Regulatory Updates

Parliament has passed the Financial Sector Reform Bill 2022 with modifications – removing the provisions for the compensation scheme of …

The Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 has been passed, giving the Australian Information Commissioner greater enforcement …

ASIC announced this week, on Tuesday 29 November 2022, that the Federal Court has dismissed proceedings ASIC brought against CBA. …

There is a wealth of information from ASIC and elsewhere that deals with AFSLs.  Nevertheless, applying for an AFSL can …

The following items were open for consultation in November 2022:

Draft Superannuation Auditor Registration Imposition Regulations 2022.  These Draft Regulations …

ASIC releases reports on practices in wholesale financial markets

ASIC released two Reports on better and poorer practices in wholesale …

AUSTRAC has released Financial services for customers that financial institutions assess to be higher risk – draft guidance.

This …

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

AUSTRAC has accepted an enforceable undertaking from two entities within the ING Bank Australia group.

ING self-identified and voluntarily reported …

AUSTRAC is inviting reporting entities and industry participants to a webinar focusing on the Reporting Entity System Transformation (REST) Program, …

AUSTRAC has released Preventing Trade-Based Money Laundering in Australia Financial Crime Guide.

The aim of the Guide is to …

ASIC has commenced proceedings in the Federal Court against fintech company Web3 Ventures Pty Ltd, trading as Block Earner.  ASIC …

Twenty Virtual Asset Services Providers recently attended the V20 Summit, held as a supporting event to the G20 Leaders’ Summit …

ASIC suspended the AFS licence of FTX Australia Pty Ltd after it was placed into voluntary administration.

FTX Australia’s licence …

The Federal Court recently heard an appeal from an earlier decision of the Federal Circuit Court.  The appeal decision is …

The Government has opened consultation in relation to regulation of the Buy Now Pay Later industry.  The Government notes that …

The Assistant Treasurer and Minister for Financial Services, Stephen Jones, has made Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) …

There has been a six month delay to the requirement for AFS licensees to register their financial advisers with ASIC …

ASIC has accepted an enforceable undertaking from a financial advice licensee, Lasarith Pty Ltd and its sole director and Responsible …

ASIC has made relief from the requirement to provide a Financial Services Guide in certain situations.  The relief applies to …

Since the last edition of T-REX, ASIC has issued interim stop orders to the following entities in relation to product …

The Full Federal Court has allowed an appeal by MetLife Insurance Limited against the decision of a single judge of …

AFCA has reported that, as at 1 November 2022, it has had to pause its investigations into approximately 4,667 complaints …

ASIC has made an Instrument which makes changes to a number of other ASIC Instruments in response to the enactment …

ASIC has released:

• ASIC (Supervisory Cost Recovery Levy – Regulatory Costs) Instrument 2022/889
• ASIC (Supervisory Cost Recovery Levy – Annual …

ASIC has banned a former Responsible Manager of an AFS licensee for eight years.

ASIC found that the Responsible Manager, …

The Parliamentary Joint Committee on Corporations and Financial Services has begun an inquiry into ASIC’s capacity and capability to respond …

ASIC recently held its Annual Forum.  Highlights of relevant sessions are summarised in writing on the ASIC website.

Sessions …

ASIC’s release of its Enforcement Priorities for 2023 gives licensees an indication of where to direct compliance resources to address …

The Federal Court has ordered Australia and New Zealand Banking Group to pay a $25 million penalty for failing to …

The Federal Court has found that the National Australia Bank engaged in unconscionable conduct when it continued to charge customers …

ASIC has released the Reportable Situations Application Programming Interface to assist licensees that submit a high volume of notifications under …

ASIC has released its first publication of information lodged under the reportable situations regime.  The report applies to both credit …

A Bill has been introduced into Parliament which sets out provisions intended to:

• implement some recommendations made by the Australian …

A new and improved version of an International Standard relating to cyber security and privacy was recently published.  Other resources …

The OAIC has released its latest Notifiable data breaches report.  It relates to the period January to June 2022. …

The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 has been passed by Parliament and received Royal Assent.

Schedule …

Licensees should be aware of some upcoming deadlines.

First, any of a licensee’s directors who have been directors since 31 …

Often our T-REX articles refer to other articles in the same edition, or earlier editions, of T-REX.  You can follow …

The Responsible Manager (RM) is one of the most important positions that an Australian Financial Services (AFS …

The following items were open for consultation in October 2022:

Draft Financial Services Compensation Scheme of Last Resort Levy Regulations …

ASIC agreement with Financial Markets Standards Board

ASIC and the London based Financial Markets Standards Board have signed a Consultation …

FATF has published a number of updates which might affect the way reporting entities assess the risk associated with particular …

Griffith University and the Commonwealth Bank of Australia (CBA) have together established an academy focused on combating financial crime.

The …

AUSTRAC has provided an update on the recent cyber-attack on Optus, and the heightened money laundering, terrorism financing and crime …

AUSTRAC has released its new guidance on Source of Funds and Source of Wealth, following a consultation period with industry. …

AFCA issued a Determination on 28 July 2022 in relation to a complaint lodged by a Chinese resident.

The complainant …

ASIC has made a minor update to RG 206 Credit licensing: Competence and training.  The update is to the …

ASIC has initiated proceedings against two entities in relation to the advertising of interest free payment methods.  The entities are …

The Federal Court has ordered timeshare company Ultiqa Lifestyle Promotions Ltd (in liquidation) pay a $900,000 penalty, in Australian Securities …