Footnotes


Footnotes

Chapter 1 - Introduction

[1]        Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, pp 123–124, http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Completed_inquiries/2010-13/trio/report/index (accessed 12 June 2013).

[2]        Parliamentary Joint Committee on Corporations and Financial Services, Oversight of ASIC, http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/asic(accessed 2 April 2013).

Chapter 2 - The gatekeeper framework in Australia

[1]        Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 15.

[2]        Lonsec Research Pty Ltd, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [3].

[3]        Australian Securities and Investments Commission, Submission 51, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012, http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Completed_inquiries/2010-13/trio/submissions (accessed 2 July 2013).

[4]        Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, pp 123–124, http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Completed_inquiries/2010-13/trio/report/index (accessed 12 June 2013).

[5]        Australian Securities and Investments Commission, 'Bridging the gap', Annual Forum 2013—The New Normal, 25–26 March 2013, Hilton, Sydney NSW, http://www.asic.gov.au/annual-forum (accessed 3 June 2013).

[6]        Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, p. 11.

[7]        The Treasury and the Australian Securities and Investments Commission, Review of credit rating agencies and research houses, Joint Report, No. 143, October 2008. http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rep143.pdf/$file/rep143.pdf (accessed 12 June 2013).

[8]        Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg79-published-10-December-2012.pdf/$file/rg79-published-10-December-2012.pdf (accessed 12 June 2013).

[9]        The Treasury and the Australian Securities and Investments Commission, Review of credit rating agencies and research houses, Joint Report, No. 143, October 2008, p. 23.

[10]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 9.

[11]      The Treasury and the Australian Securities and Investments Commission, Review of credit rating agencies and research houses, Joint Report, No. 143, October 2008, p. 24; Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 4.

[12]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 4, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg79-published-10-December-2012.pdf/$file/rg79-published-10-December-2012.pdf (accessed 12 June 2013).

[13]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 5.

[14]      Ruth Williams, 'Research houses facing the heat', Sydney Morning Herald, 1 May 2012, http://www.smh.com.au/business/research-houses-facing-the-heat-20120430-1xuy6.html (accessed 12 June 2013).

[15]      See the arguments cited in Benjamin Levy, 'Lonsec named Research House of the Year for 2012', Money Management, 27 August 2012, http://www.moneymanagement.com.au/analysis/rate-the-raters/lonsec-named-research-house-of-the-year-for-2012 (accessed 11 July 2013);
see also Bela Moore and Milana Pokrajac, 'Rate the raters 2012', Money Management, 29 June 2012, http://www.moneymanagement.com.au/analysis/rate-the-raters/rate-the-raters-2012 (accessed 11 July 2013);
Jason Spits, 'Fund managers and research houses – a cold war thaw?', Money Management, 5 July 2013, http://www.moneymanagement.com.au/analysis/rate-the-raters/fund-managers-and-research-houses-a-cold-war-thaw (accessed 11 July 2013);
Jason Spits, 'Are there too many ratings houses in Australia?', Money Management, 5 July 2013 http://www.moneymanagement.com.au/analysis/rate-the-raters/are-there-too-many-ratings-houses-in-australia (accessed 11 July 2013).

[16]      See the arguments cited in Jason Spits, 'Fund managers and research houses – a cold war thaw?', Money Management, 5 July 2013.

[17]      See the arguments cited in Jason Spits, 'Fund managers and research houses – a cold war thaw?', Money Management, 5 July 2013.

[18]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 5.

[19]      The Treasury and the Australian Securities and Investments Commission, Review of credit rating agencies and research houses, Joint Report, No. 143, October 2008.

[20]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 5.

[21]      Australian Securities and Investments Commission, Strengthening the regulation of research report providers (including research houses), Consultation Paper, No. 171, November 2011, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp171-published-16-November-2011.pdf/$file/cp171-published-16-November-2011.pdf (accessed 12 June 2013).

[22]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide No. 79, December 2012.

[23]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 32.

[24]      Corporations Act 2001, ss. 912A(1)(aa).

[25]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 7.

[26]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 7.

[27]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, pp 23–28.

[28]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 20.

[29]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 22.

[30]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012, p. 22.

[31]      Parliamentary Joint Committee on Corporation and Financial Services, Inquiry into financial products and services in Australia, November 2009.

[32]      Parliamentary Joint Committee on Corporations and Financial Services, Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, February 2012; Parliamentary Joint Committee on Corporations and Financial Services, Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013, May 2013.

[33]      Leng Yeow, 'This advice will remain unchanged', Australian Financial Review, 29 June 2013, p. 17;                                                                                                                                        David Potts, 'A new year's fizzer', The Age, 26 June 2013, http://www.theage.com.au/money/planning/a-new-years-fizzer-20130625-2otfr.html (accessed 26 June 2013);                                                                                                                             The Sydney Morning Herald, Editorial, 'Legal reforms will not let ASIC off the hook', 22 June 2013, p.13.

[34]      Australian Securities and Investments Commission, Submission 378, pp 108–109, Inquiry into financial products and services in Australia, Parliamentary Joint Committee on Corporations and Financial Services, November 2009.

[35]      Parliamentary Joint Committee on Corporation and Financial Services, Inquiry into financial products and services in Australia, November 2009, p. 16.

[36]      Australian Securities and Investments Commission, Submission 378, p. 110, Inquiry into financial products and services in Australia, Parliamentary Joint Committee on Corporations and Financial Services, November 2009.

