LCSC - Ending Grandfathered Conflicted Remuneration

This submission has been prepared by the Superannuation Committee (the Committee) of the Legal Practice Section of the Law Council of Australia. The Superannuation Committee makes the following submissions on the exposure draft Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Bill 2019:

• the Bill should deal not only with grandfathered conflicted remuneration given by platform operators but also with grandfathered conflicted remuneration given by those who are not platform operators – in other words, it should deal with all categories of grandfathered conflicted remuneration;
• the Bill should provide that the ban on volume-based shelf-space fees does not apply if the fee is promptly passed on to the platform operator's clients;
• the Bill should set out the rule (or rules) for rebating grandfathered conflicted remuneration, rather than leaving this matter to be dealt with by regulation; and
• the Government should release its legal advice on the constitutionality of the Bill.

You can read the full submission below.

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