachers and fellow classmates. Today I will be presenting my point of view towards the issue of animals being used in testing and research. Animals such as mice, rats and primates are used in the further research for the sake of us human beings, either health or cosmetic wise, and also tested on animals to make sure they have no life-threatening side effects. This act has being carried out for years, and to abolish it now would be a real shame and it’ll bring an end to the further advancement of human health. I assume that most of you guys think that animal testing will involve big needles injecting into those little cute, furry rodents. But I assure you, it’s not. It has been stated that the procedure throughout the whole testing will keep the animals’ distress to a minimal. Also the people who are involved in this project are all animal lovers, which mean that they aren’t doing this for enjoyment, but for the health of the greater well. As they say ‘Good science and good animal welfare go hand in hand’. In the UK, the experiments that were carried out have been classified as mild, moderate or substantial. In December 2001, licensed experiments that happened in the UK were: 39% mild, 55% moderate, 2% substantial and 4% that are unclassified. Judging from these statistics, it is shown that very few experiments have caused substantial suffering to the animals tested. This also leads to my second point. Many of these animals that were killed in animal testing were specifically bred for this purpose. 3These animals would not have been alive at all if they weren’t needed for animal testing. Also keep in mind that they were bred under humane conditions, which means, they had the right amount of nutrition to be healthy and also in an environm ent that were close to home for them. In certain parts of the world, purposely-bred animals were not available, and in these cases, animals that were used must be obtained through licensed and regulated dealers that meet standard criteria where it was suitable laboratory research. 4

Conjugation of the Spanish Verb Traer

Conjugation of the Spanish Verb Traer Traer is the most common Spanish verb that means to bring. Its stem changes in a way that isnt readily predictable. Other verbs that are conjugated in the same pattern include abstraer (to think about abstractly), atraer (to attract), contraer (to shrink), distraer (to distract), extraer (to extract), retraer (to dissuade or retract), and sustraer (to remove). Irregular forms are shown below in boldface. Translations are given as a guide and in real life may vary with context. Infinitive of Traer traer (to bring) Gerund of Traer trayendo (bringing) Participle of Traer traà ­do (brought) Present Indicative of Traer Present indicative (presente del indicativo): yo traigo, tà º traes, usted/à ©l/ella trae, nosotros/as traemos, vosotros/as traà ©is, ustedes/ellos/ellas traen (I bring, you bring, he brings, etc.) Preterite of Traer yo traje, tà ºÃ‚  trajiste, usted/à ©l/ella trajo, nosotros/as trajimos, vosotros/as trajisteis, ustedes/ellos/ellas trajeron (I brought, you brought, she brought, etc.) Imperfect Indicative of Traer yo traà ­a, tà º traà ­as, usted/à ©l/ella traà ­a, nosotros/as traà ­amos, vosotros/as traà ­ais, ustedes/ellos/ellas traà ­an (I used to bring, you used to bring, he used to bring, etc.) Future Indicative of Traer yo traerà ©, tà º traers, usted/à ©l/ella traer, nosotros/as traeremos, vosotros/as traerà ©is, ustedes/ellos/ellas traern (I will bring, you will bring, he will bring, etc.) Conditional of Traer yo traerà ­a, tà º traerà ­as, usted/à ©l/ella traerà ­a, nosotros/as traerà ­amos, vosotros/as traerà ­ais, ustedes/ellos/ellas traerà ­an (I would bring, you would bring, she would bring, etc.) Present Subjunctive of Traer que yo traiga, que tà º traigas, que usted/à ©l/ella traiga, que nosotros/as traigamos, que vosotros/as tragis, que ustedes/ellos/ellas traigan (that I bring, that you bring, that she bring, etc.) Imperfect Subjunctive of Traer que yo trajera (trajese), que tà º trajeras (trajeses), que usted/à ©l/ella trajera (trajese), que nosotros/as trajà ©ramos (trajà ©semos), que vosotros/as trajerais (trajeseis), que ustedes/ellos/ellas trajeran (trajesen) (that I brought, that you brought, that he brought , etc.) Imperative of Traer trae (tà º), no traigas (tà º), traiga (usted), traigamos (nosotros/as), traed (vosotros/as), no tragis (vosotros/as), traigan (ustedes) (bring, dont bring, bring, lets bring, etc.) Compound Tenses of Traer The perfect tenses are made by using the appropriate form of haber and the past participle, traà ­do. The progressive tenses use estar with the gerund, trayendo. Sample Sentences Showing Conjugation of Traer and Related Verbs Estamos estudiando la posibilidad de traer ms especialistas. (We are studying the possibility of bringing in more specialists. Infinitive.)Estamos trayendo energà ­a y equilibrio superior al equipo. (We are bringing energy and balance to the team. Present progressive.)No he traà ­do nada. (I havent brought you anything. Present perfect.)Le traigo la leche para que se haga un capuchino. (I am bringing you the milk so you can make a cappuccino. Present indicative.)Me distraen las conversaciones que oigo a mi derecha y a  mi izquierda. (The conversations I hear to my right and left distract me. Present indicative.)Extrajimos unos centà ­metros cà ºbicos del là ­quido. (We extracted a few cubic centimeters of the liquid.) Preterite.)Mis tà ­os siempre traà ­an revistas nuevas o algà ºn juguete. (My aunts and uncles always brought some new magazines or some toy. Imperfect.)La ceremonia atraer a decenas de miles de personas (The ceremony will draw tens of thousands of people. Fut ure.)Patricia me distraerà ­a pidià ©ndome de jugar con ella. (Patricia would distract me by asking me to play with her. Conditional.) Espero que me traigas buenas noticias. (I hope you bring me good news. Present subjunctive.)Hubo un tiempo en el que era ilegal que las parejas interraciales contrajeran matrimonio. (There was a time when it was illegal for interracial couples to get married. Imperfect subjunctive.)Trelo aquà ­. (Bring it here. Imperative.)

