Regulatory Updates
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30 Aug 2022 Alert
Quality of Advice Review – Treasury calls for feedback on radical reforms
Yesterday Treasury released Quality of Advice Review – Proposal Paper, which proposes a series of radical reforms to the financial …
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29 Jul 2022 Alert
ASIC issues first DDO stop orders to prevent offer of financial products
ASIC has placed interim stop orders on three financial firms in response to deficiencies in the target market determination (TMD) …
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29 Jul 2022 T-REX Article
Finfluencers, referrers and discussing financial products online (T-REX Bites Feature Article)
In this article, we take a look at the key issues arising when AFS licensees work with referrers and finfluencers …
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29 Jul 2022 T-REX Article
Consultation
The following items were open for consultation in July 2022:
ASIC Consultation Paper 361 Proposed changes to simplify the ASIC …
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29 Jul 2022 T-REX Article
In brief
Risk management and cyber security risk
ASIC Commissioner Danielle Press wrote an article for AICD’s Company Director magazine in July …
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29 Jul 2022 T-REX Article
FATF releases new reports to combat ML/TF risk
FATF have published two new reports on combatting ML/TF Risks in two emerging sectors.
The Targeted Update on Implementation of …
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29 Jul 2022 T-REX Article
FATF releases updated consolidated assessment ratings for July 2022
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29 Jul 2022 T-REX Article
AUSTRAC CEO provides update
AUSTRAC CEO Nicole Rose, has recently spoken at the Association of Certified Anti-Money Laundering Specialists Australasian AML Conference, providing an …
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29 Jul 2022 T-REX Article
AUSTRAC updates guidance on reporting TTRs
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29 Jul 2022 T-REX Article
AUSTRAC establishes team and working group in response to Russian sanctions
Earlier this year, the Australian Government imposed sanctions on a range of individuals, companies and organisations in response to Russia’s …
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29 Jul 2022 T-REX Article
AUSTRAC provides system transformation update
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29 Jul 2022 T-REX Article
Regulatory signposts on credit from Assistant Treasurer
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29 Jul 2022 T-REX Article
Product intervention order for short term credit and continuing credit contracts
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29 Jul 2022 T-REX Article
ASIC no action for credit providers
ASIC has released a “no action” letter to enable large banks to withhold the reporting of certain credit information on …
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29 Jul 2022 T-REX Article
OTC derivatives provider surrenders licence and former executives banned
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29 Jul 2022 T-REX Article
ASIC consults on remaking financial requirements Class Order
ASIC has conducted consultation in relation to a proposal to remake Class Order [CO 12/752] Financial requirements for retail OTC …
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29 Jul 2022 T-REX Article
End of road for some advisers?
The July 2022 sitting of the financial adviser exam was the last opportunity for advisers who were eligible for the …
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29 Jul 2022 T-REX Article
ASIC updates Information Sheet on tax (financial) advice services
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29 Jul 2022 T-REX Article
Adviser banned after recommending clients invest in fund in which he has interest
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29 Jul 2022 T-REX Article
ASIC sues Mercer on fees for no service and FDS failures
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29 Jul 2022 T-REX Article
Financial reporting deadlines extended
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29 Jul 2022 T-REX Article
Use it or lose it
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29 Jul 2022 T-REX Article
ASIC guidance on superannuation calculators and retirement estimates
ASIC has released new relief for superannuation calculators and retirement estimates. It is set out in ASIC (Superannuation Calculators and …
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29 Jul 2022 T-REX Article
ASIC issues proceedings against licensee for hire
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29 Jul 2022 T-REX Article
Council of Financial Regulators – de-banking, crypto assets, derivatives and super
The Council of Financial Regulators held its latest quarterly meeting in late June. The Quarterly Statement for that meeting is …
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29 Jul 2022 T-REX Article
CCIV Instruments registered
As anticipated by ASIC in June, ASIC has made ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective …
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29 Jul 2022 T-REX Article
Minor change to RG 274 for issuers
ASIC has made a minor update to Regulatory Guide 274 Product design and distribution obligations.
The update affects issuers. …
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29 Jul 2022 T-REX Article
ASIC makes stop order in relation to misleading and deceptive advertisements
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29 Jul 2022 T-REX Article
Federal Court finds life insurance sales practices unconscionable
The Federal Court has found that three AFS licensees engaged in unconscionable conduct when selling life, funeral and accidental injury …
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29 Jul 2022 T-REX Article
Responsible Entity licence suspension
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29 Jul 2022 T-REX Article
Cyber resilience – more ASIC resources
ASIC has published a new page on its website, Cyber resilience good practices.
The page covers
- cyber security strategy …
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30 Jun 2022 Alert
ASIC releases new and updated guidance for CCIVs
ASIC has released a range of documents to support licensing and other requirements for corporate collective investment vehicles (CCIVs).
New …
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30 Jun 2022 T-REX Article
Do I really need to do RM Training? (T-REX Bites Feature Article)
You’re busy. Demand for financial services is high and there’s a skills shortage. This leaves you with a lot to …
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30 Jun 2022 T-REX Article
Consultation
The following items were open for consultation in June 2022:
Quality of Advice Review Issues Paper. This Issues Paper, …
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30 Jun 2022 T-REX Article
In brief
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30 Jun 2022 T-REX Article
FATF releases white paper on potential revisions to Recommendation 25
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30 Jun 2022 T-REX Article
FATF updates which might affect jurisdiction risk
FATF has published a number of updates which might affect the way reporting entities assess the risk associated with particular …
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30 Jun 2022 T-REX Article
FATF and digital transformation
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30 Jun 2022 T-REX Article
Changes made to cross-border movement reporting
Changes to the way reporting entities report cross-border movement have taken effect, following amendments to the Anti-Money Laundering and Counter-Terrorism …
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30 Jun 2022 T-REX Article
ASIC issues proceedings in relation to small amount credit contracts
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30 Jun 2022 T-REX Article
ASIC brings proceedings against ANZ – account balances and fees
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30 Jun 2022 T-REX Article
Financial supply fee is charge made for providing credit
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30 Jun 2022 T-REX Article
ASIC market outages commentary
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30 Jun 2022 T-REX Article
Financial advisers and professional standards
ASIC has published on its Financial Advice Hub Financial Advisers Quick Reference Guide. The Guide is designed to help …
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30 Jun 2022 T-REX Article
ASIC Information Sheet on warnings and reprimands
ASIC has released Information Sheet 270 Warnings and Reprimands. This follows the introduction of the requirement for ASIC to …
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30 Jun 2022 T-REX Article
Financial reporting changes for AFS licensees
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30 Jun 2022 T-REX Article
No need to notify ASIC of sub-authorised representatives for claims handling and settling
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30 Jun 2022 T-REX Article
Key obligations and supervision are critical
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30 Jun 2022 T-REX Article
ASIC issues guidance on greenwashing
ASIC has released Information Sheet 271 How to avoid greenwashing when offering or promoting sustainability-related products.
The Information Sheet …
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30 Jun 2022 T-REX Article
False and misleading marketing in superannuation
The Federal Court has ordered Squirrel Superannuation Services Pty Ltd to pay a $55,000 penalty. This was for false and …
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