[37]      Australian Securities and Investments Commission, Submission 378, pp 109–110, Inquiry into financial products and services in Australia, Parliamentary Joint Committee on Corporations and Financial Services, November 2009.

[38]      Australian Securities and Investments Commission, Submission 378, pp 110–111, Inquiry into financial products and services in Australia, Parliamentary Joint Committee on Corporations and Financial Services, November 2009.

[39]      Australian Securities and Investments Commission, Conflicted remuneration, Regulatory Guide, No. 246, March 2013, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg246-published-4-March-2013-B.pdf/$file/rg246-published-4-March-2013-B.pdf (accessed 22 July 2013).

[40]      Australian Securities and Investments Commission, Fee disclosure statements, Regulatory Guide, No. 245, January 2013, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg245-published-25-January-2013.pdf/$file/rg245-published-25-January-2013.pdf  (accessed 22 July 2013).

[41]      Australian Securities and Investments Commission, Approval of financial services sector codes of conduct, Regulatory Guide, No. 183, March 2013, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg183-published-1-March-2013.pdf/$file/rg183-published-1-March-2013.pdf (accessed 22 July 2013).

[42]      Australian Securities and Investments Commission, Licensing: Financial product advisers—Conduct and disclosure, Regulatory Guide, No. 175, December 2012, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg-175-published-13-December-2012.pdf/$file/rg-175-published-13-December-2012.pdf (accessed 22 July 2013).

[43]      Australian Securities and Investments Commission, Giving information, general advice and scaled advice, Regulatory Guide, No. 244, December 2012, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg-244-published-13-December-2012.pdf/$file/rg-244-published-13-December-2012.pdf (accessed 22 July 2013).

[44]      The Treasury, Future of Financial Advice, Frequently asked questions, What are the key elements of the reforms, http://futureofadvice.treasury.gov.au/content/Content.aspx?doc=faq.htm (accessed 22 July 2013).

[45]      Leng Yeow, 'This advice will remain unchanged', Australian Financial Review, 29 June 2013, p. 17.

[46]      Corporations Act 2001, ss766E(1).

[47]      Australian Custodial Services Association, The role of the custodian, p. 7, http://www.custodial.org.au/uploaded_files/news_files_uploads/1335847172_109.pdf (accessed 18 June 2013).

[48]      One Investment Group, Custody services, http://oneinvestment.com.au/services/custody-services/ (accessed 2 July 2013).

[49]      Australian Custodial Services Association, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013.

[50]      Australian Custodial Services Association, Submission 43, p. 2, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[51]      Australian Prudential Regulation Authority, 'Custodian operations in the superannuation industry', Insight, No. 1, 2011, p. 12.

[52]      Australian Securities and Investments Commission, Custodial and depository services in Australia, Report, No. 291, July 2012, p. 4, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rep291-published-5-July-2012.pdf/$file/rep291-published-5-July-2012.pdf (accessed 22 July 2013).

[53]      Australian Securities and Investments Commission, Custodial and depository services in Australia, Report, No. 291, July 2012, p. 14.

[54]      ANZ, Submission 70, p. 3, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012; see also Australian Custodial Services Association, Submission 43, p. 2, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[55]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, p. 133, Recommendation 8.

[56]      Australian Securities and Investments Commission, Custodial and depository services in Australia, Report, No. 291.

[57]      Australian Custodial Services Association, Submission to ASIC Report 291—Custodial and depository services in Australia: name of custodian, 6 September 2012, p. 2, http://www.custodial.org.au/uploaded_files/news_files_uploads/1354148479_124.pdf (accessed 19 June 2013).

[58]      Mr Paul Khoury, Deputy Chairman, Australian Custodial Services Association, Proof Committee Hansard, 21 June 2013, p. 14.

[59]      Mr Paul Khoury, Deputy Chairman, Australian Custodial Services Association, Proof Committee Hansard, 21 June 2013, p. 14.

[60]      Australian Custodial Services Association, The role of the custodian, p. 9, http://www.custodial.org.au/uploaded_files/news_files_uploads/1335847172_109.pdf (accessed 18 June 2013).

[61]      Financial Services Council, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [1].

[62]      Financial Services Council, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [2].

[63]      One Investment Group, Trust services, https://oneinvestment.com.au/trust-services/ (accessed 2 July 2013); One Investment Group, Company overview, https://oneinvestment.com.au/about/ (accessed 2 July 2013).

[64]      Although debenture trustees were not a focus area at the roundtable, the committee has monitored recent developments in the debenture sector including the recent ASIC consultation paper on strengthening regulation of the sector. See Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, No. 2, May 2013, pp 55–58.

[65]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, p. 146.

[66]      The Corporations Legislation Amendment (Financial Services Modernisation) Act 2009.

[67]      Australian Securities and Investments Commission, Trustee companies: financial requirements and conduct obligations, Consultation Paper, No. 132, March 2010, p. 6, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp132.pdf/$file/cp132.pdf (accessed 22 June 2013).

[68]      Australian Securities and Investments Commission, Trustee companies: financial requirements and conduct obligations, Consultation Paper, No. 132, March 2010, p. 10.

[69]      Australian Prudential Regulation Authority, 'Custodian operations in the superannuation industry', Insight, No. 1, 2011, p. 13.

[70]      Australian Prudential Regulation Authority, 'Custodian operations in the superannuation industry', Insight, No. 1, 2011, p. 13.

