ADAR

On the

Finsias Policy & Professional Development News

Edition 2/May 2011

03
Policy update
An overview of Finsias current campaign activities.

04 06
In profile
Ten minutes with Wayne Byres F Fin and Anna Borzi Am F Fin.

Regulating tomorrow

Relevant government and regulatory consultations.

In profile: Wayne Byres F Fin

08 10 11
Whats on The big picture
Significant policy developments in Australasia. Selected upcoming professional development events.

The last word

The failed SGX ASX merger.

THE FIRST WORD

Welcome to the second edition of On the Radar, Finsias bi-monthly newsletter, providing a unique snapshot of key developments on the policy front in the Australasian financial services industry. notably, the Australian Government recently granted a licence to Chi-X Australia Pty ltd as an alternative securities exchange. in doing so, the Government aims to boost competition in Australias financial markets. Three developments of particular significance to those working in financial advising recently took place. These are the 28 April 2011 announcement by minister Shorten of details of the proposed Future of Financial Advice reforms, the release of a comprehensive report on issues surrounding compensation for investors in financial services products, and the release of Consultation Paper 153 by the Australian Securities and investments Commission. Consultation Paper 153 seeks feedback on ASiCs proposed assessment and professional development framework for financial advisers in Australia. The proposals will be of importance to existing and new financial advisers,

Australian financial services licensees, authorised representatives and training organisations. Finsia will be preparing a submission on the proposals set out in the consultation paper. See page 3. Finsias recent series of seminars dealing with issues surrounding the implementation of the Basel iii regulatory reforms were both well attended and well received. For a snapshot of forthcoming Finsia events in Australia and new Zealand see pages 8 and 9. Finally, an interview with Wayne Byers F Fin, executive General manager of the Diversified institutions Division at APRA, who spoke at Finsias Basel iii seminars held in Sydney and melbourne, appears on page 5. An interview with Anna Borzi Am F Fin, who recently chaired Finsias emerging and Frontier markets workshop in Sydney, appears on page 4.

RuSSell ThomAS F Fin interim Ceo & Director of Policy and Professional Development

2 on the radar Finsias Policy & Professional Development News may 2011

POLICY Update
Finsias policy campaign activities for 2011 are progressing well, providing Finsia members with unique insights and valuably contributing to the promotion of professionalism within the financial services industry. Finsias policy technical advisory groups have been working on the following projects: Managed Funds & Superannuation Advisory Group The managed Funds and Superannuation Advisory Group is currently finalising a paper relating to trustee and director responsibilities for eSG and mandate structuring, which is scheduled for release later this month. The Advisory Group has also commenced research on specific aspects of the retirement incomes debate following the release of the Governments response to the Super System Review. The research aims to address issues in the superannuation industry in the post accumulation phase, with particular focus on the wholesale market (rather than the retail market, which Finsia addressed in its 2010 Financial wellbeing in retirement exposition paper). Financial Markets Advisory Group The Financial markets Advisory Group is soon to release its exposition paper titled Applying Australias Financial Markets to the challenge of Carbon Emissions Reduction. The paper suggests that Australias financial market institutions are the most logical and cost efficient vehicles for managing Australian carbon emissions. Furthermore, in response to ASiCs Consultation Paper 150 Disclosing financial information other than in accordance with accounting standards, Finsia has developed a paper which specifically deals with underlying profits and builds on Finsias and the AiCDs 2009 paper Underlying Profit Principles for Reporting of NonStatutory Profit Information. Women in Leadership Advisory Council Finsia is continuing its work to address the fundamental gender gap within the the financial services industry at senior executive level. Promoting gender equity through transparency Principles for reporting on gender composition within Australias financial services industry, Finsias report to be released this month, discusses the importance of increasing transparency and commitment to achieve gender equity in the workplace. in partnership with Corporate Analysis. enhanced Responsibility (CAeR), Finsia highlights the current lack of published data on the diversity policies and eeo initiatives of the ASX100 and how this has influenced the gender balance at senior executive level to date. This paper also considers the various strategies for driving disclosure, including: legislated targets or quotas; self-regulation; and voluntary reporting, while examining the positive and negative aspects of each. Finally, in an effort to achieve greater consistency and transparency, Finsia has also developed a set of guiding principles to establish a new benchmark for measuring gender equity in financial services companies. Finsia welcomes any feedback on the draft principles by 30 June 2011. Correspondence should be directed to Finsias policy team: policyteam@ finsia.com Submission to ASIC Consultation Paper 153 Licensing: Assessment and professional development framework for financial advisers last month, ASiC released a consultation paper seeking feedback on a proposed assessment and professional development framework for financial advisers of Tier 1 products in Australia. The proposed framework for assessment of professional development is designed to improve the quality of advice by ensuring that all financial advisers achieve a uniform minimum standard that is consistent with developments in the industry both within Australia and overseas. ASiC proposes amending the assessment and professional development framework for financial advisers by requiring the following: 1. all new and existing financial advisers providing Tier 1 financial advice to pass a Financial Services Competency Certification examination to ensure they have the requisite competencies to perform their role; 2. all new financial advisers following successful completion of the examination to be supervised for a minimum period of one year full time (or equivalent); 3. all financial advisers to undertake a Knowledge update Review every three years on changes to laws, market issues and new products; and 4. ongoing continuing professional development requirements. Finsia will be preparing a submission addressing questions and proposals contained in the consultation paper. if you wish to provide input into the development of this submission, please contact Senior Policy Advisor, Deidre Grover [email protected] by 13 may.

