Regulatory Updates

The Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 was introduced to Parliament.

The Bill, the contents of …

ASIC has released comments after completing a project reviewing insurance claims handling in relation to the 2019-20 “Black Summer” bushfires. …

ASIC has completed a review of five superannuation funds with default income protection insurance.

ASIC was concerned about offset clauses …

ASIC has commenced civil penalty proceedings in the Federal Court against superannuation trustee OnePath Custodians Pty Ltd.  ASIC alleges that …

We recently reported that the Government has introduced into Parliament the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill …

Avanteos Investments Limited has pleaded guilty to 18 criminal charges.  The charges relate to defective disclosure statements and to charging …

ASIC has commenced its final set of civil proceedings arising from the Hayne Royal Commission.  The proceedings, in the Federal …

ASIC has started six different civil penalty proceedings against Westpac in the Federal Court.  The proceedings are the culmination of …

The Government has released its response to the Final Report of the Inquiry into Future Directions for the Consumer Data …

The Parliamentary Joint Committee for Corporations and Financial Services held hearings in late November, for which transcripts have recently become …

The Council of Financial Regulators held its most recent quarterly meeting on 13 December 2021.  The more significant topics discussed …

The Treasurer, Josh Frydenberg, reports that National Cabinet has committed to eliminating unnecessary red tape and duplication of regulations …

The Financial Regulator Assessment Authority is conducting its first review of ASIC.  The FRAA was established as a result of …

The Australian Law Reform Commission has released Financial Services Legislation: Interim Report A (Report 137).

The Report contains recommendations, …

This year, Christmas came early for ASIC when on, 28 October 2021, the Financial Sector Reform (Hayne Royal Commission Response …

The following items were open for consultation in November 2021:

ASIC Consultation Paper 347 Proposed amendments to the prohibition on …

Adviser banned for best interests failures

ASIC banned an adviser from providing financial services and from playing other roles in …

FATF held its Fifth Plenary in October 2021.  It included 206 delegates from both FATF members and observer organisations (such …

AUSTRAC has issued a statement about the effect of losing access to banking services on remittance business, digital currency exchanges, …

AUSTRAC has released Preventing Misuse and Criminal Communication through Payment Text Fields Financial Crime Guide November 2021.  The Guide …

As noted in HN Hub T-REX Regulatory Update, FATF updates on global ML/TF risk, published in August 2021, FATF …

ASIC has released two Information Sheets providing guidance for product issuers and market operators on meeting their regulatory obligations in …

Last month, we reported on consultation in relation to draft legislation that would codify a particular obligation for superannuation trustees. …

Frequently asked questions – single disciplinary body for financial advisers, a webpage maintained by the Tax Practitioners Board, has …

In a recent speech to the Australian Retail Credit Association, ASIC Commissioner Sean Hughes shared ASIC’s views on how the …

ASIC has issued civil penalty proceedings in the Federal Court against Ferratum Australia Pty Ltd.  The proceedings relate to alleged …

The Commonwealth Bank of Australia has pleaded guilty to 30 criminal charges of making false or misleading representations when selling …

ASIC has concluded its investigation and consideration of the November 2020 market outage at the ASX.  It has released Report …

ASIC has commenced civil penalty proceedings against Ultiqa Lifestyle Promotions Ltd.  It alleges that Ultiqa failed to ensure that personal …

ASIC has released Information Sheet 266 FAQs: Records of Advice.

The Information Sheet:

• is aimed at financial advisers and …

FASEA has opened consultation on the wording of Standard 3 of the Financial Planners and Advisers Code of Ethics, releasing …

ASIC has released a statement explaining how its responsibilities will change once the Financial Sector Reform (Hayne Royal Commission Response …

New Regulations will require superannuation fund trustees to disclose information about the identity, value and weightings of their investments.  This …

The Government has introduced into Parliament the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021.

The Bill …

The Government has introduced into Parliament the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) …

ASIC is consulting in relation to proposals to amend its Legislative Instruments on superannuation calculators and retirement estimates.  It has …

ASIC has raised concerns about the way in which trustees of superannuation funds manage conflicts of interest.  This is after …

ASIC has commenced civil proceedings against MLC Limited.  It alleges that MLC breached the Corporations Act 2001, the ASIC Act …

The Australian Law Reform Commission has released three Background Papers in the last couple of months relating to its inquiry …

Last month, we reported on a recent ASIC review into whistleblower policies of companies that are required to have them …

The Office of the Australian Information Commissioner has released its Annual Report 2020-21, published its first Consumer Data Right …

AFCA has launched a digital platform to help financial firms better manage disputes that make it to the Authority.

The …

The Government states that company directors can now apply for their new Director identification numbers using the Australian Business Registry …

ASIC released Report 704 ASIC quarterly update: July to September 2021.

Most of the Report summarises information already covered …

It is now possible to find out ASIC’s estimated levies for 2020-21 for each industry sector and subsector.  ASIC has …

In a recent speech, ASIC Commissioner Sean Hughes referred to ASIC’s obligation to publish breach reporting data.  This obligation …

The Review of the Australian Financial Complaints Authority was tabled in Parliament on 24 November 2021.  The Government welcomed the …

ASIC has opened consultation in relation to its proposed update to regulatory guidance on remediation.  The consultation affects both credit …

The Government introduced legislation into Parliament which establishes the Financial Accountability Regime and the Compensation Scheme of Last Resort.

The …

The way we work, engage with clients, and manage our employment obligations has changed forever as a result of the …