Keine Lazarovitch Essays

Keine Lazarovitch Essays Keine Lazarovitch Essay Keine Lazarovitch Essay Irving Layton was written about his mother, Kline, most likely as a eulogy after she died In 1959. The unusual yet astonishing thing about this poem Is during the first four paragraphs the mood is dark, almost evil like, and fierce, as he speaks of growing old and death, For her mouth was not water but a curse, (paragraph 2). We can see that the speaker, her son, is an honest and expressive man. The emotional effects of these four paragraphs makes us question why Irving would bother to write a eulogy for his mother if he only states readers things about her, it also makes the reader believe perhaps his mother was an unhappy miserable woman who only cursed Gods creatures. The final paragraph of the poem leaves the reader with a satisfying sense of peace, where he basically says that although his mother spoke her mind and was firm on her beliefs, and though the things did may have sometimes been a nuisance, she was his mother. The things she did made her the person she was. Her characteristics were the things that made her real. Though eulogies are usually spoken with a soft tone, and speak of all the great things the person did, the reality Is o one is perfect, and the flaws that people have make them who they are. The authors purpose was to show his true love for his mother. He loved her because she was, in fact, so fierce and outspoken, which is why the thought of this poem is so important. The imagery is very powerful as we can see the picture of his deceased mothers head on the cold pillow, her white watermarking hair in the cheeks hollows, (paragraph 1). This immediately illustrates his mother in the casket at her funeral. Also, we can see the obvious look of the mother when he talks of her amber dads that she wore upon her breast so radiantly. (paragraph 4). These clear visual characteristics also show Layton observance and attention towards his mother. Although this poem does not include a uniform rhyme scheme, we notice the last word of every line (except the last line of each paragraph) has the same ending. For example, in the first paragraph the first line ends with the word pillow, the second line ends with the word hollows and the third line, the word how. Though these words do not necessarily rhyme, they make connections to each other through sound. Also, there are many literary devices in the poem that help emphasize the imagery and sound. For example, in the first paragraph, the alliteration of white watermarking hair really catches the readers attention and creates a greater visual image. Another example would be In the third paragraph when he says Till popularizing Death leaned down and took them for his mould. This line represents growing old and death as a reason for the loss of her rich, black eyebrows. Yet, death cannot physically lean down and take eyebrows, for that is only a human trait, thus making tons Ellen a Tort AT personalization.

