Regulatory Updates

The Safeguard Mechanism (Crediting) Amendment Act 2023 was passed by Parliament at the end of March and received Royal Assent …

ASIC has made ASIC Corporations (Amendment and Repeal) Instrument 2023/36.

The Instrument amends or repeals exemption Instruments that provide …

ASIC continued its trend of DDO enforcement actions last month, issuing stop orders in relation to CVC Limited preventing it …

ASIC has released new Information Sheet 278: Inventory of superannuation trustee transparency and disclosure obligations.  The inventory consolidates superannuation …

APRA is required to conduct an annual performance test for MySuper products.  The assessment under the performance test is intended …

ASIC cancelled the AFS licence of Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance).  Binance requested the cancellation. …

Treasury has released for consultation an exposure draft Bill and Explanatory Memorandum to better recognise experienced financial planners when it …

ASIC permanently banned former financial adviser Kristofer Ridgway from having any involvement in financial services.  This was due to concerns …

ASIC has banned financial adviser Jeneve Matai from providing financial services for four years.  Mr Matai was an authorised representative …

Recent changes to education and training standards mean that the available list of approved degrees and bridging units is now …

The Federal Court ordered that permanent injunctions be made against social media finfluencer Tyson Scholz, prohibiting him from carrying on …

ASIC has banned director Darren Edden-Brown from providing financial services and engaging in credit activity for eight years.  He is …

On 12 June 2023, reforms to the National Consumer Credit Protection Act 2009, relating to small amount credit contracts …

AFCA held its latest member forums on 16 and 17 March 2023.

In his opening address, Chief Ombudsman and CEO …

AFCA continues to see an increase in the number of complaints lodged with it.  The number of complaints received in …

ASIC has released new Information Sheet 275: Infringement notices: your rights.  This Information Sheet has been reissued to:

• refer …

The Australian Cyber Security Centre has released Shifting the Balance of Cybersecurity Risk: Secure-By-Design and Default Principles Guide.  The …

ASIC Commissioner Danielle Press has published an article encouraging directors to consider the ASIC Report Good practices for handling whistleblower …

ASIC’s recent release of Report 761 Scam prevention, detection and response by the four major banks may hold clues as …

ASIC has released updated guidance for credit and AFS licensees on making notifications to ASIC under the reportable situations regime …

ASIC has updated Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees.

ASIC includes new guidance on:

• when …

In recent years, there have been a number of reviews into various aspects of the regulation of the financial services …

The following items were open for consultation in March 2023:

Token Mapping Consultation Paper February 2023.  This Consultation Paper …

Mortgage broker banned after providing unlicensed financial services

ASIC banned former mortgage broker Christine Childs from providing financial services for …

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

• High-Risk …

Following a revision of global beneficial ownership standards in March 2022, FATF has released new guidance on the beneficial ownership …

FATF has released a report on countering ransomware financing which aims to improve global understanding of the financial flows linked …

AUSTRAC has accepted an enforceable undertaking from PayPal Australia Pty Ltd to ensure ongoing compliance with Australia’s AML/CTF laws.

The …

ANZ has been penalised $10 million by the Federal Court in relation to its Home Loan Introducer Program.

On its …

The Australian Financial Review has reported that Coalition Senator Andrew Bragg has called for ASIC’s submission to the Quality of …

A recent banning of an adviser by ASIC is a reminder of the importance of considering insurance when making superannuation …

ASIC has released its final update on an eight year program of work relating to remediation for financial advice misconduct. …

ASIC has concluded that superannuation trustees need to improve better member outcomes when it comes to insurance.

In 2022, ASIC …

ASIC has released Consultation Paper 369 Remaking ASIC class orders on platforms: [CO 13/762] and [CO 13/763].

The Consultation …

The Government has asked Treasury to review the managed investment scheme regulatory framework.

The review will:

• examine whether the framework …

ASIC is consulting in relation to two Class Orders which are due to sunset soon.  They cover changing responsible entities …

ASIC has opened consultation in relation to its proposed plan to remake, without significant changes, its Class Orders on financial …

The DDO regime has been loosened a little with two new developments: one the creation of new relief by ASIC …

ASIC has continued with its DDO enforcement actions this month, issuing interim stop orders in relation to Advance Asset Management …

Continuing its trend of taking action in relation to the product design and distribution obligations, ASIC has made two more …

ASIC has suspended the AFS licences of two unrelated organisations, in each case citing organisational competence failures as one of …

ASIC has demonstrated that it is serious about greenwashing, launching its first Court action in this space.

It has commenced …

The Council of Financial Regulators held its regular quarterly meeting in March and has released its quarterly statement.

The Council …

ASIC speeches, published on its website, can provide good insights into the regulator’s current priorities.

Speeches delivered by ASIC over …

AFCA reported that it continues to see increasing complaint numbers, noting that it “is on track to receive the most …

Plans to introduce a Compensation Scheme of Last Resort and the Financial Accountability Regime are back on track, with new …

The Office of the Australian Information Commissioner has published Notifiable Breaches Report: July to December 2022.

Key takeouts from …

ASIC has released Report 758 Good practices for handling whistleblower disclosures.

The Report summarised good practices identified by ASIC …

ASIC is, for the first time, taking action in the Federal Court for alleged breaches of the whistleblower provisions in …

The term Compliance Committee is used in a variety of contexts in financial services.  It may be a reference to …