Regulatory Updates

In an Address to the Australian Council of Superannuation Investors, Stephen Jones, Assistant Treasurer and Minister for Financial Services, …

Report 763 ASIC’s recent greenwashing interventions, released by ASIC, gives licensees an important opportunity to review their advertising …

The OAIC announced a joint investigation with the New Zealand Office of the Privacy Commissioner (OPC) into the Latitude Group …

The Federal Court has found that four AMP companies breached the law when charging life insurance premiums and advice fees …

Eight recent interim stop orders made by ASIC give clear messaging to CFD issuers about ASIC’s expectations in relation to …

ASIC called on product issuers to “lift their game” after an initial review found significant room for improvement in how …

ASIC has updated the implementation timeframe of the IDR data reporting framework. As noted in HN Hub Alert IDR data …

ASIC made eight interim stop orders preventing Saxo Capital Markets (Australia) Limited from issuing some new contracts for difference to …

Changes have recently been made to the internal dispute resolution data reporting framework with the introduction of ASIC Corporations (Amendment) …

With the recent spate of data breaches now extending to the financial services industry, Australian financial services licensees are racing …

Draft Treasury Laws Amendment (Measures for Consultation) Regulations 2022: ALRC Financial Services Interim Report Tranche 2.  These draft Regulations …

Digital Assets (Market Regulation) Bill 2023

The Digital Assets (Market Regulation) Bill 2023 was introduced to the Senate.  The Bill …

The Attorney-General has announced public consultation on proposed reforms to Australia’s AML/CTF legislation.

The proposed reforms include extending the existing …

AUSTRAC has released updated guidance to help reporting entities meet their AML/CTF obligations in relation to:

• employee due diligence (“EDD”) …

AUSTRAC has released two new AML/CTF e-learning modules.  These join the existing e-learning suite designed to increase reporting entities’ understanding …

AUSTRAC has partnered with the AFP and the Australian Centre to Counter Child Exploitation (ACCCE) to stop child exploitation networks, …

AUSTRAC has provided an update on its Reporting Entity System Transformation (REST) Program, which focuses on improving AUSTRAC Online.

The …

ASIC has commenced the first proceedings alleging unfair contract terms in an insurance contract.

The proceedings have been issued against …

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. …