Regulatory Updates
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29 Oct 2021 T-REX Article
Personal advice relief
ASIC has made an Instrument extending existing relief in relation to personal advice in COVID-19 situations and reactivating relief which …
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29 Oct 2021 T-REX Article
Notify, investigate, remediate provisions for advice licensees and mortgage brokers
Advice licensees and mortgage brokers seeking guidance in relation to notifying, investigating and remediating clients in relation to reportable situations …
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29 Oct 2021 T-REX Article
Conflicted remuneration breaches in insurance
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29 Oct 2021 T-REX Article
New duty of insured kicks off
October saw the commencement of a new duty for insureds. The duty applies in relation to a consumer insurance contract. …
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29 Oct 2021 T-REX Article
Competition between Australian managed funds
ASIC released Competition in funds management, a report into the state of competition in the funds management industry in …
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29 Oct 2021 T-REX Article
Outsourcing poses new level of regulatory risk
The commencement of proceedings against another superannuation trustee continues a theme in which ASIC is increasingly taking trustees to task …
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29 Oct 2021 T-REX Article
General obligations are key
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29 Oct 2021 T-REX Article
General insurers must honour promises
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29 Oct 2021 T-REX Article
Superannuation distribution obligations
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29 Oct 2021 T-REX Article
Colonial cops $20 million penalty for misleading and deceptive conduct
Colonial First State Investments Limited, as trustee for the Colonial First State FirstChoice Superannuation Trust, has been ordered by …
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29 Oct 2021 T-REX Article
ASIC Annual Report
ASIC has released ASIC Annual Report 2020-21. The Report sets out ASIC’s achievements during 2020-21, including:
- making interventions and …
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29 Oct 2021 T-REX Article
Technology for meetings and communications likely to be permanent
The ability to use technology to meet regulatory requirements is likely to become permanent for companies and registered schemes after …
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29 Oct 2021 T-REX Article
Compensation scheme of last resort and AFCA
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29 Oct 2021 T-REX Article
AFCA 2020-21 Annual Review and new Senior Ombudsmen
AFCA released its 2020-21 Annual Review and appointed seven new Senior Ombudsmen.
The Review reveals that between 1 July 2020 …
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29 Oct 2021 T-REX Article
IDR gets quietly tidied up
A number of October regulatory reforms are being quietly tidied up where the drafting was not quite as tight as …
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29 Oct 2021 T-REX Article
Invisible provisions
Some licensees found it confusing in October when they looked for new requirements in the Corporations Act 2001 or the …
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29 Oct 2021 T-REX Article
Product design and distribution – last minute fixes
If your licensee was in a mad rush to prepare for the new regulatory changes at the start of October, …
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29 Oct 2021 T-REX Article
Dust off your whistleblower policy – ASIC is coming
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30 Sep 2021 T-REX Article
‘Generally speaking’ – What to look out for if you’re considering a move to a general advice model (T-REX Bites Feature Article)
In conducting licensee reviews for our clients, we look at their documented compliance arrangements and speak with their staff. One …
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30 Sep 2021 T-REX Article
Consultation
The following items were open for consultation in September 2021:
Draft Treasury Laws Amendment (Financial Reporting and Auditing Requirements for …
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30 Sep 2021 T-REX Article
In brief
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30 Sep 2021 T-REX Article
FATF White Paper: changes to beneficial ownership
The Financial Action Task Force, the global group that sets international AML/CTF standards, has published a White Paper which …
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30 Sep 2021 T-REX Article
Changes to AUSTRAC Online
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30 Sep 2021 T-REX Article
New ML/TF risk assessments for Australia’s banking sector
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30 Sep 2021 T-REX Article
Varying or applying for a licence or using the sandbox? Check this out
Organisations interested in varying an existing licence or applying for a new one may find it useful to look at …
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30 Sep 2021 T-REX Article
Annual compliance certificate – false statement charges
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30 Sep 2021 T-REX Article
Enforcement – clues to risk areas
ASIC Enforcement Update January to June 2021 Report 699 gives insights into ASIC’s enforcement priorities.