[71]      Australian Bureau of Statistics, Managed Funds, 1301.0–Year Book Australia, 24 May 2012, http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/1301.0~2012~Main%20Features~Managed%20funds~268 (accessed 31 May 2013).

[72]      Australian Securities and Investments Commission, Risk management systems of responsible entities, Consultation Paper, No. 204, March 2013, p. 5, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp204-published-21-March-2013.pdf/$file/cp204-published-21-March-2013.pdf (accessed 30 May 2013).

[73]      Australian Securities and Investments Commission, Risk management systems of responsible entities, Consultation Paper, No. 204, March 2013, p. 5; Australian Securities Exchange, About managed funds, http://www.asx.com.au/products/about-managed-funds.htm (accessed 31 May 2013).

[74]      Australian Securities and Investments Commission, Submission 378, p. 112, Inquiry into financial products and services in Australia, Parliamentary Joint Committee on Corporations and Financial Services, November 2009.

[75]      Australian Securities and Investments Commission, Submission 378, p. 112, Inquiry into financial products and services in Australia, Parliamentary Joint Committee on Corporations and Financial Services, November 2009.

[76]      Australian Securities and Investments Commission, Submission 378, pp 112–113, Inquiry into financial products and services in Australia, Parliamentary Joint Committee on Corporations and Financial Services, November 2009.

[77]      Australian Securities and Investments Commission, Submission 378, p. 112, Inquiry into financial products and services in Australia, Parliamentary Joint Committee on Corporations and Financial Services, November 2009.

[78]      Vanguard 500 Index Fund, Funds, stocks and ETF's, https://personal.vanguard.com/us/FundsSnapshot?FundId=0040&FundIntExt=INT (accessed 31 May 2013); see also Justin Fox, Just how useless is the asset-management industry?, Harvard Business Review blog, 16 May 2013, http://blogs.hbr.org/fox/2013/05/just-how-useless-is-the-asset-.html (accessed 31 May 2013).

[79]      Burton G. Malkiel, 'Asset management fees and the growth of finance', Journal of Economic Perspectives, Vol. 72, No. 2, Spring 2013, pp 97–108;                                                               see also Justin Fox, 'Just how useless is the asset-management industry?', Harvard Business Review blog, 16 May 2013, http://blogs.hbr.org/fox/2013/05/just-how-useless-is-the-asset-.html (accessed 31 May 2013);                                                                                                      Michael West, 'Fundsters get the nod and the cash to go with it', Weekend Business, Sydney Morning Herald, 25 May, p. 2, http://www.smh.com.au/business/fundsters-get-the-nod-and-the-cash-prize-to-go-with-it-20130524-2k6p6.html (accessed 31 May 2013);                Alexander Green, 'Why Burton G. Malkiel is more right than wrong', Investment U, Iss. 1299, 12 July 2010, http://www.investmentu.com/2010/July/why-burton-g-malkiel-is-more-right-than-wrong.html (accessed 31 May 2013).

[80]      Corporations Act 2001, s. 601ED.

[81]      One Investment Group, Responsible entities and managed investment schemes, http://oneinvestment.com.au/responsible-entities-and-managed-investment-schemes/ (accessed 22 July 2013).

[82]      Corporations Act 2001, s. 601EA.

[83]      Corporations Act 2001, s. 601FA.

[84]      Corporations Act 2001, s. 601EA.

[85]      One Investment Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [1]; Financial Services Council, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [1].

[86]      Financial Services Council, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [1].

[87]      One Investment Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [1].

[88]      Australian Securities and Investments Commission, Submission 51, p. 36, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[89]      Australian Securities and Investments Commission, Submission 51, pp 86–87, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[90]      One Investment Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [1].

[91]      Australian Government Corporations and Markets Advisory Committee, Managed Investment Schemes, Report, July 2012, p. 60.

[92]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, p. 11.

[93]      Corporations Act 2001, s. 601HA.

[94]      Australian Securities and Investments Commission, Submission 51, p. 35, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[95]      Financial Services Council, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [1].

[96]      Corporations Act 2001, s. 601JA.

[97]      Financial Services Council, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [1].

[98]      Australian Securities and Investments Commission, Submission 51, p. 43, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[99]      Australian Securities and Investments Commission, Risk management systems of responsible entities, Consultation Paper, No. 204, March 2013, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp204-published-21-March-2013.pdf/$file/cp204-published-21-March-2013.pdf (accessed 24 June 2013) .

[100]    ASIC Act 2001, ss. 227AA(1).

[101]    Corporations Act 2001, s. 307A, ss. 336(1).

[102]    Strategic Direction issued by the Financial Reporting Council (FRC) to the Auditing and Assurance Standards Board (AUASB) on 6 April 2005, published in Auditing and Assurance Standards Board, AUASB Functions and Processes, November 2012, p. 5.

[103]    ASIC Act 2001, ss. 224(aa).

[104]    Corporations Act 2001, s. 307C.

[105]    Auditing and Assurance Standards Board (AUASB), Auditing Standard ASA 200—Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with the Australian Auditing Standards, October 2009, paragraphs 14–17.

[106]    The Treasury, Audit Quality in Australia: A Strategic Review, March 2010, p. 7.

[107]    The Treasury, Audit Quality in Australia: A Strategic Review, March 2010, p. 3.

[108]    Australian securities and Investments Commission, Audit inspection program report for 2011–12, Report No. 317, December 2012.

[109]    Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, No. 2, May 2013, pp 5–23.

