Regulatory Updates

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 …

It is now possible to see ASIC’s estimated levies for 2021 to 2022.  The estimated levies are broken down by …

The Government has announced that Treasury will soon consult publicly on the desirability of increasing maximum penalties for breaches of …

ASIC Report 738 Licensing and professional registration activities: 2022 update has some useful information for AFS and credit licensees considering …

The ALRC’s Interim Report B Financial Services Legislation ALRC Report 139 September 2022 has been tabled in Parliament.

It contains …

The Office of the Australian Information Commissioner has started an investigation into the personal information handling practices of the Optus …

The recent findings of unconscionable conduct in the case of ASIC v Select AFSL Pty Ltd (No 2) [1] relate …

The following items were open for consultation in September 2022:

Financial adviser education standards – Consultation paper.  This Consultation …

ASIC bans director

ASIC banned the sole director of Sterling & Freeman Advisory Pty Ltd, Wayne Saman, for five years. …

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

FATF and INTERPOL have launched a joint initiative to improve recovery of stolen and illegal assets.

Despite strong ML/TF policies …

AUSTRAC has commenced an enforcement investigation into corporate bookmaking entity, Entain Group Pty Ltd, who owns gambling brands such as …

AUSTRAC has ordered the appointment of an external auditor to the Gold Corporation (Perth Mint), to assess their …

The United States Department of the Treasury’s Office of Foreign Assets Control (US Treasury) has sanctioned two virtual …

AUSTRAC has undertaken consumer advisory group workshops as a part of its system transformation program.

The workshops incorporated participants from …

AUSTRAC has released four AML/CTF e-learning modules, that have been designed to help new and existing reporting entities to gain …

AUSTRAC has released new financial crime resources, which will assist reporting entities in understanding and adhering to their ML/TF obligations. …

AUSTRAC has amended the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) following consultation with industry.

The …

ASIC has extended relief for reporting entities from certain derivative transaction reporting requirements, by making ASIC Corporations (Amendment) Instrument 2022/775 …

ASIC has remade Class Order 12/752 Financial requirements for retail OTC derivative issuers, which was due to sunset on …

ASIC has extended the Product Intervention Order banning the issue and distribution of binary options to retail clients.  The Order …

The Government has consulted this month in relation to the financial adviser education standards.

Financial adviser education standards – Consultation …

ASIC has expressed concerns about brokers offering high risk products and services to retail investors.  It has observed an increase …

ASIC has found that life insurers need to do more to ensure that consumers are protected from unfair practices in …

A recent speech by ASIC Commissioner Danielle Press, to the AIST Conference of Major Superannuation Funds, offers insights into ASIC’s …

Following a Full Federal Court decision in June, the Government is consulting on Draft Corporations Amendment (Litigation Funding) Regulations 2022 …

ASIC has this month continued its active approach to enforcing Design and Distribution Obligations (DDO).

It has placed …

Thirteen responsible entities and investment fund trustees are amending their marketing materials or practices following an ASIC surveillance into the …

The Federal Court proceeding commenced by ASIC against Dixon Advisory and Superannuation Services Limited (Dixon Advisory) in September …

The Federal Court has ordered five companies that were part of the AMP Limited group – AMP Superannuation Limited, AMP …

AFCA has reported that its work on its Awareness and Accessibility Strategy is continuing, with its aim of ensuring that …

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 …