Regulatory Updates

The following items were open for consultation in October 2021:

Review of occupational exclusions in default insurance offered through MySuper …

Licence cancelled after no AFCA membership and no financial statements

ASIC has cancelled the AFS licence of Mr Vanda Gould …

In Australia, authorities have detected a multimillion dollar money laundering ring, which is alleged to have laundered at least $62 …

FATF has released a Follow-up report on the People’s Republic of China.  This report assesses the changes China has …

FATF has released its Mutual Evaluation Report on South Africa.  At a high level, FATF concluded that South Africa effectively …

The FATF Plenary was held from 19 to 21 October 2021.  Delegates from 206 member countries (as well as the …

FATF has surveyed members to identify where different AML/CTF regimes create operational issues for cross border payments.

The results of …

Following on from last’s month’s update, AUSTRAC has provided more information about how its new system changes will transform all …

According to media reports, a New Zealand man this month obtained a default judgment from the Supreme Court of …

The Select Committee on Australia as a Technology and Financial Centre has published its Final Report.

The Committee says: …

In a recent speech, ASIC Commissioner Cathie Armour, reported that ASIC has begun a multi-year project to overhaul the …

ASIC is consulting on whether to extend the product intervention order currently contained in ASIC Corporations (Product Intervention Order – …

The Tax Practitioners Board has released guidance on the supervisory arrangements requirements under the Tax Agent Services Act 2009. …

Current ASIC action is a good reminder of the importance of commencing any debt recovery proceedings in the State or …

Last month, we reported that the breach reporting regime for credit licensees was broader than that for AFS licensees.  See …

FASEA has released a list of exam question areas where advisers underperformed in the September exam.

The problem areas in …

The Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Bill 2021 passed both Houses of Parliament on 21 …

ASIC has banned a Queensland adviser after finding that he failed to act in the best interests of his clients …

ASIC has preserved relief from the short selling prohibition in section 1020B(2) of the Corporations Act 2001, via ASIC …

ASIC has made ASIC Corporations (Securities Lending Arrangements) Instrument 2021/821.

The Instrument relates to substantial holding disclosures in securities …

ASIC banned financial adviser Mr Ashok Sherwal from providing financial services and performing any function in a financial services business …

A recent decision of the Administrative Appeals Tribunal raises interesting questions about the Tribunal’s power to expand a banning decision …

ASIC has made an Instrument extending existing relief in relation to personal advice in COVID-19 situations and reactivating relief which …

Advice licensees and mortgage brokers seeking guidance in relation to notifying, investigating and remediating clients in relation to reportable situations …

ASIC has commenced civil penalty proceedings in the Federal Court against two former representatives of Freedom Insurance Pty Ltd (in …

October saw the commencement of a new duty for insureds.  The duty applies in relation to a consumer insurance contract. …

ASIC released Competition in funds management, a report into the state of competition in the funds management industry in …

The commencement of proceedings against another superannuation trustee continues a theme in which ASIC is increasingly taking trustees to task …

ASIC cancelled the licence of Pure Strategy Pty Ltd after it failed to comply with some of its general licence …

In yet another case involving allegations of misleading or deceptive conduct and false or misleading representations, ASIC is taking action …

ASIC has updated two Information Sheets relating to employer and trustee obligations when it comes to interacting with each other …

Colonial First State Investments Limited, as trustee for the Colonial First State FirstChoice Superannuation Trust, has been ordered by …

ASIC has released ASIC Annual Report 2020-21.  The Report sets out ASIC’s achievements during 2020-21, including:

• making interventions and …

The ability to use technology to meet regulatory requirements is likely to become permanent for companies and registered schemes after …

AFCA reports that draft legislation relating to the Compensation Scheme of Last Resort will soon be released.  The scheme as …

AFCA released its 2020-21 Annual Review and appointed seven new Senior Ombudsmen.

The Review reveals that between 1 July 2020 …

A number of October regulatory reforms are being quietly tidied up where the drafting was not quite as tight as …

Some licensees found it confusing in October when they looked for new requirements in the Corporations Act 2001 or the …

If your licensee was in a mad rush to prepare for the new regulatory changes at the start of October, …

Companies subject to the whistleblowing requirements are being urged to review their whistleblower policies after ASIC assessed a random sample …

In conducting licensee reviews for our clients, we look at their documented compliance arrangements and speak with their staff.  One …

The following items were open for consultation in September 2021:

Draft Treasury Laws Amendment (Financial Reporting and Auditing Requirements for …

Financial Regulator Assessment Authority takes off

The government announced the appointment of the inaugural members of the Financial Regulator Assessment …

The Financial Action Task Force, the global group that sets international AML/CTF standards, has published a White Paper which …

With its System Transformation Program, AUSTRAC is changing the way that reporting entities will access and report to AUSTRAC in …

AUSTRAC has released four new ML/TF risk assessments which analyse the level of criminal threat and ML/TF risk posed by: …

Organisations interested in varying an existing licence or applying for a new one may find it useful to look at …

ASIC has charged a director of a credit licensee with making a false statement in the annual compliance certificate lodged …

ASIC Enforcement Update January to June 2021 Report 699 gives insights into ASIC’s enforcement priorities.

The Update notes that ASIC …

This month, ASIC action in relation to false and misleading representations, and misleading and deceptive conduct, has been a recurring …