[110]    Australian Securities and Investments Commission, 'ASIC welcomes audit firm plans to improve quality', Media release, No. 13–138, 13 June 2013, http://www.asic.gov.au/asic/asic.nsf/byheadline/13-138MR+ASIC+welcomes+audit+firm+plans+to+improve+quality?openDocument (accessed 14 June 2013).

[111]    Australian Securities and Investments Commission, 'ASIC welcomes audit firm plans to improve quality', Media release, No. 13–138, 13 June 2013.

[112]    Australian Securities and Investments Commission, 'ASIC welcomes audit firm plans to improve quality', Media release, No. 13–138, 13 June 2013.

[113]    CPA Australia, A guide to understanding auditing and assurance, February 2013, p. 5, http://www.cpaaustralia.com.au/cps/rde/xbcr/cpa-site/guide-understanding-audit-assurance.pdf (accessed 21 March 2013).

[114]    CPA Australia, A guide to understanding auditing and assurance, February 2013, p. 7.

[115]    CPA Australia, A guide to understanding auditing and assurance, February 2013, p. 7.

[116]    CPA Australia, A guide to understanding auditing and assurance, February 2013, pp 8–9.

[117]    CPA Australia, correspondence to the committee, 12 July 2013 (emphasis original); see also Ernst & Young, answer to question on notice, 10 July 2013 (received 16 July 2013).

[118]    CPA Australia, A guide to understanding auditing and assurance, February 2013, p. 12.

[119]    CPA Australia, A guide to understanding auditing and assurance, February 2013, p. 12.

[120]    CPA Australia, A guide to understanding auditing and assurance, February 2013, p. 13.

[121]    Competition Commission (UK), 'Audit market not serving shareholders', Media release, 22 February 2013, www.competition-commission.org.uk/media-centre/latest-news/2013/Feb/
audit-market-not-serving-shareholders (accessed 27 March 2013).

[122]    Ms Laura Carstensen, Chair, UK Audit Investigation Group, cited in Competition Commission (UK), 'Audit market not serving shareholders', Media release, 22 February 2013, www.competition-commission.org.uk/media-centre/latest-news/2013/Feb/
audit-market-not-serving-shareholders (accessed 27 March 2013).

[123]    See the interchange between Mr Paul Fletcher MP and Ms Liz Stamford, Head of Audit Policy, Institute of chartered Accountants Australia, Committee Hansard, 15 March 2012, pp 9–10; Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, No. 2, May 2013, Committee views— 2.63–2.65, pp 22–23.

[124]    Australian Securities and Investments Commission, Submission 51, pp 44–45, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[125]    Australian Securities and Investments Commission, Submission 51, p. 45, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[126]    Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012. Registration eligibility requirements include a competency examination, educational qualifications and supervised practical experience. See ASIC, 'SMSF auditor registration', www.asic.gov.au/asic/ASIC.NSF/byHeadline/SMSF%20auditor%20registration (accessed 26 March 2013).

[127]    Mr Greg Tanzer, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, pp 27–28.

[128]    Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2013, pp xxii–xxiii.

Chapter 3 - Interaction between research houses, fund managers, financial planners and financial advisers

[1]        Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, p. 123.

[2]        Lonsec Research Pty Ltd, answer to question on notice, 28 June 2013 (received 12 July 2013).

[3]        Lonsec Research Pty Ltd, answer to question on notice, 28 June 2013 (received 12 July 2013).

[4]        Lonsec Research Pty Ltd, answer to question on notice, 28 June 2013 (received 12 July 2013).

[5]        Jason Spits, 'Fund managers and research houses—a cold war thaw?', Money Management¸ 5 July 2013, http://www.moneymanagement.com.au/analysis/rate-the-raters/fund-managers-and-research-houses-a-cold-war-thaw (accessed 15 July 2013).

[6]        Giles Gunesekara, Head, Third Party Sales, Principal Global Investors, cited in Jason Spits, 'Fund managers and research houses—a cold war thaw?', Money Management¸ 5 July 2013.

[7]        Tim Murphy, co-head of fund research, Morningstar, cited in Jason Spits, 'Research houses stand their ground', Money Management¸ 5 July 2013, http://www.moneymanagement.com.au/analysis/rate-the-raters/research-houses-stand-their-ground (accessed 15 July 2013).

[8]        Lonsec Research Pty Ltd, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [3].

[9]        Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, p. 6.

[10]      Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, p. 6.

[11]      Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, p. 6.

[12]      Lonsec Research Pty Ltd, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, pp [5–6].

[13]      Australian Securities and Investments Commission, Submission 51,  pp 83–84, Inquiry into the collapse of Trio Capital Limited, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[14]      Australian Securities and Investments Commission, Research report providers: Improving the quality of investment research, Regulatory Guide, No. 79, December 2012.

[15]      Lonsec Research Pty Ltd, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [3].

[16]      Lonsec Research Pty Ltd, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [5].

[17]      Lonsec Research Pty Ltd, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [3].

[18]      Lonsec Research Pty Ltd, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [4].

[19]      Lonsec Research Pty Ltd, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [5].

[20]      Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, pp 10–11.

[21]      Lonsec Research Pty Ltd, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [1].

[22]      Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 7.

[23]      Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 7.

[24]      Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 11.

[25]      Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, p. 11.

[26]      Mr Tony Graham, Executive Director, Macquarie Group Ltd, Proof Committee Hansard, 21 June 2013, p. 8.

[27]      Macquarie Group Ltd, correspondence to the committee, 19 July 2013.

