Regulatory Updates

FATF has published the following updates relating to jurisdictions which may pose a risk to the international financial system:

• High-Risk …

Director pleads guilty to dishonest conduct in relation to a financial product or service

The director of two unlicensed companies, …

Financial Accountability Regime – Proposed Regulator rules and Transitional rules. APRA and ASIC have released a joint consultation on …

AUSTRAC opened consultation on amendments to chapter 10 of the AML/CTF Rules, which will see Part 10.4 of the Rules …

ASIC has banned mortgage and finance broker Mr Qingshan Yu from engaging in credit activities, controlling a credit business, and …

ASIC has commenced proceedings in the Federal Court against Bakken Holdings Pty Ltd, an operator of the debt management business …

ASIC has imposed additional conditions on the AFS licence of Shartru Wealth Management Pty Ltd. Shartu advertises itself as a …

ASIC has launched proceedings in the Federal Court against eToro Aus Capital Pty Ltd regarding alleged breaches of the design …

ASIC is extending the transitional relief for foreign financial services providers from the requirement to hold an Australian financial services …

ASIC has updated its regulatory developments timetable for the time period July to September 2023. Set out below is a …

ASIC recently updated and re-released its quick reference guide for financial advisers.

This quick reference guide is designed to help …

ASIC has permanently banned Donald Cuthbertson from providing any financial services, performing any function involved in the carrying on of …

ASIC has announced that it is seeking industry feedback on a proposal to extend the operation of the ASIC Corporations …

ASIC has lost its appeal in the Federal Court against an earlier Federal Court decision to dismiss ASIC’s case against …

ASIC has commenced civil penalty proceedings in the Federal Court alleging Insurance Australia Group Limited subsidiaries, Insurance Australia Limited and …

ASIC has released Report 768 Navigating the storm: ASIC’s review of home insurance claims. ASIC examined all home insurance …

AFCA received a record number of complaints (96,987) in the financial year ending 30 June 2023, an increase of 34 …

ASIC has commenced civil penalty proceedings in the Federal Court against LGSS Pty Limited (Active Super) alleging misleading conduct and …

ASIC has released Report 767: the ASIC enforcement and regulatory update: April to June 2023 (the Update) which documents its …

ASIC has announced that it has updated the Information Sheets and Regulatory Guides listed below. According to ASIC, the updates …

ASIC has commenced civil penalty proceedings in the Federal Court against Paul Ryan, director of Dixon Advisory & Superannuation Services …

There has been a marked increase in the number of Australians who perceive data breaches as the biggest privacy risk …

ASIC has released its Corporate Plan for the period of 2023–24 to 2026–27. In its media release, ASIC summarised its …

On 9 November 2023, a substantial expansion of the unfair contract terms laws (the UCT laws) in the Australian …

ASIC Consultation Paper 370 Proposed remake of the ASIC Derivative Trade Repository Rules 2013. This ASIC Consultation Paper sets …

New licensing portal on its way

ASIC’s Regulatory developments timetable reflects that ASIC still expects to have a new licensing …

Amendments have been made to Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) by the Anti-Money Laundering and …

AUSTRAC has released two new AML/CTF e-learning modules, focused on conducting enhanced customer due diligence and submitting suspicious matter reports. …

AUSTRAC has announced that it is developing two new national risk assessments, to better demonstrate Australia’s understanding of its national …

AUSTRAC has helped NSW Police identify a marketplace on the dark web facilitating the sale of cannabis in exchange for …

Crown Melbourne and Crown Perth have been ordered by the Federal Court of Australia to pay a $450 million penalty …

AUSTRAC has announced that it has received a copy of the final audit report for three entities within the Bell …

AUSTRAC has provided an update on its REST program, which focuses on improving AUSTRAC Online.

AUSTRAC states that the following …

In a decision in a long Court saga, the Federal Court in the case Australian Securities and Investments Commission v …

ASIC Corporations and Superannuation (Amendment) Instrument 2023/512 has been registered. It modifies the operation of ASIC Corporations (Consent to Deductions—Ongoing …

ASIC has issued 38 interim stop orders that relate to 67 pet insurance products issued by The Hollard Insurance Company …

ASIC has warned superannuation trustees to consolidate duplicate member accounts more effectively after a recent review identified poor trustee practices …

ASIC has announced that the National Anti-Scam Centre will coordinate an investment scam fusion cell to combat the growing problem …

ASIC announced that the Federal Court has imposed the largest ever penalty against an insurer against Insurance Australia Limited for …

ASIC announced its success in the Federal Court in seeking penalties against Select AFSL Pty Ltd, BlueInc Services Pty Ltd …

ASIC and APRA have reported on the results of a joint thematic review of how superannuation trustees are supporting their …

Relief for non-cash payment facilities and a few other financial products is due to expire on 5 October 2023. ASIC …

ASIC has written separately to the Insurance Council of Australia, the Council of Australian Life Insurers and the Financial Services …

ASIC has issued an interim stop order in relation to Clearview Life Assurance Limited’s Clearview ClearChoice Income Protection Cover and …

ASIC has lodged proceedings in the Federal Court against Vanguard Investments Australia, alleging misleading conduct in relation to claims about …

ASIC has updated Regulatory Guide 175 Licensing: Financial product advisers – Conduct and disclosure in relation to the provision of …

ASIC has permanently banned director and key person David Sutton from providing any financial services, performing any function involved in …

The Competition and Consumer (Consumer Data Right) Amendment Rules (No. 1) 2023 have been registered on the Federal Register of …

The Australian Law Reform Commission has released some new resources since publishing its Interim Report C last month.

These are: …

ASIC’s The Better Banking for Indigenous Consumers Project reviewed target market determinations for both high-fee and low-fee “basic” accounts offered …