on the radar Finsias Policy & Professional Development News may 2011 3

IN PROFILE...
Developing her strategic and analytical skills and unlocking the story told by numbers has inspired
AnnA BOrzi AM F FIN

throughout her career.

FINSIA: Tell us about your career to date. Have you always worked in the financial services industry, and in what roles? ANNA BORZI: i have been fortunate to have worked all over the world, and have lived in Papua new Guinea, Australia, and hong Kong. To summarise the first decade in financial roles, the second in securitisation of which i am one of the founders, and the next in global equity markets. All senior executive positions have been with some of Australias and the worlds largest institutions. Along the way i have been a member of committees for various state and federal ministers and a director of both listed and non listed boards. most recently, i was regional head of financial services in hong Kong for hSBC Securities. i presently Chair the risk committee for an APRA regulated insurance company, and serve as a non executive director. FINSIA: Why choose to work in financial services? AB: it wasnt a plan. During school holidays i worked as a comptometrist, and after a stint with an accounting firm joined the PnG Development Bank in a senior role. A properly regulated and mature financial system is the backbone of a healthy economy, which can transform lives. unfortunately, as the GFC illustrated, when some parts fail, it can transform them negatively. FINSIA: What has been your biggest achievement to date? AB: having led an extraordinary life, meeting so many people of influence, actually influencing outcomes, and working with great people and institutions. however, being a founder of the securitisation industry and of the Australian Securitisation Forum, which was then copied in America and europe, would be a big one. As a global analyst, i accurately forecast many major market and stock events. Two events stand out: recognition from my peers in winning the Securities institute JASSA Award in 1992, and being appointed a member of the order of Australia for my contribution to financial services in 2005. Both of those events knocked me off my perch more than any others. FINSIA: Biggest regret? AB: none. i wish i knew then what i know now. FINSIA: Tell us about your involvement with Finsia and its predecessors. AB: i first attended educational training at Finsia in 1987, to learn the language of financial services, then went on to write the first securitisation course for Finsia, which was very successful for a long time. i lectured in that for several years, and on my return from hong Kong in 2008 was invited to join Finsias Financial markets Advisory Group. i couldnt have succeeded without Finsia. membership has helped me remain up-to-date on important issues, to contribute to policy and legislative changes, and to network. FINSIA: Tell us about your educational qualifications, including any previous study with the SIA or Finsia. AB: it took me a while to complete the first Finsia education course due to work pressures, as i was Ceo at the time. later i went on to complete the mBA from AGSm, unSW. The Finsia course taught by practitioners was highly relevant to my day-to-day work and also welcomed by employers. FINSIA: What is your vision for your sector of the industry? WB: internationally, regulation of all oTC markets through established exchanges. Domestically, DiY superannuation being offered listed and liquid mortgage backed securities and carbon products for investment purposes. At the retail banking level, more sophisticated products should be offered in Australia similar to those offered in Asia. overall, i see real opportunity for improved systemic risk management; for enhanced balance sheet risk management for institutions; product diversity and risk management for DiYers who are close to 40% of Funds under management; and consumer benefits. FINSIA: What is your vision for the future - personal and career? AB: Professionally i would enjoy contributing strategically at board or committee level on additional listed or private companies. And personally, more writing. FINSIA: How do you spend your free time? AB: i still conduct a material amount of international research and publishing, which i enjoy immensely. Food security is a current major theme. now that i do not work such extreme hours, ive discovered gardening. Who knew!! Anna was a Finsia member from the late 1980s to 2002, then resumed in 2008, since when she has been a member of Finsias Financial Markets Advisory Group. Anna recently chaired the Emerging Markets workshop in Sydney.