[28]      Mr Tony Graham, Executive Director, Macquarie Group Ltd, Proof Committee Hansard, 21 June 2013, pp 8–9.

[29]      Macquarie Group Ltd, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. 2.

[30]      Macquarie Group Ltd, answer to question on notice, 28 June 2013 (received 19 July 2013), p. [2].  

[31]      Mr Royce Brennan, General Manager—Risk, BT Financial Group, Proof Committee Hansard, 21 June 2013, p. 9.

[32]      BT Financial Group, answer to question on notice, 28 June 2013 (received 12 July 2013), p. 4.  

[33]      BT Financial Group, answer to question on notice, 28 June 2013 (received 12 July 2013), p. 3.  

[34]      Dixon Advisory, answer to question on notice, 28 June 2013 (received 12 July 2013).

[35]      Dixon Advisory, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [3].

[36]      Dixon Advisory, answer to question on notice, 28 June 2013 (received 12 July 2013).

[37]      Dixon Advisory, answer to question on notice, 28 June 2013 (received 12 July 2013).

[38]      Dixon Advisory, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [3].

[39]      Dixon Advisory, answer to question on notice, 28 June 2013 (received 12 July 2013).

[40]      Lonsec Research Pty Ltd, answer to question on notice, 28 June 2013 (received 12 July 2013).

[41]      Australian Securities and Investments Commission, Shadow shopping study of retirement advice, Report No. 279, March 2012, p. 8, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rep279-published-27-March-2012.pdf/$file/rep279-published-27-March-2012.pdf (accessed 2 July 2013).

[42]      Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, p. 16.

[43]      Mr Tony Graham, Executive Director, Macquarie Group Ltd, Proof Committee Hansard, 21 June 2013, p. 15.

[44]      Mr Tony Graham, Executive Director, Macquarie Group Ltd, Proof Committee Hansard, 21 June 2013, p. 18.

[45]      Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, p. 16; see also Lonsec Research Pty Ltd, answer to question on notice No. 6, 28 June 2013 (received 12 July 2013).

[46]      Dixon Advisory, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [2].

[47]      Dixon Advisory, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [2].

[48]      Dixon Advisory, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [2].

[49]      Adele Ferguson and Chris Vedelago, 'Profit above all else: how CBA lost savings and hid its tracks', Weekend Business, Sydney Morning Herald, 1 June 2013, pp 8–10;                         Adele Ferguson and Chris Vedelago, 'The boiler room—How the Commonwealth Bank's financial planners partied while their clients went bust', Business News, Sydney Morning Herald, 22 June 2013, pp 1 and 6–7.

[50]      Leng Yeow, 'This advice will remain unchanged', Australian Financial Review, 29 June 2013, p. 17;

David Potts, 'A new year's fizzer', The Age, 26 June 2013, http://www.theage.com.au/money/planning/a-new-years-fizzer-20130625-2otfr.html (accessed 26 June 2013);

The Sydney Morning Herald, Editorial, 'Legal reforms will not let ASIC off the hook', 22 June 2013, p.13.

[51]      BT Financial Group, answer to question on notice, 28 June 2013 (received 12 July 2013),   pp 1–2.

[52]      BT Financial Group, answer to question on notice, 28 June 2013 (received 12 July 2013), p. 2.

[53]      Macquarie Group, answer to question on notice, 28 June 2013 (received 19 July 2013), p. [1].

[54]      Macquarie Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. 3.

[55]      Mr Martin Codina, Director, Policy, Financial Services Council, Proof Committee Hansard, 21 June 2013, pp 18–19.

[56]      Australian Securities and Investments Commission, answer to question on notice, 27 June 2013 (received 23 July 2013), p. 6.

[57]      Jason Spits, 'Fund managers and research houses—a cold war thaw?', Money Management¸ 5 July 2013.

[58]      Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 17.

[59]      Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, p. 16.

[60]      Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, p. 17.

[61]      Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 17.

[62]      Lonsec Research Pty Ltd, answer to question on notice, 28 June 2013 (received 12 July 2013).

[63]      Lonsec Research Pty Ltd, answer to question on notice, 28 June 2013 (received 12 July 2013).

[64]      Lonsec Research Pty Ltd, answer to question on notice, 28 June 2013 (received 12 July 2013).

[65]      Lonsec Research Pty Ltd, answer to question on notice, 28 June 2013 (received 12 July 2013).

[66]      Lonsec Research Pty Ltd, answer to question on notice, 28 June 2013 (received 12 July 2013).

[67]      Dixon Advisory, answer to question on notice, 28 June 2013 (received 12 July 2013).

[68]      Australian Securities and Investments Commission, answer to question on notice, 27 June 2013 (received 23 July 2013), p. 4.

Chapter 4 - Interaction between custodians, responsible entities, trustees and auditors

[1]        Australian Custodial Services Association, Submission 43, p. 3 Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012; see also ANZ, Submission 70, p. 3, Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[2]        Mr Paul Khoury, Deputy Chairman, Australian Custodial Services Association, Proof Committee Hansard, 21 June 2013, p. 14; Mr Pierre Jond, Chairman, Australian Custodial Services Association, Proof Committee Hansard, 21 June 2013, p. 14.

[3]        Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, p. xxi.

[4]        Australian Custodial Services Association, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013.

[5]        Australian Custodial Services Association, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [2].

[6]        Mr Pierre Jond, Chairman, Australian Custodial Services Association, Proof Committee Hansard, 21 June 2013, p. 12.

