Regulatory Updates

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 …

ASIC has conducted a review of superannuation trustees’ communications with their members following the first annual performance test for MySuper …

ASIC has released updated guidance to accommodate the commencement of the regime relating to corporate collective investment vehicles on 1 …

ASIC has taken seven Legislative Instruments that were due to repeal or cease automatically in the next two years and …

ASIC has cancelled the AFS licence of Epic Property Investments Ltd after Epic was unsuccessful in its attempts to obtain …

The Australian Law Reform Commission published Background Paper FSL6 Reflecting on Reforms – Submissions to Interim Report A as part …

AFCA has updated its Datacube.  It does this every six months.  The Datacube makes complaints data publicly accessible.

The update …

After extensive consultation, AFCA’s independent board has approved a new, user-pays funding model.  The model will be implemented from 1 …

ASIC has released its draft Cost Recovery Implementation Statement for 2021-22.  This provides information on how ASIC will implement …

Following the election, the new Ministers responsible for those aspects of the Treasury portfolio that are relevant to financial services …

Misleading and deceptive advertising has been an enduring area of focus for ASIC – and a minefield for the licensees …

The following items were open for consultation in May 2022:

IOSCO Retail Market Conduct Task Force Consultation Report.  This …

Privacy drives better services

For Privacy Awareness Week (2 to 8 May), the OAIC and other privacy authorities from around …

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

The Anti-Money …

The Australian Government has imposed further financial sanctions and travel bans in response to Russia’s invasion of the Ukraine.

The …

AUSTRAC has accepted an enforceable undertaking from National Australia Bank to improve its compliance with Australia’s AML/CTF laws.

AUSTRAC launched …

ASIC has released Consultation Paper 361 Proposed changes to simplify the ASIC Derivative Transaction Rules (Reporting): Second consultation.  This …

According to its Weekly Tracker, ASIC has updated Information Sheet 266 Complying with the ASIC Client Money Reporting Rules …

A credit licensee is required, as part of its general conduct obligations, to comply with AFCA determinations.

This was illustrated …

Two directors of a former credit licensee have been ordered by the Federal Court to pay combined penalties of $228,000 …

A number of advice licensees are trying to navigate new requirements in relation to advisers who provide tax (financial) advice …

Both the Australian Law Reform Commission’s Review of the Legislative Framework for Corporations and Financial Services Regulation and Treasury’s Quality …

ASIC has provided updated information about the exam and professional year arrangements for new advisers, their licensees and foreign advisers. …

Time is running out for any advice licensee wishing to reset the anniversary day for an ongoing fee arrangement that …