Regulatory Updates

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 …

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 …