[7]        Australian Custodial Services Association, answer to question on notice, 28 June 2013 (received 5 July 2013).

[8]        Australian Custodial Services Association, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [3]; see also Mr Paul Khoury, Deputy Chairman, Australian Custodial Services Association, Proof Committee Hansard, 21 June 2013, p. 13.

[9]        BT Financial Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. 2.

[10]      One Investment Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [3].

[11]      Mr Justin Epstein, Executive Director, One Investment Group, Proof Committee Hansard, 21 June 2013, pp 9–10.

[12]      Ms Karen Volpato, Senior Policy Adviser, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 21 June 2013, p. 24.

[13]      Australian Institute of Superannuation Trustees, answer to question on notice, 28 June 2013 (received 18 July 2013).

[14]      Mr Greg Medcraft, Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, Committee Hansard , 6 September 2011, p. 6.

[15]      The Treasury, Australian Government, 'MySuper', Stronger Super, http://strongersuper.treasury.gov.au/content/Content.aspx?doc=publications/information_pack/mysuper.htm (accessed 8 July 2013).

[16]      Explanatory Memorandum, Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012, p. 50, diagram 3.3.

[17]      Explanatory Memorandum, Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012, p. 49.

[18]      Australian Securities and Investments Commission, answer to question on notice, 27 June 2013 (received 23 July 2013), p. 2.

[19]      Mr Paul Khoury, Deputy Chairman, Australian Custodial Services Association, Proof Committee Hansard, 21 June 2013, pp 21–22.

[20]      Mr Pierre Jond, Chairman, Australian Custodial Services Association, Proof Committee Hansard, 21 June 2013, p. 21.

[21]      Mr Paul Khoury, Deputy Chairman, Australian Custodial Services Association, Proof Committee Hansard, 21 June 2013, p. 22.

[22]      Mr Justin Epstein, Executive Director, One Investment Group, Proof Committee Hansard, 21 June 2013, p. 21.

[23]      Australian Institute of Superannuation Trustees, answer to question on notice, 28 June 2013 (received 18 July 2013).

[24]      Mr Paul Khoury, Deputy Chairman, Australian Custodial Services Association, Proof Committee Hansard, 21 June 2013, p. 23.

[25]      Mr Graeme McKenzie, Partner and Global Head of Pensions, Ernst & Young, Proof Committee Hansard, 21 June 2013, p. 23.

[26]      Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, p. 23.

[27]      Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 23.

[28]      Mr Royce Brennan, General Manager—Risk, BT Financial Group, Proof Committee Hansard, 21 June 2013, p. 22.

[29]      Mr Royce Brennan, General Manager—Risk, BT Financial Group, Proof Committee Hansard, 21 June 2013, p. 22.

[30]      Australian Securities and Investments Commission, answer to question on notice, 27 June 2013 (received 23 July 2013), p. 3.

[31]      Australian Securities and Investments Commission, answer to question on notice, 27 June 2013 (received 23 July 2013), p. 3.

[32]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Proof Committee Hansard, 21 June 2013, p. 11.

[33]      CPA Australia, answer to question on notice, 28 June 2013 (received 12 July 2013).

[34]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Proof Committee Hansard, 21 June 2013, p. 11.

[35]      See also Ernst & Young, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013.

[36]      Mr Graeme McKenzie, Partner and Global Head of Pensions, Ernst & Young, Proof Committee Hansard, 21 June 2013, p. 12.

[37]      One Investment Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, pp. [2–3].

[38]      One Investment Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [3].

[39]      One Investment Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [3]; BT Financial Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. 3.

[40]      Mr Graeme McKenzie, Partner and Global Head of Pensions, Ernst & Young, Proof Committee Hansard, 21 June 2013, p. 13.

[41]      Mr Graeme McKenzie, Partner and Global Head of Pensions, Ernst & Young, Proof Committee Hansard, 21 June 2013, pp 25–26; see also Ernst & Young, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, pp 3–4.

[42]      Australian Securities and Investments Commission, answer to question on notice, 27 June 2013 (received 24 July 2013), pp [5–6]. See also Australian Securities and Investments Commission, Audit Inspection Program Report 2011–12, Report No. 317, December 2012, p. 16.

[43]      Mr Graeme McKenzie, Partner and Global Head of Pensions, Ernst & Young, Proof Committee Hansard, 21 June 2013, p. 26.

[44]      Corporations Act, s. 601HG(2).

[45]      Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013), p. 2.

[46]      Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013), p. 2.

[47]      Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013).

[48]      Australian Securities and Investments Commission, answer to question on notice, 27 June 2013 (received 24 July 2013), p.[4].

[49]      Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013).

[50]      Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013).

[51]      Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013); CPA Australia, answer to question on notice, 28 June 2013 (received 12 July 2013).

[52]      Australian Securities and Investments Commission, answer to question on notice, 27 June 2013 (received 24 July 2013), p. [6].

[53]      Dixon Advisory, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [4].

[54]      CPA Australia, correspondence to the committee, 12 July 2013.

[55]      CPA Australia, correspondence to the committee, 12 July 2013.

[56]      Ernst & Young, answer to question on notice, 10 July 2013 (received 16 July 2013), p. 3.

[57]      ASA 706 refers to Auditing Standard ASA 706—Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report. It was prepared by the Auditing and Assurance Standards Board (AUASB) on 27 June 2011.

[58]      Ernst & Young, answer to question on notice, 10 July 2013 (received 16 July 2013), p. 4.

