Regulatory Updates

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 …

In keeping with its planned approach, ASIC has extended the relief for business introduction services for registered managed investment schemes. …

ASIC has lost a case it brought against CBA in relation to conflicted remuneration.  The Federal Court’s decision, Australian Securities …

ASIC continues the trend of issuing stop orders when concerned that a product is not suited to the target market …

ASIC has reissued further Regulatory Guides to support licensing and other requirements for corporate collective investment vehicles.

The Regulatory Guides …

The Full Federal Court has dismissed an appeal by the Mayfair 101 Group companies seeking to overturn the Federal Court’s …

Continuing its concerted action in relation to DDO, ASIC has issued an interim stop order in relation to Westlawn Financial …

ASIC’s current blitz in relation to DDO and TMDS, reflected in a swathe of stop orders issued against a range …

ASIC has started proceedings in the Federal Court against an entity offering what ASIC alleges is a non-cash payment facility. …

ASIC is inviting the funds management industry to respond to a survey, to assist it with a review of the …

A recent judgment delivered by the Federal Court in relation to breaches of the Market Integrity Rules is a good …

The Council of Financial Regulators has delivered a Paper to the Government on potential policy responses to address the problem …

AFCA has released its 2021-22 Annual Review.  The review reveals that between 1 July 2021 and 30 June 2022, …

AFCA’s Independent Review dashboard has been updated.  The dashboard provides information about how AFCA has commenced, progressed or completed work …

At its recent member forums, AFCA explained the approach that it would take to complaints lodged by wholesale clients following …

Readers may recall that the recent Independent Review into AFCA recommended that AFCA improve the visibility of the Independent Assessor …

ASIC has banned the director of two AFS licensees after the licensees refused or failed to give effect to a …

ASIC representatives delivered a number of speeches recently, some of which emphasise ASIC’s current areas of focus, including:

• DDO
• reportable …

ASIC has released its 2021-22 Annual Report.

Joseph Longo’s introduction to the Report reinforces ASIC’s current focuses, which include: …

Last month, we reported on the introduction into Parliament of legislation in relation to:

• the Financial Accountability Regime
• the Compensation …

Results of a recent APRA Review into outsourcing by superannuation trustees provide useful guidance for AFS and credit licensees on …