The Update notes that ASIC …
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30 Sep 2021 T-REX Article
False and misleading representations – loans
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30 Sep 2021 T-REX Article
False and misleading representations – consumer credit insurance
CBA faces criminal charges in relation to the alleged mis-selling of consumer credit insurance between 2011 and 2015.
After investigation …
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30 Sep 2021 T-REX Article
LIF review
A number of licensees authorised to provide personal advice to retail clients have been asked to provide to ASIC a …
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30 Sep 2021 T-REX Article
Final FASEA exam for existing advisers
FASEA announced that over 16,000 advisers have now passed the Financial Adviser Exam. Only 60 per cent of candidates passed …
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30 Sep 2021 T-REX Article
Relief for financial advisers on ASIC levy
The Government has announced “temporary and targeted relief for financial advisers by reducing the cost recovery levies charged by the …
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30 Sep 2021 T-REX Article
ASIC helps advisers with current challenges
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30 Sep 2021 T-REX Article
Information Sheet on DDO for advisers and advice licensees
ASIC published Information Sheet 264 FAQs: Design and distribution obligations for advice licensees and financial advisers. The Information Sheet …
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30 Sep 2021 T-REX Article
Add-on insurance – tweaks to the regime
Restrictions on the way add-on insurance may be sold come into effect on 5 October 2021. These restrictions, sometimes known …
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30 Sep 2021 T-REX Article
Misleading and deceptive conduct in super
The Federal Court has made declarations that Colonial First State Investments Limited made false or misleading representations and engaged in …
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30 Sep 2021 T-REX Article
Travel insurance misleading and deceptive
All licensees need to take care to avoid engaging in misleading and deceptive conduct. Provisions prohibiting this conduct appear in …
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30 Sep 2021 T-REX Article
Superannuation trustees need to lift their game on IDR
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30 Sep 2021 T-REX Article
Government releases new Statement of Expectations for ASIC
The Government released a new Statement of Expectations for ASIC. The new Statement follows the appointment of Joseph Longo as …
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30 Sep 2021 T-REX Article
Royal Commission resources moving
The website for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will be decommissioned by …
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30 Sep 2021 T-REX Article
Anti-hawking housekeeping
On 5 October 2021, a modified anti-hawking regime will come into play in relation to financial products. The Financial Sector …
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30 Sep 2021 T-REX Article
Privacy during the pandemic
The Office of the Australian Information Commissioner has released a set of “universal privacy principles”, in collaboration with State and …
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30 Sep 2021 T-REX Article
Risk and governance – new reforms may help, and systems are key
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30 Sep 2021 T-REX Article
Levies, outages, perceived conflicts and more – Parliamentary oversight of ASIC
The Chair of ASIC, Joseph Longo, appeared before the Parliamentary Joint Committee on Corporations and Financial Services in relation to …
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30 Sep 2021 T-REX Article
Breaches – important tweaks imminent
A quiet update from Treasury on 6 September resolves some inconsistencies in the new breach reporting regime.
Under the requirements …
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30 Sep 2021 T-REX Article
Breach reporting guidance arrives not a moment too soon
ASIC has at last released an updated version of Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees …
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31 Aug 2021 T-REX Article
Blockchain bricks and crypto cathedrals: a breakdown of the key terms (T-REX Bites Feature Article)
There’s a saying in improv: “Bring a brick, not a cathedral”.
While improv and the wonderful world of crypto …
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31 Aug 2021 T-REX Article
Consultation
Retirement Income Covenant. The Government was consulting on its retirement income covenant position paper. The proposed covenant would place …
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31 Aug 2021 T-REX Article
In brief
Problems with the financial services regulatory regime
The Australian Law Reform Commission, which is inquiring into the potential simplification of …
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31 Aug 2021 T-REX Article
Proposed changes to AML/CTF Rules
AUSTRAC has released proposed amendments to the AML/CTF Rules for public consultation. The amendments add Chapters 79 and 80 and …
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