[59]      Ernst & Young, answer to question on notice, 10 July 2013 (received 16 July 2013), p. 4.

[60]      CPA Australia, correspondence to the committee, 12 July 2013.

[61]      Dixon Advisory, correspondence to the committee, 18 July 2013.

[62]      Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, No. 2, May 2013, p. 14.

[63]      Ms Laura Carstensen, Chair, UK Audit Investigation Group, cited in Competition Commission (UK), 'Audit market not serving shareholders', Media release, 22 February 2013, www.competition-commission.org.uk/media-centre/latest-news/2013/Feb/
audit-market-not-serving-shareholders (accessed 27 March 2013).

[64]      Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013).

[65]      PricewaterhouseCoopers, Audit Committee guide introduction, p. 3, http://www.pwc.com.au/assurance/publications/audit-committee-guide/introduction.htm (accessed 18 July 2013).

[66]      CPA Australia, answer to question on notice, 28 June 2013 (received 12 July 2013).

[67]      CPA Australia, answer to question on notice, 28 June 2013 (received 12 July 2013), p. 15.

[68]      Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013), p. 7.

[69]      Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013), pp 6–7.

[70]      Ernst & Young, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. 4; see also Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013).

[71]      Financial Services Council, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [1].

[72]      Dixon Advisory, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [4].

[73]      Ms Karen Volpato, Senior Policy Adviser, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 21 June 2013, p. 24.

[74]      Ms Karen Volpato, Senior Policy Adviser, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 21 June 2013, p. 25.

[75]      Mr Martin Codina, Director, Policy, Financial Services Council, Proof Committee Hansard, 21 June 2013, p. 24.

[76]      Mr Royce Brennan, General Manager—Risk, BT Financial Group, Proof Committee Hansard, 21 June 2013, p. 24.

[77]      BT Financial Group, answer to question on notice, 28 June 2013 (received 12 July 2013), p. 5.

[78]      One Investment Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, pp [1–2].

[79]      One Investment Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [2].

[80]      Mr Justin Epstein, Executive Director, One Investment Group, Proof Committee Hansard, 21 June 2013, p. 10.

[81]      Mr Royce Brennan, General Manager—Risk, BT Financial Group, Proof Committee Hansard, 21 June 2013, p. 10.

[82]      Dixon Advisory, correspondence to the committee, 18 July 2013.

[83]      Dixon Advisory, correspondence to the committee, 18 July 2013.

[84]      KPMG, submission 69, p. 15, paragraph 101, Inquiry into the collapse of Trio Capital Limited, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[85]      KPMG, submission 69, p. 15, paragraph 101, Inquiry into the collapse of Trio Capital Limited, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[86]      Dixon Advisory, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [4].

[87]      CPA Australia, answer to question on notice, 28 June 2013 (received 12 July 2013).

[88]      Ernst & Young, answer to question on notice, 28 June 2013 (received 11 July 2013).

[89]      Dixon Advisory, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013, p. [4].

[90]      BT Financial Group, answer to question on notice, 28 June 2013 (received 12 July 2013), p. 5.

[91]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital Limited, May 2012, p. xxviii

Chapter 5 - Further topics of discussion at the gatekeeper roundtable

[1]        Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 19.

[2]        Financial Services Council, answer to question on notice, 28 June 2013 (received 17 July 2013).

[3]        Ms Karen Volpato, Senior Policy Adviser, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 21 June 2013, p. 4.

[4]        Australian Taxation Office, 'Legal Protection for SMSFs', http://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/News/General-information/Legal-protection-for-SMSFs/ (accessed 19 July 2013).

[5]        Ms Nerida Cole, Managing Director, Financial Advisory, Dixon Advisory, Proof Committee Hansard, 21 June 2013, p. 9.

[6]        Mr Justin Epstein, Executive Director, One Investment Group, Proof Committee Hansard, 21 June 2013, p. 9.

[7]        Ms Nerida Cole, Managing Director, Financial Advisory, Dixon Advisory, Proof Committee Hansard, 21 June 2013, p. 19.

[8]        Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Proof Committee Hansard, 21 June 2013, p. 21.

[9]        Ms Karen Volpato, Senior Policy Adviser, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 21 June 2013, p. 20.

[10]      Mr Graeme McKenzie, Partner and Global Head of Pensions, Ernst and Young, Proof Committee Hansard, 21 June 2013, p. 19.

[11]      Australian Institute of Superannuation Trustees, answer to question on notice, 28 June 2013 (received 18 July 2013), p [2].

[12]      Australian Institute of Superannuation Trustees, answer to question on notice, 28 June 2013 (received 18 July 2013), pp [2–3].

[13]      Mr Luke Sayers, Chief Executive Officer, PricewaterhouseCoopers Australia, 'Auditor's role needs to evolve', Australian Financial Review, 20 February 2013.

[14]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Proof Committee Hansard, 21 June 2013, pp 21–22.

[15]      International Integrated Reporting Council, Integrated Reporting—Business leaders: what you need to know, p. [2],  http://www.theiirc.org/wp-content/uploads/2013/04/Business-Leaders-What-you-need-to-know-English.pdf (accessed 16 July 2013).

[16]      Mr Paul Druckman, Chief Executive Officer, International Integrated Reporting Council, Integrated Reporting—Business leaders: what you need to know, p. [4].

[17]      CPA Australia, answer to question on notice, 28 June 2013 (received 12 July 2013).

[18]      CPA Australia, answer to question on notice, 28 June 2013 (received 12 July 2013).

