Regulatory Updates

How do I apply to vary an AFS licence?

The application process is completed using an online form (ASIC Form …

Extension of record-keeping and breach reporting Legislative Instruments. This ASIC proposal was to extend a Class Order and Legislative …

Extended protections under whistleblower laws

Updates to whistleblower laws took effect on 1 July 2024 to extend existing protections to …

AUSTRAC has opened consultation on its draft updated guidance regarding alternative identification processes for customers who may struggle to provide …

AUSTRAC has reminded reporting entities of the crucial role they play in detecting and preventing child sexual exploitation.

Using the …

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 was introduced to Parliament on 11 September 2024.

The Bill is …

The Federal Court has found that the business model used by Rent4Keeps breached the National Consumer Credit Protection Act 2009 …

ASIC’s latest Market Integrity Update covers supervision priorities, operational resilience, and new ASIC powers, among other topics.

ASIC has published …

Recent ASIC changes to guidance are potentially useful for licensees looking to extend their business activities.

ASIC has made what …

The Federal Court has ordered Vanguard Investments Australia to pay a $12.9 million penalty for making misleading claims about ESG …

The Markets Disciplinary Panel has fined Macquarie Bank Limited $4.995 million, the highest penalty ever imposed by the MDP. The …

The Government has made Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024. These support the operation of the …

The Financial Services and Credit Panel has been busy, updating its Outcomes Register on three occasions in the past month. …

Having convened a roundtable of leading influential voices for millennials and their finances, ASIC is calling on super funds to …

Some recent Court actions serve as a reminder for licensees to ensure that adequate processes and systems are in place …

The Federal Court has dismissed ASIC’s case against superannuation trustee, Retail Employees Superannuation Pty Ltd.

ASIC alleged that REST made …

ASIC has issued two interim stop orders on Candy Club Holdings Limited, one of which is a DDO interim stop …

In 2023-24, AFCA reports that it received approximately 11,000 scam-related complaints.

By way of example, in AFCA determination 973025, AFCA …

AFCA has welcomed the Government’s announcement that it intends to establish a Scams Prevention Framework that enables consumers to seek …

The Government has published draft legislation to implement its Scams Prevention Framework.

The framework is being rolled out to certain …

As anticipated in HN Hub T-REX Regulatory Update ASIC to extend three everyday Legislative Instruments, published in August 2024, …

The Government has introduced the first tranche of reforms to the Privacy Act 1988 into Parliament.

The Privacy and Other …

The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 passed Parliament and received Royal Assent in September. …

Following a lengthy consultation period, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 was introduced to Parliament on 11 …

The product design and distribution obligations (‘DDO’) regime, which commenced on 5 October 2021, introduced a new approach …

Proposed update to superannuation forecasts relief instrument. This ASIC proposal (with no Consultation Paper) is to update the rate …

ASIC extends relief for foreign financial services providers

ASIC is extending transitional relief for foreign financial services providers from the …

As noted in HN Hub T-REX Regulatory Update, AUSTRAC: new money laundering and terrorism financing risk assessments, published in …

ASIC has made what it describes as “minor technical amendments” to INFO 251: AFS licensing requirement for trustees of unregistered …

On 9 August 2024, ASIC published its inaugural financial advice update addressing regulatory developments and issues affecting the provision of …

ASIC Commissioner, Simone Constant, delivered a speech at the Conexus Institute Retirement Conference. Ms Constant noted that, given projected numbers …

ASIC has warned CFD issuers to cease “margin discounts” after becoming concerned that some CFDs issuers may be offering these …

Licensees dealing in OTC derivatives should be gearing up to comply with the ASIC Derivative Transaction Rules (Reporting) 2024, …

ASIC has extended the range of circumstances in which investors may be given electronic notification of periodic statements for quoted …

ASIC is stressing the importance of safeguards against insider trading, after finding that Australia’s equity markets operate with a high …

The Federal Court has ordered Mercer Superannuation (Australia) Limited to pay an $11.3 million penalty after Mercer admitted to making …

ASIC has banned a director, Responsible Manager and key person, and cancelled the company’s AFSL, after finding that the company …

Financial firms that have paid their annual AFCA registration fee will have notices that the invoice covers a membership period …

ASIC has released its 2024-25 Corporate Plan outlining its key focus areas for the coming 12 months.

These areas include: …

On 20 August 2024, ASIC released a report into the anti-scam practices of 15 banks outside the four major banks. …

ASIC has won its case against Bit Trade Pty Ltd, provider of the Kraken crypto exchange. On 23 August 2024, …

ASIC has commenced proceedings against ASX Limited in the Federal Court of Australia.

ASIC alleges that ASX Limited made misleading …

ASIC has updated its reference checking and information sharing protocol for financial advisers and mortgage brokers, with implications for all …

ASIC is proposing to extend three Legislative Instruments with direct and regular relevance for licensees.

The Instruments relate to:

• record-keeping …

A recent High Court case is likely to impact when a person could be regarded as involved in another person’s …

ASIC’s July Market Integrity Update (MIU), included an update warning CFD issuers to cease ‘margin discounts’ for retail clients. …

At the grand old age of 20, you could say that T-REX is a true dinosaur.

But, while it has …

Delivering Better Financial Outcomes Tranche 1 – Draft Regulations. These draft regulations support the implementation of the Treasury Laws …

Directors convicted for failing to have a director ID

Two Western Australian directors were fined $5,000 in the Perth Magistrates …

As outlined in previous updates, the proposed reforms to the AML/CTF legislation will implement changes to the obligations placed on …