4 on the radar Finsias Policy & Professional Development News may 2011

Fronting the recent round of Basel III seminars in Sydney and Melbourne was
WAyne Byres F FIN

representing APRA.
FINSIA: Tell us about your career to date. Have you always worked in the financial services industry, and in what roles? WAyNe ByReS: my career in the financial services industry started straight out of high school when i joined the Reserve Bank of Australia. i worked at the RBA for 14 years, mainly in the Bank Supervision area, and also was fortunate enough to undertake a secondment to the Bank of england in the mid-1990s. i joined APRA on its creation in 1998, and have held a series of policy and supervisory roles since then. FINSIA: Why choose to work in financial services? WB: it wasnt a conscious choice, because throughout high school i was planning to be an architect. it was only a combination of a need to support myself, the inability to study architecture part-time, and the fact my father had worked at the RBA that led me to find myself in the financial services sector. nor did i set out to work in regulation its something that i stumbled into once at the RBA. But its been a fascinating and enjoyable journey, and theres nothing about the choice that i regret. FINSIA: What has been your biggest achievement to date? WB: its not a personal achievement, but rather being part of the development of APRA from its inception to today. Since day one, APRA has had as its vision to be a world class integrated prudential supervisor, recognised for its leadership, professionalism and innovation. its had its fair share of ups and downs, but i think APRA does now come close to meeting the standards it set for itself when first established. That is not to say we

can rest on our laurels indeed, our greatest danger is complacency but those whove worked in APRA over the past decade can be quite proud of the organisation that has been built. FINSIA: Biggest regret? WB: i think my only real regret is that i didnt do more study before family commitments and an executive role consumed much of my free time. i regularly see things id like to research and know more about, but finding the time to devote to pursuing them is a challenge. FINSIA: Tell us about your involvement with Finsia and its predecessors. WB: After i finished my university degree, i was looking for something that would provide some more practical insights into the workings of financial institutions and markets. At the time, the programs offered by the Securities institute seemed well suited to that goal. Since then, ive regularly attended Finsia events and seminars, often as a presenter more recently. FINSIA: Tell us about your educational qualifications, including any previous study with the SIA or Finsia. WB: i have an honours degree in economics, undertook the Securities institutes Graduate Diploma in Applied Finance and investment, and completed the masters in Applied Finance at macquarie university. FINSIA: What is your vision for your sector of the industry? WB: my vision for the industry is not surprising for a prudential supervisor: that the financial services sector

remains successful, well governed and financially sound, and thereby helps to generate prosperity and stability for the entire Australian community. FINSIA: What is your vision for the future - personal and career? WB: i look at what lies ahead in the regulatory field, and see no lack of interesting issues to tackle. i want to continue to contribute to the large international reform agenda that is going to take many years to work through: the GFC has provided a (hopefully) once-in-a-lifetime opportunity to fundamentally reshape parts of the regulatory framework for the better. Closer to home, i want to continue to help APRA adapt to and keep pace with the ever-changing nature of the financial services sector. And the latent architect in me would like to design my own home at some stage in the future. FINSIA: How do you spend your free time? WB: With two young boys, my free time is largely devoted to their pursuits and development. occasionally, but far less than i would like, i try to get a game of golf in. its a rather selfish game for the time poor, but i am pursuing the philosophy of T.S. eliot: it is a necessary part of our education to interest ourselves in subjects for which we have no aptitude. Those who have seen me play would know golf fits the bill nicely!

Wayne is Executive General Manager, Australian Prudential Regulation Authority, and has been a member of Finsia since 1993.

on the radar Finsias Policy & Professional Development News may 2011 5

regulating tomorrow
Selected Australian government and regulatory consultations @ 2 May 2011
Corporate finance
Released 24.03.11 Body ASiC Title CP150 Disclosing financial information other than in accordance with accounting standards Close date 12.05.11