[19]      CPA Australia, answer to question on notice, 28 June 2013 (received 12 July 2013).

[20]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, p. 128.

[21]      One Investment Group, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 21 June 2013, p. [2].

[22]      Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 14; Mr Martin Codina, Director, Policy, Financial Services Council, Proof Committee Hansard, 21 June 2013, p. 15; Mr Royce Brennan, General Manager—Risk, BT Financial Group, Proof Committee Hansard, 21 June 2013, p. 15.

[23]      Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 14; Mr Martin Codina, Director, Policy, Financial Services Council, Proof Committee Hansard, 21 June 2013, p. 15.

[24]      Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 14.

[25]      Mr Martin Codina, Director, Policy, Financial Services Council, Proof Committee Hansard, 21 June 2013, p. 15; Mr Royce Brennan, General Manager—Risk, BT Financial Group, Proof Committee Hansard, 21 June 2013, p. 15.

[26]      Mr Martin Codina, Director, Policy, Financial Services Council, Proof Committee Hansard, 21 June 2013, p. 15.

[27]      Mr Martin Codina, Director, Policy, Financial Services Council, Proof Committee Hansard, 21 June 2013, p. 15.

[28]      Mr Royce Brennan, General Manager—Risk, BT Financial Group, Proof Committee Hansard, 21 June 2013, p. 15.

[29]      Mr Richard Everingham, General Manager, Strategy and Development, Lonsec Research, Proof Committee Hansard, 21 June 2013, p. 6.

[30]      Mr Royce Brennan, General Manager—Risk, BT Financial Group, Proof Committee Hansard, 21 June 2013, p. 15.

[31]      Ms Deborah O'Neill MP, Chair, Corporations and Financial Services Committee, Proof Committee Hansard, 21 June 2013, p. 21.

[32]      Ms Nerida Cole, Managing Director, Financial Advisory, Dixon Advisory, Proof Committee Hansard, 21 June 2013, p. 21.

[33]      Ms Deborah O'Neill MP, Chair, Corporations and Financial Services Committee, Proof Committee Hansard, 21 June 2013, p. 21.

[34]      BT Financial Group, answer to question on notice, 28 June 2013 (received 12 July 2013).

[35]      Australian Securities and Investments Commission, Submission 51, p. 14, paragraph 24(c), Inquiry into the collapse of Trio Capital, Parliamentary Joint Committee on Corporations and Financial Services, May 2012.

[36]      Mr Mark Thomas, Director and Chief Executive Officer, van Eyk Research Pty Ltd, Proof Committee Hansard, 21 June 2013, p. 27.

[37]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Proof Committee Hansard, 21 June 2013, p. 27.

[38]      Mr Martin Codina, Director, Policy, Financial Services Council, Proof Committee Hansard, 21 June 2013, p. 27.

[39]      Mr Royce Brennan, General Manager—Risk, BT Financial Group, Proof Committee Hansard, 21 June 2013, p. 28.

Appendix 1 - Public hearings and witnesses

[1]        Lonsec, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013; Money Management, Lonsec named research house of the year for 2012, http://www.moneymanagement.com.au/analysis/rate-the-raters/lonsec-named-research-house-of-the-year-for-2012 (accessed 11 July 2013).

[2]        Lonsec, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013; Lonsec, Lonsec services, http://www.lonsec.com.au/aspx/Public/General/Services.aspx (accessed 11 July 2013).

[3]        Van Eyk, Investment research, http://www.vaneyk.com.au/index.cfm (accessed 11 July 2013).

[4]        Dixon Advisory, About Dixon Advisory, http://www.dixon.com.au/About-us/About-us.aspx (accessed 11 July 2013).

[5]        Dixon Advisory, Dixon Advisory Services, http://www.dixon.com.au/Services/Services.aspx (accessed 11 July 2013).

[6]        Australian Custodial Services Association, about ACSA, http://www.custodial.org.au/public_panel/aboutacsa.php (accessed 11 July 2013).

[7]        Australian Custodial Services Association, Working groups, http://www.custodial.org.au/public_panel/workinggroups.php (accessed 11 July 2013).

[8]        Australian Institute of Superannuation Trustees, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013; Australian Institute of Superannuation Trustees, Who are we?, http://www.aist.asn.au/about/who-are-we.aspx (accessed 11 July 2013)

[9]        Financial Services Council, Statement to the Parliamentary Joint Committee on Corporations and Financial Services, 17 June 2013; Financial Services Council, About us, http://www.fsc.org.au/about-us/about-the-financial-services-council.aspx (accessed 11 July 2013).

[10]      BT Financial Group, Who we are, http://www.btfg.com.au/about-bt-financial-group/who-we-are/who-we-are.asp (accessed 11 July 2013).

[11]      One Investment Group, Company overview, http://oneinvestment.com.au/about/ (accessed 11 July 2013).

[12]      One Investment Group, Advisory services, http://oneinvestment.com.au/services/advisory-services/ (accessed 11 July 2013).

[13]      Ernst and Young, Services, http://www.ey.com/AU/en/Services (accessed 11 July 2013).

[14]      CPA Australia, About us, http://www.cpaaustralia.com.au/cps/rde/xchg/cpa-site/hs.xsl/about.html (accessed 11 July 2013).

Appendix 2 - Answers to questions on notice

[1]        Burton G. Malkiel, Asset management fees and the growth of finance, Journal of Economic Perspectives, Vol. 27, No. 2, Spring 2013, pp 97–108.