Regulatory Updates

The Federal Court has made declarations in relation to a timeshare company, personal advice and the best interests duty, in …

Recent ASIC action is a reminder to licensees of how easily the “spin” on a particular topic might become misleading. …

ASIC has made minor updates to a number of its Regulatory Guides affecting AFS licensees to reflect the breach reporting …

Various industries need to be ready to meet new requirements and/or deadlines in June and early July.

Market participants must, …

ASIC released ASIC quarterly update: January to March 2022.  The report gives an update on ASIC’s work during the …

AFCA has set up the AFCA Independent Review page to provide updates on action it is taking in response to …

APRA has set out its expectations in relation to entities it regulates when it comes to crypto assets.  It states …

ASIC has reacted to the Federal Court’s decision, ASIC v RI Advice Group Pty Ltd [2022] FCA 496, setting …

Cyber security is becoming an increasingly important regulatory issue as COVID-19, the Ukrainian situation and other issues increase global instability. …

In an Australian first, the Federal Court has found that RI Advice, an Australian Financial Service Licence (AFSL) holder, breached …

From 1 July 2022, a new type of investment product – the Corporate Collective Investment Vehicle (CCIV) – …

The following items were open for consultation in April 2022:

AUSTRAC draft guidance – source of funds and source of …

Former finance broker fined for fraud

A former used car finance broker has been convicted and fined $1,000 in relation …

The Senate’s Legal and Constitutional Affairs References Committee has released The adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism …

FATF has released Report on the State of Effectiveness and Compliance with the FATF Standards, based on data it …

Ministers of FATF recently met to discuss the role that FATF will continue to play in taking action against money …

AUSTRAC has released draft amendments to the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1), which, if …

AUSTRAC has released updated guidance to help reporting entities select a suitably qualified and experienced AML/CTF adviser.

The guidance outlines …

Intelligence provided by AUSTRAC to the AFP as a result of suspicious matter reports has led to the forfeiture of …

AUSTRAC has provided an update on its System Transformation Program, which aims to enhance the user experience on AUSTRAC online. …

AUSTRAC’s consultation in relation to draft guidance on source of funds and source of wealth has now closed. Proposed …

AUSTRAC has released two new financial crime guides to help businesses stop ransomware attack payments and the criminal abuse of …

A recent AFCA determination (case number 836882) involved the classification of a client as a wholesale client.

The complainant was …

ASIC has extended for a further five years its product intervention order imposing conditions on the issue and distribution of …

A recent AFS licence cancellation is a good reminder to limited licensees not to overlook their licence obligations.

ASIC cancelled …

Privacy (Credit Reporting) Code 2014 (Version 2.2) has been registered on the Federal Register of Legislation.  This version of the …

ASIC has issued proceedings against credit licensee Rent4Keeps (Aust) Pty Ltd and its franchisee Darranda Pty Ltd.

ASIC is concerned …

The recent banning of adviser, Mark Babbage by ASIC underscores the expansion of responsibility now carried by financial advisers as …

ASIC has fixed a legislative drafting problem relating to existing relevant providers and the financial adviser exam, by making ASIC …

The Federal Court has handed down its decision in the last of six separate civil penalty proceedings brought by ASIC …

ASIC has extended relief from certain dollar disclosure requirements in PDSs for litigation funding schemes.

From August 2020, these schemes …

HN Hub T-REX Regulatory Update Business introduction relief extended, published in March 2022, reported that ASIC was extending relief …

The Government has tidied up the intersection of the corporative collective investment vehicle regime with the passport fund regime by …

The Government has made the Competition and Consumer Amendment (Consumer Data Right Measures No. 1) Regulations 2022.  The aim …

The Federal Court has ordered that Westpac subsidiary and superannuation trustee, BT Funds Management Limited pay a $20 million penalty. …

The Federal Court has ordered that Westpac Banking Corporation pay a $1.5 million penalty for mis-selling consumer credit insurance.

The …

ASIC reports that superannuation trustees have revised their internal policies and procedures after ASIC raised concerns following a surveillance last …

ASIC has started civil penalty proceedings in the Federal Court against Macquarie Bank Ltd, alleging breaches of the “efficiently, honestly …

AFCA has updated its Operational Guidelines to reflect changes to how and when parties to a complaint can request an …

Of ASIC’s recent speeches, Regulating crypto-asset-based investment products within the financial services framework is particularly timely given the current consultation …

The Australian Law Reform Commission continues to release resources and schedule events shedding light on the current work of the …

ASIC has released updated FAQs explaining the requirements for virtual meetings for companies and registered schemes held from 1 April …

The Council of Financial Regulators has released its latest Quarterly Statement and the RBA’s latest half-yearly Financial Stability Review. …

ASIC has extended the Product Intervention Order that applies to CFDs issuers and distributors for a further 5 years.  ASIC …

ASIC has released the final requirements for the internal dispute resolution (IDR) data reporting framework.

The framework will be implemented …

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 …