Regulatory Updates

The following items were open for consultation in February 2023:

The capacity and capability of the Australian Securities and Investments …

Former financial planner pleads guilty to dishonest conduct

A former financial planner, Bradley Grimm, pleaded guilty to three counts …

The Government has made three new Instruments imposing sanctions:

• Autonomous Sanctions (Designated Persons and Entities and Declared Persons – Russia …

FATF has updated its consolidated list of ML/TF country assessment ratings.  This list assesses the effectiveness and technical compliance of …

AUSTRAC has partnered with two British financial regulators, in a clear signal of Australia’s ongoing commitment against money laundering, terrorism …

AUSTRAC has accepted an Enforceable Undertaking from Cash Converters to uplift its compliance with Australia’s AML/CTF laws.

The EU follows …

Crypto regulation is finally set to evolve, with the Government opening consultation in relation to token mapping.  It has released …

ASIC has updated two Regulatory Guides to reflect the making of the ASIC Derivative Transaction Rules (Reporting) 2022.

The …

AFCA recently issued a Determination in relation to a complaint concerning responsible lending and debt collection with respect to a …

A recent decision of the Federal Court underscores the continuing importance for credit licensees of meeting hardship obligations.  The decision …

A recent AFCA Determination, concerning a credit provider’s obligations to a debtor experiencing financial hardship, is a good reminder …

ASIC has issued an interim stop order on One Card Credit Pty Ltd’s Scorebuilder and Safetynet loan product because of …

ASIC has issued two infringement notices to credit provider Jacaranda Finance Pty Ltd relating to an online calculator.

Jacaranda offered …

A Bill has been introduced to Parliament which outlines changes relating to the Register of Relevant Providers, the Tax Practitioners …

ASIC’s Financial Adviser Register now displays whether relevant providers can provide tax (financial) advice services.

ASIC notes that:

It is …

The Government has released the Quality of Advice Review Final Report, after receiving it from Michelle Levy in December …

National Advice Solutions Pty Ltd pleaded guilty in the Southport Magistrates Court in Queensland, to one charge of breaching anti-hawking …

ASIC has commenced civil proceedings in the Federal Court alleging RACQ Insurance Limited misled customers in its Product Disclosure Statements …

AFCA reported that it is continuing to see increasing complaint numbers.  In December 2022, it received nearly 6,000 complaints, a …

ASIC has published the Indigenous Financial Services Framework.  This sets out ASIC’s learnings about indigenous Australians’ needs, after extensive …

A recent decision of the Full Federal Court of Australia raises interesting observations about the Administrative Appeals Tribunal’s powers on …

This year, ASIC will be targeting greenwashing, predatory lending and misleading insurance pricing promises.

ASIC has communicated this at the …

The Office of the Australian Information Commissioner has published a report on its second Consumer Data Right privacy assessment: Summary …

The Australian Law Reform Commission has released Background Paper FSL10 Legislative Framework for Corporations and Financial Services Regulation – Reflecting …

APRA’s Policy and supervision priorities for 2023, released recently, show that APRA will be prioritising cyber resilience in its …

The Attorney-General’s Department released Privacy Act Review Report 2022.  This Report is the culmination of the Department’s review of …

The Government today released the Quality of Advice Review Final Report, which it received from Michelle Levy in December.

The …

Historically, businesses have kept documents to 'be on the safe side'.  But, as we now see in the wake of …

The following items were open for consultation in January 2023:

Treasury Laws Amendment (Measures for consultation) Bill 2022: ALRC Financial …

Employee share scheme relief

ASIC made a Legislative Instrument containing relief in relation to employee share schemes.  It is ASIC …

FATF has released a report, Money Laundering from Fentanyl and Synthetic Opioids, with a particular focus on the way …

FATF has updated its consolidated list of ML/TF country assessment ratings.  This list assesses the effectiveness and technical compliance of …

The commencement of the new year meant that it is again time for reporting entities to submit their Annual Compliance …

In proceedings brought by ASIC, two credit licensees have each been penalised $50,000 by the Federal Court for failing …

Following two rounds of consultation, ASIC has made ASIC Derivative Transaction Rules (Reporting) 2022.  These remake the ASIC Derivative …

Uncertainty about when and how to notify ASIC of qualified tax relevant providers (“QTRPs”) has been resolved with the update …

ASIC has issued its 22nd interim stop order in response to target market determination deficiencies.

Vasco Responsible Entity Services Limited …

In its third regulatory action since naming “greenwashing” as an enforcement priority, ASIC issued an infringement notice against superannuation trustee …

The Office of the Australian Information Commissioner has published updates to the CDR Privacy Safeguard Guidelines.  These changes reflect …

The Government has made Treasury Laws Amendment (Modernising Business Communications and Other Measures) Regulations 2022.

These Regulations implement recommendations …

A recent Federal Court decision relating to the activities of a finfluencer is a timely reminder to licensees to consider …

The Administrative Appeals Tribunal has upheld a decision of ASIC to cancel the licence of Olive Financial Markets Pty Ltd. …

The Administrative Appeals Tribunal recently set aside a decision by ASIC to ban Paul Dortkamp from performing functions as an …

AFCA issued a Determination on 31 August 2022 in relation to a complaint lodged by a client of a CFDs …

In this article, we examine the obligation of AFSL holders and credit licensees to determine whether there has been a …

The following items were open for consultation in December 2022:

FATF Guidance on Beneficial Ownership (Recommendation 24).  This draft …

SMSF auditor action

ASIC took action against six SMSF auditors for breaches of independence requirements and auditing standards.  Three auditors …

AUSTRAC has provided tips on transaction reporting to assist reporting entities satisfy their reporting obligations.

The top tips include:

• the …

Following consultation from reporting entities, AUSTRAC has provided an update on its Reporting Entity System Transformation program which looks at …

AUSTRAC has released a financial crime guide to help businesses identify risk indicators and report transactions that may be linked …