Financial markets
Released 18.11.10 25.03.11 28.03.11 28.03.11 29.04.11 Body CAmAC ASiC ASiC ASX ASiC Title Review of definition of derivatives CP 151 Debt securities: modifying the naming provisions and advertising requirements CP 152 ASiCs conversion of ASX and SFe guidance: general operational obligations Sme, mid-cap and micro-cap equity market review Summary of broader market developments that will be the subject of further consultation in Part C of ASiCs Background paper, ASICs regulatory framework on competition in exchange markets Close date (due 30.09.11) 06.05.11 13.05.11 20.05.11 not stated

Retail banking & private wealth management

Released 06.04.11 08.04.11 12.04.11 20.04.11 Body ASiC ASiC ASiC Treasury Title CP 153 licensing: training and assessment framework for financial advisers CP 154 infrastructure entities: improving disclosure to retail investors further consultation CP 155 Prospectus disclosure: improving disclosure for retail investors Review of compensation arrangements for consumers of financial services products consultation paper Close date 01.06.11 06.05.11 07.06.11 01.06.11

Managed funds & superannuation

Released 18.11.10 12.04.11 Body CAmAC AuSTRAC Title Review of regulation of managed investment schemes Draft Aml.CTF rules amending Ch 4 (SmSFs) Close date (due 30.09.11) 10.05.11

6 on the radar Finsias Policy & Professional Development News may 2011

Watch list Domestic

Released 31.03.11 05.04.11 Body APRA Treasury Title Review of capital standards for general insurers and life insurers Reforming flood insurance: clearing the waters consultation paper Close date 31.07.11 13.05.11

Watch list International

Released 10.03.11 Body BiS - Committee on Payment and Settlement Systems ioSCo Title Principles for financial market infrastructures consultation paper Close date 29.07.11

08.03.11

Principles on suspensions of redemptions in collective investment schemes

30.05.11

Key:
AGD Attorney-General's Department APRA Australian Prudential Regulation Authority ASiC Australian Securities & investments Commission ASX Australian Securities exchange ltd AuSTRAC Australian Transaction Reports and Analysis Centre BiS Bank for international Settlements CAmAC Corporations and markets Advisory Committee ioSCo international organization of Securities Commissions PJC Parliamentary Joint Committee RBA Reserve Bank of Australia

on the radar Policy & PD News may 2011 7

WHATS ON
Corporate finance & wholesale banking

Selected Professional Development events May - July 2011

Trends in securitisation, covered bonds and structured finance (Workshop)

With the prospect of further regulation, the introduction of covered bonds and uncertainty as to what is happening with competition in the mortgage market, there is still hesitancy in the securitisation market. What does the future of the industry look like and what can Australia do to improve momentum in the market?
> Sydney 24 may 2011 Visit finsia.com/Securitisation > Melbourne 26 may 2011

Spotlight on insolvency (Seminar)

As a result of the recent Senate inquiry into insolvency practitioners, there is increasing pressure for the profession to deliver a transparent, cost effective and efficient service, while acting in the interests of creditors, employees and the public. The inquiry recommended a number of major changes to legislation, compliance, pricing and supervision of the sector. What then are the implications and challenges of this new regime?
> Brisbane 12 July 2011 > Melbourne 26 July 2011 Visit finsia.com/Insolvency > Perth 14 July 2011 > Sydney 28 July 2011

InnovatIons In Asset Allocation

Allocation strategy in a dynamic investment environment > Sydney: workshop Tuesday 7 June > Melbourne: workshop Thursday 9 June > Perth: seminar Tuesday 14 June For more information and to register visit finsia.com/asset

8 on the radar Finsias Policy & Professional Development News may 2011

Managed funds & superannuation

ReITs Outlook for the Australian and international sectors (Seminar)

What can investors expect in 2011? What are the benefits of real estate investment trusts (ReiTs) versus direct property investments? What are the key drivers for both the Australian and global ReiTs sectors and how should investors structure their property securities portfolio to optimize their returns? > Melbourne 10 may 2011 > Brisbane 17 may 2011
Visit finsia.com/ReITs A blueprint for eSG practical guidelines for implementation (Seminar) eSG (environmental, social and governance) issues have the potential to impact company financial performance or reputation in a material way. Australian fund managers are faced with a number of challenges in adjusting their investment protocols for eSG. With this in mind, Finsia is producing a

> Sydney 19 may 2011 > Perth 31 may 2011

guide to eSG investment protocols, which will be given to all delegates. > Sydney 17 may 2011 Visit finsia.com/eSG
Innovations in asset allocation (Workshop)

