tailieunhanh - Australian Securities And Investment Commission Act 1989

The compensation mantra for many companies today is ―pay for performance.‖ As a result, companies often focus on equity-based compensation in order to align the interests of executives with those of the company’s shareholders. The most popular forms of equity-based compensation are stock options and restricted stock. It is not uncommon for these vehicles to compose a substantial portion of an executive’s net worth. Accordingly, it is important that executives fully understand the income tax treatment of options and restricted stock in order to maximize the after-tax value. This article presents the basic tax rules that apply to stock. | AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 1989 Undertaking to the Australian Securities and Investments Commission given for the purposes of section 93 AA by Westpac Banking Corporation ARBN 007 457 141 1. BACKGROUND Commentary Westpac Banking Corporation Westpac is the holder of Security Dealers Licence number 15373 under the Corporations Law the Law . As part of its financial services business Westpac operates a financial products distribution business and provides retail investment advisory services. The Australian Securities and Investments Commission ASIC conducted a surveillance commencing in May 1999 the surveillance of the retail investment advisory business. This surveillance is part of ASIC s increased emphasis on its consumer protection responsibilities and the importance of examining industry compliance following expansion of ASIC s powers and changes to the Australian Securities and Investments Commission Act 1989 the ASIC Act and the Corporations Regulations from 1 July 1998. Issues arising out of the surveillance in relation to disclosure and compliance are not unique to Westpac and have broader industry implications. ASIC sought information and documents from Westpac using its powers under the Law and the ASIC Act. ASIC also interviewed proper authority holders of Westpac in Victoria and New South Wales and retained an expert consultant to review a number of client files. Westpac co-operated with ASIC during this surveillance and bore some of the expenses incurred in the review. Westpac has a system of remuneration that is based on financial incentives that are related to the products and services recommended. It disclosed in its Advisory Services Guides ASG and Financial Needs Analysis FNA that up to two thirds of commissions paid to Westpac as a result of recommendations was allocated towards salaries and benefits of advisers and planners but did not include particulars of the nature and extent of those financial

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