Regulatory Updates

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 …

Yesterday Treasury released Quality of Advice Review – Proposal Paper, which proposes a series of radical reforms to the financial …

ASIC has placed interim stop orders on three financial firms in response to deficiencies in the target market determination (TMD) …

In this article, we take a look at the key issues arising when AFS licensees work with referrers and finfluencers …

The following items were open for consultation in July 2022:

ASIC Consultation Paper 361 Proposed changes to simplify the ASIC …

Risk management and cyber security risk

ASIC Commissioner Danielle Press wrote an article for AICD’s Company Director magazine in July …

FATF have published two new reports on combatting ML/TF Risks in two emerging sectors.

The Targeted Update on Implementation of …

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

AUSTRAC CEO Nicole Rose, has recently spoken at the Association of Certified Anti-Money Laundering Specialists Australasian AML Conference, providing an …

AUSTRAC has released updated guidance on threshold transactions reports (TTRs), following industry consultation on draft guidance released in November 2021. …

Earlier this year, the Australian Government imposed sanctions on a range of individuals, companies and organisations in response to Russia’s …

AUSTRAC has provided another update on its system transformation program, as it continues to develop a modernised AUSTRAC Online.

AUSTRAC …

The Assistant Treasurer and Minister for Financial Services, Stephen Jones, has made a speech to the Responsible Lending and Borrowing …

ASIC has made Product Intervention Orders in the form of two Legislative Instruments relating to the issuing of short term …

ASIC has released a “no action” letter to enable large banks to withhold the reporting of certain credit information on …

OTC derivatives provider Sirius Financial Markets Pty Ltd, trading as “Trade360”, has surrendered its AFSL following an ASIC investigation.

ASIC …

ASIC has conducted consultation in relation to a proposal to remake Class Order [CO 12/752] Financial requirements for retail OTC …

The July 2022 sitting of the financial adviser exam was the last opportunity for advisers who were eligible for the …

ASIC has updated Information Sheet 268 FAQs: regulation and registration of relevant providers who provide tax (financial) advice services. …

ASIC has banned financial adviser, David Ruthenberg, from providing financial services for three years.

M Ruthenberg had his own financial …

ASIC has started civil penalty proceedings in the Federal Court against Mercer Financial Advice (Australia) Pty Ltd.  ASIC alleges that …