Sources of Finance Essay Example | Topics and Well Written Essays - 750 words

Sources of Finance - Essay Example The equity market (also known as the stock market) is the market for trading equity instruments (Federal Reserve Bank of San Francisco, 2005). Shares are the securities issued to the general public and its ownership implies business ownership.There are two different types of shares: Equity shares and Preference shares (Finance.mapsofworld.com, 2013). One of the examples of the equity instrument is common stock shares, publicly traded on national and global Stock exchanges (Federal Reserve Bank of San Francisco, 2005). Debts are the financial instruments traded for a long period of time. Example of debt instruments are mortgages and bonds (either corporate or government) (Federal Reserve Bank of San Francisco, 2005). Loans are granted by Banks, insurance companies or financial institutions in order to provide working capital or finance capital equipment (Term loan, 2006). Various banks including commercial banks, industrial development banks, and cooperative banks give medium-term loans for a period of 3-5 years (Finance.mapsofworld.com, 2013). Financial institutions established by State and Central governments give long term loans (Finance.mapsofworld.com, 2013). In order to get long term loan the company is required to limit dividends, to meet minimum working capital and debt to net, etc. (Term loan, 2006). If the company is granted the loan, it is amortized over a fixed period of time (Term loan, 2006). Loans as a source of long-term financing have some obvious benefits to the borrowers, as the principal and interest are the figures that can be calculated and planned in budget. Also, the duration of the business relationship is defined in the contract and normally ends when the debt is paid out (National Federation of Independent Business, 2009). Equity financing allows a business entity to acquire funds without generating debt obligations. When the company issues shares usually there is no debt burden on the company

To what extent did the Cuban intervention shape Angola (1975-1991) Assignment

To what extent did the Cuban intervention shape Angola (1975-1991) - Assignment Example I will also refer to the Library of Congress Country Studies. In section B, I will discuss the first Cuban intervention, global response to the event, Cubas second involvement, and The Battle of Cuito Cuanavale. In C, I will evaluate my sources and in D, provide an analysis of evidence. In consequence, to analysis, I will formulate a conclusion to my research in E. The Portuguese colonization of Angola began in the sixteenth century and continued until 1975. In 1974, following the Carnation Revolution in Portugal, an extreme right wing Portuguese government was replaced by a moderate democracy (Birmingham 184). At the time, three major revolutionary factions operated in Angola; MPLA, UNITA and FNLA. In January 1975, at a meeting held in Kenya, Portugal recognized the MPLA, UNITA, and FNLA as three independent and equal political movements (LOC). Further meeting in Alvor, Portugal, resulted in the agreement of independence on 11 November 1975 with a transitional government in place until that date (LOC). The transitional government, which was an equal unity between all three movements, was sworn in on 31 January 1975 (Smith 66). Disputes quickly erupted between members of the newly formed government. Pro-western FNLA which was heavily influenced by the United States was at odds with Soviet and Cuban-backed MPLA (LOC). The U.S refused to accept MPLA as a major player in the unity government due to their strong Soviet ties and Marxist inclinations (Smith 69). An arms race began between these two factions leading to the U.S. funding UNITA for the first time (LOC). Fighting which initially began in Luanda spread to the entire country. In July 1975, in response to a request by MPLA leader Antonio Neto to provide support against international imperialism, Cuba set up four centers for military training in Angola (CIA). On 11 August 1975, Cuban Major Raà ºl Diaz Argà ¼elles proposed to Fidel Castro a military