Regulatory Updates

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AUSTRAC has prepared updated draft guidance for businesses which are required to lodge Threshold Transaction Reports with AUSTRAC – that …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

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 …