Regulatory Updates

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 …

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 …