Regulatory Updates

Important changes have been made to the Consumer Data Right Rules that enable ‘trusted advisers’ to access consumer data via …

The following items were open for consultation in March 2022:

ASIC Consultation Paper 356 ETP naming conventions: Updates to INFO …

ASIC Enforcement Update

ASIC released its Enforcement Update for July to December 2021.  The period includes the filing of …

FATF has released Money Laundering and Terrorist Financing Risks Arising from Migrant Smuggling.

The report analyses the ML/TF risks …

FATF has published two recent updates relating to international ML/TF risk.

The updates relate to jurisdictions which may pose a …

FATF has adopted amendments to Recommendation 24 and its Interpretive Note, which require countries to prevent the misuse of legal …

FATF has released a public statement expressing their concern regarding the situation in Ukraine.

FATF raised concerns about the impact …

FATF held its sixth Plenary in March 2022.  It included 206 delegates from both the global network of FATF members …

AUSTRAC has joined the Canadian, French, German, Italian, Dutch and New Zealand Financial Intelligence Units (FIUs) to condemn Russia’s invasion …

AUSTRAC has commenced proceedings in the Federal Court against Crown Melbourne and Crown Perth for alleged serious and systematic non-compliance …

Lenders should be aware of a recent decision handed down by the High Court on asset-based lending and unconscionable conduct, …

There should be greater consistency across industry in the collection, use and disclosure of financial hardship information following the approval …

ASIC has introduced new market integrity rules which aim to:

• promote the technological and operational resilience of securities and futures …

ASIC has released dates for the next three sittings of the financial adviser exam.

Exam Sitting 17 will take place …

ASIC’s COVID-19 relief in relation to ROAs and SOAs is due to expire on 15 April 2022.  Some of this …

The Government has announced the release of the Terms of Reference for the Quality of Advice Review.  It has also …

AFCA issued a determination in relation to a business that allows customers to pay bills using cryptocurrency.  The financial firm …

Following consultation earlier this year, ASIC stated that it has extended the relief for business introduction services to 1 October …

ASIC has started a surveillance into the marketing of managed funds.  It is specifically looking for the use of misleading …

A matter currently before the Southport Magistrates Court in Queensland is a reminder to licensees to ensure that their activities …

Licensees who use social media influencers should take note of a new Information Sheet released by ASIC.  It is …

ASIC has taken steps to extend conditional relief for superannuation trustees from advice, conduct and disclosure requirements in Part 7.7 …

ASIC has released Consultation Paper 360 Corporate collective investment vehicles: preparing for the commencement of the new regime.

The …

AFCA is consulting with financial firms in relation to a proposed new funding model.  The model would more accurately reflect …

ASIC has released the final mandatory reporting requirements for the internal dispute resolution data reporting framework.

Financial firms needing to …

ASIC has granted relief to allow additional time for certain companies and registered schemes to hold virtual-only meetings.

The extended …

The Government has commenced public consultation in relation to the extension of the Consumer Data Right to non-bank lending, releasing …

The Australian Law Reform Commission has released Background Paper FSL 5 – Legislative Framework for Corporations and Financial Services Regulation …

ASIC Chair, Joe Longo, delivered a speech to the Australian Institute of Company Directors, ASIC’s corporate governance priorities and the …

ASIC has alerted organisations to the heightened cyber threat environment globally as a result of the Ukrainian situation and has …

The Government has opened consultation in relation to crypto asset licensing, custody and token mapping.  It has released a Consultation …

Treasury has opened consultation for the Quality of Advice Review.  Consistent with the terms of reference, this consultation seeks feedback …

The Australian Financial Complaints Authority (“AFCA”) has received its first report card since it commenced operations on 1 November 2018. …

The following items were open for consultation in February 2022:

Education Standards for Financial Advisers Policy Paper.  This Policy …

ASIC and RBA update MOU with European Securities and Markets Authority

ASIC and the RBA have updated the Memorandum of …

AUSTRAC has ordered the appointment of an external auditor to three entities within the Bell Financial Group under section 162(2) …

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

AUSTRAC has released a new financial crime guide, Detecting and Stopping Forced Sexual Servitude in Australia, which is aimed …

ASIC has extended relief for simple arrangements following a hardship notice.  The relief, which was due to expire on 1 …

The Administrative Appeals Tribunal has endorsed and extended a decision by ASIC to ban a former Victorian mortgage broker permanently …

A former mortgage broker has pleaded guilty to making a false statement in a credit licence annual compliance certificate lodged …

In a sign that the fall-out from fees for no service practices is not yet over, the Federal Court has …

The Federal Court has handed down penalties for RI Advice Group Pty Ltd and its authorised representative and adviser, John …

The proposed extension of the AFSL regime to more proxy advice activities has been stopped only days after it came …

New relief released by ASIC maintains certainty that the quote stage of the sales process for general insurance products can …

Licensees providing claims handling and settling services can now take advantage of relief issued by ASIC in relation to Cash …

The Federal Court of Australia has confirmed that AFCA may, under in its general jurisdiction, consider a complaint lodged by …

As well as establishing the new framework for the corporate collective investment vehicle, the Corporate Collective Investment Vehicle Framework and …

The legislation establishing the framework for the corporate collective investment vehicle (CCIV) has been passed by Parliament has received Royal …

ASIC has released its findings from a high-level review of governance practices of 10 large responsible entities of managed investment …