Regulatory Updates

In a joint press release on 24 June 2021, the Treasurer and Minister for Superannuation, Financial Services and the Digital …

FASEA appeared before the Senate Estimates Committee on 2 June 2021.  In its opening statement to the Committee, FASEA noted …

From 1 July, adviser providers must include a ‘lack of independence' disclosure in an FSG if:

• the authorised services provided …

There has been a flurry of activity in relation to the new ongoing fee arrangement regime, which commences on 1 …

ASIC has cancelled the AFS Licence of BBY Ltd as a result of the company being in liquidation.

BBY Ltd …

Life Trading Pty Ltd (Life Trading) has been fined $200,000 and is required to enter into an enforceable …

Societe Generale Securities Australia Pty Ltd (Societe Generale) has fulfilled the additional licence conditions imposed on its AFS …

New ASIC Chair, Joe Longo, made an opening statement to the Parliamentary Joint Committee on Corporations and Financial Services this …

ASIC, APRA and the Reserve Bank of Australia (RBA) have endorsed an expectation set by the Financial Stability …

ASIC has published a warning against scam websites displaying or linking to fake ASIC company registration certificates in order to …

On 25 June 2021, the Government released exposure draft legislation to assist companies and company officers in their use of …

Parliament passed the Financial Regulator Assessment Authority Bill 2021 on 23 June 2021, which establishes a new independent body to …

Please find our update on Open Banking below, along with details of recent developments and upcoming changes.

“Open Banking” is …

Financial Sector Reform (Hayne Royal Commission Response—A New Disciplinary System for Financial Advisers) Bill 2021.  Treasury is consulting on …

ASIC administrative action

ASIC has cancelled Robert Bayntun Starky’s Australian Financial Services Licence (AFSL) because he failed to pay an …

FATF has published the Mutual Evaluation Report (MER) for New Zealand (April 2021).  The MER assesses how effectively New Zealand …

AUSTRAC has issued a remedial direction to Australian Military Bank, directing it to review and improve its compliance with AML/CTF …

AUSTRAC has updated its guidance in relation to complying with suspicious matter reporting (SMR) obligations.  The updated guidance is designed …

ASIC has released an information sheet to provide guidance for providers of debt management services.  Debt managements services, which includes …

ASIC has made ASIC Corporations (Amendment) Instrument 2021/292 (New Instrument) to give temporary relief to litigation funding schemes …

ASIC has banned Robert Patrick Marie from providing financial services, and from controlling an entity that carries on a financial …

As part of a broader response to the financial market uncertainty caused by COVID-19, ASIC has conducted a targeted review …

ASIC has cancelled Master Wealth Control Pty Ltd’s (Master Wealth Control) ACL on the basis that it was …

ASIC has banned former financial adviser, Lisa Lee, from providing financial services for eight years.

Ms Lee was previously a …

On 26 May 2021, ASIC commenced civil penalty proceedings in the Federal Court against five entities in the AMP group …

On 14 May 2021, FASEA announced that it has approved the following two degrees:

• any bachelor with a major in …

FASEA has recently released the exam results from the March sitting of the Financial Advisers Exam.  2,234 advisers sat the …

In its second round of consultation, ASIC has published Consultation Paper 341 Review of the ePayments Code: Further consultation, …

ASIC has commenced proceedings in the Federal Court against Westpac for insider trading, unconscionable conduct and breaches of its general …

ASIC has issued a warning to consumers to be aware of scams following an increased number of reports from consumers …

In this year’s Federal Budget, the Office of the Australian Information Commissioner (OAIC) has been allocated additional funding for …

AFCA’s Board has announced that Professor John Pollaers OAM has replaced the Hon Helen Coonan as AFCA’s Independent Chair.

Professor …

Foreign financial services providers (FFSP) have been subject to a new regulatory regime since April 2020, with transitional …

Each year, the Federal Budget includes a statement for each portfolio, including ASIC.  The Statement includes a strategic direction statement, …

ASIC has published the ASIC quarterly update: January to March 2021, which provides an update of its work undertaken …

The Financial Regulator Assessment Authority Bill 2021 and the Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Bill 2021 …

The Australian Law Reform Commission (ALRC), which was tasked with reviewing the legislative framework for the financial services …

When new clients are looking to engage us for the first time, they sometimes ask us for recommendations on what …

Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2020 Measures)) Regulations 2021: breach reporting.  Treasury is seeking …

ASIC announces new Chair and Deputy Chair

ASIC has announced the appointment of Joe Longo as ASIC Chair, and Sarah …

If you provide the designated service of operating a digital currency exchange (DCE) and you registered on the …

FATF is inviting feedback on draft guidance on:

• assisting reporting entities to identify, assess, understand and mitigate proliferation financing risk …

Australian Federal Police (AFP) has charged 6 people allegedly involved in a crime syndicate which has defrauded the …

AUSTRAC has updated its guidance in relation to complying with the following AML/CTF obligations:

• customer identification and due diligence overview …

Mr Vaughn Thomas Hopkins plead guilty to four charges of obtaining a financial advantage by deception, an offence under section …

ASIC has commenced legal proceedings against Lightspeed Finance Pty Ltd (Lightspeed Finance) and its director Mark James Fitzpatrick …

ASIC has banned Andrew Carl Hills from providing financial services for four years after its investigation found that he authorised …

Following ASIC surveillance of two financial advice licensees within the IOOF group, Bridges Financial Services Pty Ltd and RI Advice …

ASIC has extended, for a second time, one of the three temporary relief measures in relation to the relaxation of …

The Federal Court of Australia has handed down its judgement and restrained Mayfair 101 director, James Mawhinney (and any company …