Regulatory Updates

As anticipated in HN Hub T-REX Regulatory Update ASIC to extend three everyday Legislative Instruments, published in August 2024, …

The Government has introduced the first tranche of reforms to the Privacy Act 1988 into Parliament.

The Privacy and Other …

The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 passed Parliament and received Royal Assent in September. …

Following a lengthy consultation period, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 was introduced to Parliament on 11 …

The product design and distribution obligations (‘DDO’) regime, which commenced on 5 October 2021, introduced a new approach …

Proposed update to superannuation forecasts relief instrument. This ASIC proposal (with no Consultation Paper) is to update the rate …

ASIC extends relief for foreign financial services providers

ASIC is extending transitional relief for foreign financial services providers from the …

As noted in HN Hub T-REX Regulatory Update, AUSTRAC: new money laundering and terrorism financing risk assessments, published in …

ASIC has made what it describes as “minor technical amendments” to INFO 251: AFS licensing requirement for trustees of unregistered …

On 9 August 2024, ASIC published its inaugural financial advice update addressing regulatory developments and issues affecting the provision of …

ASIC Commissioner, Simone Constant, delivered a speech at the Conexus Institute Retirement Conference. Ms Constant noted that, given projected numbers …

ASIC has warned CFD issuers to cease “margin discounts” after becoming concerned that some CFDs issuers may be offering these …

Licensees dealing in OTC derivatives should be gearing up to comply with the ASIC Derivative Transaction Rules (Reporting) 2024, …

ASIC has extended the range of circumstances in which investors may be given electronic notification of periodic statements for quoted …

ASIC is stressing the importance of safeguards against insider trading, after finding that Australia’s equity markets operate with a high …

The Federal Court has ordered Mercer Superannuation (Australia) Limited to pay an $11.3 million penalty after Mercer admitted to making …

ASIC has banned a director, Responsible Manager and key person, and cancelled the company’s AFSL, after finding that the company …

Financial firms that have paid their annual AFCA registration fee will have notices that the invoice covers a membership period …

ASIC has released its 2024-25 Corporate Plan outlining its key focus areas for the coming 12 months.

These areas include: …

On 20 August 2024, ASIC released a report into the anti-scam practices of 15 banks outside the four major banks. …

ASIC has won its case against Bit Trade Pty Ltd, provider of the Kraken crypto exchange. On 23 August 2024, …

ASIC has commenced proceedings against ASX Limited in the Federal Court of Australia.

ASIC alleges that ASX Limited made misleading …

ASIC has updated its reference checking and information sharing protocol for financial advisers and mortgage brokers, with implications for all …

ASIC is proposing to extend three Legislative Instruments with direct and regular relevance for licensees.

The Instruments relate to:

• record-keeping …

A recent High Court case is likely to impact when a person could be regarded as involved in another person’s …

ASIC’s July Market Integrity Update (MIU), included an update warning CFD issuers to cease ‘margin discounts’ for retail clients. …

At the grand old age of 20, you could say that T-REX is a true dinosaur.

But, while it has …

Delivering Better Financial Outcomes Tranche 1 – Draft Regulations. These draft regulations support the implementation of the Treasury Laws …

Directors convicted for failing to have a director ID

Two Western Australian directors were fined $5,000 in the Perth Magistrates …

As outlined in previous updates, the proposed reforms to the AML/CTF legislation will implement changes to the obligations placed on …

AUSTRAC has provided an update regarding the changes to the AUSTRAC Online system, which is the portal by which reporting …

AUSTRAC has released two new national risk assessments, which provide a strategic overview of the current emerging challenges, threats and …

After the recent introduction of legislation governing Digital ID (see HN Hub T-REX Regulatory Update, Digital ID coming to private …

ASIC has released Report 788 Credit card lending in Australia: Staying in control.

The Report looks at around 20 …

The Federal Court has ordered Ferratum Australia Pty Ltd (in liquidation) to pay a total of $16 million in penalties …

In 2022, ASIC commenced civil penalty proceedings against American Express Australia Limited in the Federal Court, alleging contraventions of the …

Four banks will refund over $28 million after a recent ASIC review revealed that they systemically charged high fees to …

ASIC warns registered schemes and CCIVs to be mindful of what their constitutions allow, for the 2024 AGM season.

In …

ASIC has banned former directors and responsible managers of XTrade.AU Pty Ltd, Shay Zakhaim and Anthony Anderson, after earlier cancelling …

ASIC recently banned adviser Anass “Caesar” Abdalla.

Mr Abdalla was general manager of an AFS licensee. ASIC found that he …

John Bigatton, who promoted BitConnect, has been convicted in the Sydney District Court of providing financial product advice without holding …

ASIC cancelled the AFS licence of Build Your Wealth Pty Ltd and banned Christopher Edward Luff from providing financial services …

ASIC has permanently banned former financial adviser Dashiel Benjo Vee from providing financial services or controlling an entity that carries …

ASIC urges AFS licensees to assess the accuracy of records about their financial advisers on the Financial Advisers Register. ASIC, …

Tranche 1 of the Quality of Advice Review reforms are now law, with the passage of

Treasury Laws Amendment (Delivering …

The Federal Court has found that Firstmac failed to take reasonable steps to ensure the distribution of its investment product, …

New versions of the AFCA Rules and AFCA Operational Guidelines have been published. The new Rules and Operational Guidelines apply …

ASIC and ARPA have published new information to help insurers and superannuation trustees prepare for the commencement of the Financial …

ASIC Chair Joe Longo’s recent statement at the Parliamentary Joint Committee on Corporations and Financial Services highlights ASIC’s focus on …

In 2023, ASIC commenced proceedings against PayPal Australia Pty Limited in the Federal Court, alleging that its standard form contracts …