Regulatory Updates

As at 1 September 2022, AFCA has had to pause its investigations into approximately 4,464 complaints where the financial firm …

ASIC continues to be active with cancelling and suspending AFS licences where they are not being used or where key …

The Parliamentary Joint Committee on Corporations and Financial Services has started a new inquiry into the effectiveness of Australia’s corporate …

This content is a little ‘out of the ordinary’ for T-REX, but relevant to any business with its own domain …

ASIC has released new Regulatory Guidance 277 on client remediation.  Unlike its predecessor, RG 256, ASIC’s new guidance applies to …

A recent speech delivered by ASIC Chair, Joseph Longo, at the Committee for Economic Development of Australia sheds further light …

The OAIC has completed its review of the Privacy (Credit Reporting) Code 2014 (CR Code) and has made …

The Office of the Australian Information Commissioner has released its Corporate Plan 2022-23.  This gives insight into what lies …

The Treasury Laws Amendment (More Competition, Better Prices) Bill 2022, which includes the proposed changes to the unfair contract …

ASIC has partially updated two Regulatory Guides and reissued a third.  The updates reflect ASIC’s work remaking some relief and …

Treasury has released draft legislation, Regulations and an Instrument for public consultation.  These documents are intended to ensure the law …

ASIC announced in July that it would extend the deadline for unlisted entities (including AFS licensees) to lodge financial reports. …

The Government has introduced into Parliament legislation to implement two major outstanding measures arising from the Hayne Royal Commission recommendations …

ASIC alleged that from 1 July 2013 to 30 June 2019, Colonial First State Investments Limited (CFSIL) gave CBA benefits …

ASIC has just released updated regulatory guidance to help financial firms to quickly and effectively remediate their customers.

Regulatory Guide …

Providing a client with the necessary disclosures in time critical cases can be likened to a fast-food, rush hour drive-through …

The following items were open for consultation in August 2022:

FATF Revision of Recommendation 25 – White Paper for Public …

Dinner with ASIC

ASIC will hold its first Annual Forum and Dinner since 2019.  It will be held on 3 …

FATF will host a webinar to discuss the beneficial ownership of legal persons on 1 September 2022 (1pm Paris Time …

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

AUSTRAC has hosted the inaugural Pacific Financial Intelligence Analyst Course, which focuses on how AUSTRAC and the Pacific Islands can …

Regular readers of HN Hub T-REX Regulatory Updates may recall a small article on a cuckoo smurfing case in HN …

The Government plans to release a public consultation paper in relation to “token mapping” soon.

This is part of a …

A recent Federal Court case took an interesting view of representations regarding payment of margin pursuant to a CFD.

The …

The Government has announced proposed consultation in relation to three areas covered by financial adviser professional standards:

• education requirements
• the …

Regular T-REX readers will recall that, last month, ASIC updated Information Sheet 268 FAQs: Regulation and registration of relevant providers …

ASIC has published two items that shed more light on the workings of the Financial Services and Credit Panel:

• Regulatory …

ASIC has cancelled the AFS licence of Simeone Pty Ltd after it found that Simeone failed to have adequate arrangements …

ASIC has reported that six of Australia’s largest banking and financial services institutions have paid or offered a total of …

The Quality of Advice Review has moved to the next phase, releasing the Quality of Advice Review – Consultation Paper …

Insurers and brokers may be relieved to hear that ASIC has clarified their obligations when offering retail insurance as part …

The Federal Court has delivered a judgment in relation to penalties for breaches of the law related to advice to …

ASIC has completed a sample review of 55 TMDs prepared by 27 superannuation trustees.  This has led it to call …

Disclosure in relation to environment, sustainability and climate is gaining increasing attention in the regulatory landscape.

Recent communications from the …

ASIC has banned Sharree Hutchinson, director of Funds United Pty Ltd, stating that “she demonstrated a lack of professionalism and …

In a busy couple of months for stop orders, ASIC has now made an interim stop order in relation to …

ASIC has, for the first time, used its stop order powers under the design and distribution obligations.  It placed interim …

AFCA held its latest member forum on 11 and 12 August 2022.

In his opening address, Chief Ombudsman and CEO, …

AFCA has released information in relation to its small business jurisdiction for the 2021-2022 financial year.

In the 2021-2022 financial …

ASIC is urging superannuation trustees to review their internal dispute resolution procedures after the first stage of its surveillance revealed …

In a sign that ASIC sees a compensation scheme of last resort as likely, it is advising Dixon Advisory and …

ASIC has banned a former Responsible Manager of an AFS licensee after it found that he did not arrange for …

The Financial Regulator Assessment Authority has released its report, Effectiveness and Capability Review of the Australian Securities and Investments Commission …

ASIC has released Report 733 ASIC enforcement and regulatory update: April to June 2022.

Misconduct addressed by ASIC during …

ASIC has published the results of research into over 1,000 retail investors who directly traded in securities, derivatives or cryptocurrencies …

ASIC will work on improving the operation of the reportable situation regime during 2022 to 2023.  It states that it …

There are impending deadlines in relation to compliance obligations across a number of industry sectors, in relation to the disparate …

ASIC has released Corporate Plan 2022-26 (Focus 2022-23).  The Plan outlines strategic priorities for the next four years and …

The Australian Law Reform’s Commission work to date on simplifying the financial services regulatory framework has inspired the Government to …

The Government has announced that it will introduce legislation in the upcoming sitting period to strengthen unfair contract terms protections …