Regulatory Updates

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 …

AUSTRAC has released Australia’s first national proliferation financing risk assessment, which is aimed at strengthening domestic and international efforts to …

AUSTRAC has released updated guidance to banks and superannuation funds on how to navigate KYC checks when providing financial services …

Following the trend of proceedings against casinos, AUSTRAC has commenced civil penalty proceedings against SkyCity Adelaide Pty Ltd for alleged …

AUSTRAC has commenced civil penalty proceedings in the Federal Court against The Star Pty Ltd and The Star Entertainment QLD …

ASIC has commenced proceedings in the Federal Court against fintech company, Finder Wallet Pty Ltd.  ASIC is alleging that Finder …

In each case, the insurer was required to implement a remediation program, re-calculate the benefits and address the system errors. …

ASIC is once again urging superannuation trustees to review their internal dispute resolution procedures having completed a more targeted review …

Mortgage brokers are expected to benefit from the future expansion of the Consumer Data Right to the non-bank lending sector. …

The High Court has dismissed Cingo Pty Ltd and BHF Solutions Pty Ltd’s special leave applications to appeal the recent …

Continuing with ASIC’s DDO trend, ASIC has released a report summarising its review of DDO compliance amongst Australian credit licensees …

ASIC has commenced its first civil penalty cases alleging breaches of product design and distribution obligations.

It commenced proceedings in …

AFCA has published what appears to be its first determination that considers a mortgage broker’s duty to act in the …

AFCA’s AGM took place on 24 November 2022.  A recording of the AGM and the copies of the Chair and …

ASIC has cancelled the AFS licence of National Advice Solutions Pty Ltd (National Advice Solutions) and banned two …

ASIC has banned Gabriel Yakob, former director of AlphaThorn Pty Ltd (now known as Trading Life Services Pty Ltd), from …

ASIC has released the sitting dates for the financial adviser exam in 2023.  They are:

• 16 February (enroll from 10 …

ASIC has updated its guidance for AFS licensees and their representatives on the provision of personal advice about self-managed superannuation …

ASIC has cancelled the AFS licence of the AFSL Group Pty Ltd after it found that AFSL Group failed to: …

ASIC has suspended the licence of an AFS licensee which did not have the required professional indemnity insurance coverage.

The …

A recent ASIC surveillance has identified concerns with the oversight of marketing practices by some Responsible Entities.

ASIC’s concerns related …

The Federal Court has dismissed proceedings brought by ASIC against Commonwealth Bank of Australia in relation to the charging of …

The ALRC has published a background paper, All roads lead to Rome: unconscionable and misleading or deceptive conduct in financial …

Last month, the ALRC hosted a webinar to discuss Report B, which detailed its proposed legislative model for chapter …

ASIC is bringing civil penalty proceedings in the Federal Court against insurance company OnePath Limited.  ASIC alleges that it failed …

Statewide Superannuation Pty Ltd’s former Chief Financial Officer, Grant Eastwood, and Chief Risk Officer, Kieran Netting, have been charged with …

ASIC issued three infringement notices to Vanguard Investments Australia Ltd after it developed concerns that Vanguard was misleading the public …

ASIC has released Report 753 ASIC enforcement and regulatory update: July to September 2022, which gives an overview of …

ASIC has continued its surge of DDO stop orders, with stop orders issued in relation to:

• APS Savings Limited
• Australian …

Obligations to report IDR data to ASIC start in 2023.  These obligations apply to credit licensees and to AFS licensees …

Parliament has passed legislation expanding the enforcement and information sharing powers of the Australian Information Commissioner.

The legislation is the …

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 …