> Melbourne 19 may 2011

Recent events such as the Global Financial Crisis and european sovereign debt crisis started us thinking about asset allocation once again. now with the added volatility of sharemarkets, it is being drawn to front of mind. What does this mean for the industry and how should you be approaching asset allocation in this environment?
> Sydney 7 June 2011 Visit finsia.com/Asset > Melbourne 9 June 2011 > Perth 14 June 2011

New Zealand events

The future of non-bank finance in New Zealand

Where did non-bank finance come from? What is the state of the industry today, where is it headed, and what is the view of the future for this sector in new Zealand? > Wellington 24 may 2011
Visit finsia.com/Non-Bank Corporate governance: special challenges for financial services

how does corporate governance play a pivotal role in all sectors and levels of the business world, and in particular what special challenges are faced within financial services? > Wellington 10 June 2011
Visit finsia.com/CorpGovernance A look at money laundering from both sides of the fence

The Anti-Money Laundering and Countering Financing of Terrorism Act was passed in 2009 and seeks to bring new Zealand into line with the international standards for Aml/CFT frameworks. What are the ongoing challenges of this legislation, and how do we work with the implementation and operation of it? > Wellington 21 July 2011
Visit finsia.com/MoneyLaundering

Date for your diary

Finsia Financial Services Annual Conference The line up of industry experts at this years conference will discuss the outlook for financial services both domestically and globally. in addition, delegates will be updated on critical changes to regulation and offered insights into industry trends. > Sydney 25 october 2011, The ivy Ballroom

on the radar Finsias Policy & Professional Development News may 2011 9

the Big Picture

Australia
The Chair of the Parliamentary Joint Committee on Corporations and Financial Services recently tabled the Committees report on access for small and medium business to finance. The Committee inquired into the availability and terms of finance for small and medium enterprises (Smes) in Australia. The Committees recommendations include the following: > the Reserve Bank of Australia specifically track the impact of the introduction of Basel iii on the cost of small and medium business finance and residential mortgages; > the Code of Banking Practice and the mutual Banking Code of Practice be amended to include a standardised notice period for notifying business borrowers of changes to loan terms and conditions that may be materially adverse for them; and > the Government undertake further work to explore policy measures which may strengthen the mutual sector as a fifth pillar of the banking system and thereby promote competition. in addition, the national Consumer Credit Protection Amendment (home loans and Credit Cards) Bill 2011 was introduced into Parliament on 24 march 2011. The Bill provides for the amending of the National Consumer Credit Protection Act 2009 to: (1) require licensed credit providers to provide a Key Facts Sheet for standard home loans to consumers; (2) require credit providers to provide a Key Fact Sheet for credit card contracts; and (3) restrict when credit providers can make unsolicited invitations to borrowers to increase the credit limit on a credit card. Finally, submissions to the Senate Committee inquiry into mechanisms and options for the development of a robust capital market for social economy organisations in Australia, were sought by 15 April 2011. Among other things, the inquiry is considering: (1) the types of finance and credit options available; (2) the role and current activity of financial intermediary organisations and how these can be strengthened; and (3) the development of appropriate wholesale and retail financial products and services.

New Zealand
The Financial markets Authority officially opened for business on 1 may 2011. it takes over the functions of the Securities Commission and Government Actuary which are being disestablished, and consolidates other regulatory functions from the ministry of economic Development. in addition, on 1 April 2011, the Financial Services Providers Act 2008 became fully operational. Advisers providing financial services must now be individually registered unless they are acting on behalf of a Qualifying Financial entity. A couple of weeks beforehand, the first QFe licences were granted. Also, Cabinet recently approved further regulations under the Financial Advisers Act 2008 designed to simplify implementation of the new financial adviser regime. The Financial Advisers Act 2008 will become fully operational on 1 July 2011. Furthermore, in march 2011 the Commerce minister announced Cabinets decision to comprehensively review securities law. exposure draft legislation is to be released later this year. The review will result in the rewriting of a number of key pieces of existing legislation, including the Securities Act 1978. Finally, current activities of the Reserve Bank include: (1) the release of a consultation paper on the pre-positioning requirements that banks will be expected to comply with to fully implement the open Bank Resolution policy; (2) the coming into effect of revised disclosure requirement making information more accessible for investors, depositors and analysts; and (3) the release of its Sector Risk Assessment to assist registered banks, non-bank deposit taking institutions and life insurers prepare to meet upcoming legal requirements.

