Regulatory Updates

A recent Administrative Appeals Tribunal decision is a reminder that personal implications for breaches of financial services laws remains a …

Recent developments in the area of the Consumer Data Right include a Government review and some guidance from the Office …

The passage of recent legislation makes permanent changes that were temporarily introduced towards the beginning of the COVID-19 pandemic, in …

As usual, the latest hearing of the Parliamentary Joint Committee on Corporations and Financial Services provided some interesting insights into …

ASIC provided an update on its key activities in the last quarter of 2021, in Report 717 ASIC quarterly update: …

The Office of the Australian Information Commissioner has released the latest Notifiable Data Breaches Report.

The Report covers the …

While the Australian Law Reform Commission continues its work into the Review of the Legislative Framework for Corporations and Financial …

A recent article from APRA, How to manage compliance risk and stay out of the headlines, is useful reading …

The Government has introduced into Parliament the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Bill 2022. …

In a previous article we looked at various regulatory issues and concerns which have arisen with the current legal definitions …

The following items were open for consultation in January 2022:

Privacy Act Review Discussion Paper.  This Discussion Paper seeks …

Annual update on APRA-ASIC engagement

APRA and ASIC have released their Annual update on APRA-ASIC engagement.  The update gives …

Transparency International is a global not-for-profit, which describes itself as a global coalition against corruption.  Each year, it publishes the …

AUSTRAC has highlighted several new AML/CTF resources published by the Egmont Group, which describes its purpose as enabling international financial …

It is again time to submit your Annual Compliance Report, which is due by 31 March 2022. AUSTRAC has issued …

ASIC has released a news item noting that it has seen an increase in marketing which encourages people to switch …

BGC Partners (Australia) Pty Ltd has paid a penalty of $110,250 to comply with an infringement notice given by the …

Market participants taking advantage of the exemption from having to provide a confirmation to a wholesale client for a market …

ASIC has released information regarding how and when it will issue warnings or reprimands or make referrals to the Financial …

The recent cancellation of a licence by ASIC is a reminder of what is really important for advice licensees and …

FASEA ceased to exist at the end of December 2021.

Guides and publications released by FASEA during its existence can …

Late in December, ASIC released guidance for tax (financial) advisers.  The guidance is in the form of Information Sheet 268 …

After action commenced by ASIC, the Federal Court has imposed penalties of $4 million on Statewide Superannuation Pty Ltd. …

Misleading or deceptive conduct and false or misleading representations are regularly the subject of ASIC action or Court findings.  This …

The AFS licensing regime will be extended to cover more proxy advice activities under regulations made by the Government. …

While it is a great skill to delegate work to more junior staff, it is an even greater skill to …

ASIC is consulting in relation to the remaking of relief for business introduction services.

ASIC has, for many years, provided …

Treasury has conducted a Strategic Assessment of the Consumer Data Right and produced a Report.  This was a rapid, …

The bundle of legislation establishing the Compensation Scheme of Last Resort and the Financial Accountability Regime has been referred by …

With the recent commencement of the design and distribution regime, product issuers were required to comply with the new requirements …

The following items were open for consultation in December 2021:

Consultation Paper Financial Planners and Advisers Code of Ethics 2019 …

Deadline extension for unlisted entity financial reports

ASIC made ASIC Corporations (Amendment) Instrument 2021/976 which amends ASIC Corporations (Extended Reporting …

AUSTRAC has made Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2021 (No. 2).

This Instrument exempts the issuing …

AUSTRAC has published several new financial crime guides, which reporting entities may find useful to help them identify and stop …

As 2021 draws to a close, it is (almost) time to start preparing your Annual Compliance Report, which provides AUSTRAC …

AUSTRAC has prepared updated draft guidance for businesses which are required to lodge Threshold Transaction Reports with AUSTRAC – that …

If you are new to AML/CTF and have enrolled as a reporting entity since the beginning of 2020, you can …

AUSTRAC has registered Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2021 (No. 3).

The Instrument inserts Chapter 79 …

AFCA has issued a Determination which found that a CFDs broker breached its obligations as an AFS licensee by providing …

ASIC has released Consultation Paper 353 Proposed amendments to the ASIC Derivative Transaction Rules (Clearing) 2015.

ASIC states that …

The Government has released its response to various reviews of the crypto and payments system sectors.  The response sets out …

ASIC has released Consultation Paper 354 ASIC relief for simple arrangements following a hardship notice: [CO 14/41] and Attachment to …

Followers of the Hayne Royal Commission will remember the introducer programs explored in the hearings.  Until recently, ANZ had an …

The Government has released Review of the quality of financial advice Draft Terms of Reference.

The Draft Terms of …

The Government has made two new sets of regulations supporting the Financial Sector Reform (Hayne Royal Commission Response – Better …

FASEA has announced that, following the Financial Advisers Exam in November 2021, over 17,950 advisers have passed the exam.

Areas …

A recent decision of the Administrative Appeals Tribunal, after an adviser appealed a decision by ASIC to ban her …

The Minister with the power to set education and training standards under the Financial Sector Reform (Hayne Royal Commission response …

ASIC released Information Sheet 267 Tips for giving limited advice and also an Example Statement of Advice (SOA): Limited advice …

The Federal Court has found that La Trobe Financial Asset management engaged in false and misleading marketing of the La …