Regulatory Updates

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AUSTRAC has released updated guidance on threshold transactions reports (TTRs), following industry consultation on draft guidance released in November 2021.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

ASIC has announced that it will extend the deadline for unlisted entities (including AFS licensees) to lodge financial reports.  The …

ASIC has cancelled the AFS licence of Quattro Management Pty Ltd after finding that Quattro Management had not provided financial …

ASIC has released new relief for superannuation calculators and retirement estimates.  It is set out in ASIC (Superannuation Calculators and …

ASIC has issued civil penalty proceedings against a licensee operating a “licensee for hire” business model.

The licensee, Lanterne Fund …

The Council of Financial Regulators held its latest quarterly meeting in late June.  The Quarterly Statement for that meeting is …

As anticipated by ASIC in June, ASIC has made ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective …

ASIC has made a minor update to Regulatory Guide 274 Product design and distribution obligations.

The update affects issuers. …

ASIC has made an interim stop order in relation to advertisements containing certain misleading or deceptive statements about PPM Units. …

The Federal Court has found that three AFS licensees engaged in unconscionable conduct when selling life, funeral and accidental injury …

ASIC has suspended the AFSL of ISG Financial Services Limited until 30 September 2022.

ISG is the Responsible Entity of …

ASIC has published a new page on its website, Cyber resilience good practices.

The page covers

• cyber security strategy …

ASIC has released a range of documents to support licensing and other requirements for corporate collective investment vehicles (CCIVs).

New …

You’re busy.  Demand for financial services is high and there’s a skills shortage.  This leaves you with a lot to …

The following items were open for consultation in June 2022:

Quality of Advice Review Issues Paper.  This Issues Paper, …

No provision of financial services means no licence

ASIC cancelled the AFS licence of Metal Alpha Pty Ltd after Metal …

FATF has released a white paper for public consultation in relation to a review of Recommendation 25 on the transparency …

FATF has published a number of updates which might affect the way reporting entities assess the risk associated with particular …

FATF has held its digital transformation conference, urging the public and private sector to work together using new technologies to …

Changes to the way reporting entities report cross-border movement have taken effect, following amendments to the Anti-Money Laundering and Counter-Terrorism …

ASIC has brought proceedings against Sunshine Loans Pty Ltd, alleging that Sunshine collected fees of over $320,000 in relation to …

ASIC has commenced civil penalty proceedings against ANZ, alleging that ANZ misled its customers as to the available funds and …

In an appeal made by ASIC to the Full Federal Court, the Court found that a “financial supply fee” was …

In the wake of the ASX releasing a Consultation Paper, Public Consultation: Market Management Consultation, ASIC has called on market …

ASIC has published on its Financial Advice Hub Financial Advisers Quick Reference Guide.  The Guide is designed to help …

ASIC has released Information Sheet 270 Warnings and Reprimands.  This follows the introduction of the requirement for ASIC to …

ASIC has announced new financial reporting requirements for AFS licensees.  The announcement follows changes to the standards set by the …

ASIC has issued relief which exempts authorised representatives from the requirement to notify ASIC of the sub-authorisation of employees who …

ASIC has cancelled the AFS licence of Quattro Capital Group Pty Ltd after ASIC found it failed to meet key …

ASIC has released Information Sheet 271 How to avoid greenwashing when offering or promoting sustainability-related products.

The Information Sheet …

The Federal Court has ordered Squirrel Superannuation Services Pty Ltd to pay a $55,000 penalty.  This was for false and …

A former subsidiary of Commonwealth Bank and a superannuation trustee, Avanteos Investments Limited, has been convicted and penalised by the …

ASIC has banned Paul Dortkampf, the director, chairman and Responsible Manager of Spaceship Capital Limited, from performing functions as an …