Trans Tasman
in early 2010, the Australian Parliament passed the Trans-Tasman Proceedings Act 2010 and a consequential provisions Act. The new Zealand Parliament passed the companion Trans-Tasman Proceedings Act 2010 later in 2010. These Acts implement an agreement on transTasman court proceedings and regulatory enforcement. The new Zealand Act was amended during its passage. Schedules 1 and 2 of the recently introduced Australian TransTasman Proceedings Amendment and other measures Bill 2011 will make minor amendments to harmonise the language and structure of the Australian Acts with the new Zealand Act. in addition, recently the Australian Securities and investments Commission and the new Zealand Securities Commission jointly published updated guidance for Australian and new Zealand issuers offering shares, debentures or interests in managed or collective investment schemes in both countries.

10 on the radar Finsias Policy & Professional Development News may 2011

the last word The failed SGXASX merger

its not the right deal for Australia if we want to ensure the strength and stability of our financial system, And its not the right deal for Australia if we want to enhance our links into global capital markets its not the right deal for Australia if we want to grow our role as a financial services hub in Asia i am open to the right deal for Australia if it comes along, i want to make that very clear.
The Hon Wayne Swan MP, Treasurer
The Australian, 8 April, 2011 and www.treasurer.gov.au Transcript 041, 2011

The process of consideration has been confused and bungled. This does not create confidence in the Governments decision making process and it threatens the integrity of our longstanding foreign investment processes
The Hon Joe Hockey MP, opposition Treasurer www.joehockey.com under Portfolio media releases

The chances have increased that [the london Stock exchange/Toronto Stock exchange] deal will not be allowed to happen based on what happened in Australia. its one of those things where domestic pressure will be to do the same, even though in the long-run it is easy to argue that [the Toronto Stock exchange] being bought by [the london Stock exchange] lSe would be a good thing.
Paul Zubulake, senior analyst at Aite Group
Futures magazine, 1 may 2011

The number of foreign investment applications rejected under Australian foreign investment rules remains very small, well below 0.1% per annum. Together with the rejection by the liberal government of the Shell bids for Woodside in 2001, the SGX-ASX decision was only the second time in the past decade that the Australian Treasurer has formally blocked foreign investment involving a substantial Australian business. The overwhelming majority of applications are uncontentious and approved.
Blake Dawson, Australia Foreign investment update, may 2011
(Partners Bill Koeck, Justin Shmith and John Sartori, and lawyer Raymond lou)

Funny how strong the cultural cringe remains for a fair whack of the commentariat and those who feed it. Apparently precarious Australia will be cut adrift, friendless in a wide world, an international pariah, if we dont welcome Singapore incs offer to take over our stock exchange. Well have to tie a chop around our collective neck to get the dog to play with us. What rubbish. Theres nothing unusual about a nation deciding the odd takeover attempt is not in its national interest. happens quite regularly in the greatest bastions of capitalism. Try buying an American oil company if youre China, or just employing wharfies in the uS if youre Dubai. in a very large percentage of the world, foreigners are lucky to own anything of much importance outright.
Michael Pascoe, Sydney morning herald, BusinessDay contributing editor, 6 April 2011

on The RADAR iS PRePAReD BY The PoliCY TeAm. We welcome your feedback and suggestions at [email protected] For any campaign and technical advisory group updates, please contact our Senior Policy Advisors as follows: > Consumer finance and Corporate finance: Deidre Grover T > 61 2 9275 7941. > Financial markets and managed funds & superannuation: Sean molloy T > 61 2 9275 7967. For information about On The Radar and other publications, contact Rosemary mclauchlan T > 61 2 9275 7929.

ISSN 1838-9228 (Print)

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Disclaimer The material in this newsletter does not constitute legal, accounting or other professional advice. While all reasonable care has been taken in its preparation, Finsia makes no express or implied representations or warranties as to the completeness, reliability or accuracy of any and all material in this newsletter. The newsletter should not or as a basis for formulating business decisions. To the extent permitted by law, Finsia excludes all liability for any loss or damage arising out of the use of the material in the newsletter. Any links to third party websites are provided for convenience only and do not represent endorsement, sponsorship or approval of those third parties or any products and services offered. Copyright Copyright strictly reserved. No part of the material covered by copyright should be copied or reproduced in any form or by any means without the written permission of Finsia. Finsia endeavours to contact copyright holders and request permission to reproduce all copyright material. However, there may be instances where Finsia has been unable to trace or contact copyright holders. If notified, Finsia will ensure full acknowledgement of the use of copyright material.