Regulatory Updates

In proceedings brought by ASIC, the Federal Court found RI Advice Group Pty Ltd (owned by ANZ) failed to …

ASIC has released a report following up on the progress made by nine life insurance companies in the three years …

While fees for no service seems like an uncomfortable element of the industry’s past, it is still possible to take …

ASIC has reviewed registered managed funds’ illiquid asset valuation practices after gathering data between 1 March 2020 and 1 November …

ASIC has released its findings in relation to a surveillance of some of the first meetings held by trustees for …

After the High Court’s finding against Westpac (or, rather, two of its subsidiaries) earlier this year, the Federal Court has …

A recent Federal Court judgment has lessons for product issuers on how to ensure that their monitoring arrangements for outsourcing …

A recent Federal Court case provides useful guidance for all businesses when it comes to understanding requirements regarding unfair terms …

Treasury’s independent review of AFCA was scheduled to be finalised and to result in the presentation of a report to …

ASIC started civil penalty proceedings against two credit licensees, alleging that they engaged in “disruptive, aggressive and uncooperative behaviour toward …

Your reputation could be at risk, in more ways than one, if you engage in misleading or deceptive conduct or …

ASIC’s Corporate Plan 2021-25: Focus 2021-22 gives an indication of ASIC’s direction over the next four years.

Key comments from …

ASIC’s latest quarterly update gives an overview of the regulatory landscape from 1 April to 30 June this year.

The …

Current ASIC proceedings are sure to shed light on what the general licence obligations require of licensees in relation to …

ASIC has reminded AFS and credit licensees to be ready for some imminent deadlines for the commencement of significant regulatory …

The responsible manager (RM) of a licensee plays a key role under the financial services and credit licensing regimes.

However, …

Consultation Paper 341 Review of the ePayments Code: Further consultation.  ASIC is consulting on its proposed modifications to the …

End of grandfathered conflicted remuneration

Treasury has released a copy of ASIC’s report titled ‘Ending Grandfathered Conflicted Remuneration”.  The report …

FATF has released guidance on how new technologies assist and promote compliance with AML/CTF requirements, and has looked at the …

From November 2022, the SWIFT system will be migrated to ISO 2022 messaging system for cross border and correspondent banking …

AUSTRAC has published a risk assessment for the non-bank lending sector.  This ML/TF risk assessment is relevant to the non-bank …

Providers of digital currency exchange services were first regulated by AUSTRAC in 2018.  Since that time, the Financial Action Task …

AUSTRAC has released new guidance to assist reporting entities undertake appropriate source of funds and source of wealth investigations.  The …

Debt management service providers are now regulated under the National Consumer Credit Protection Act 2009 and require a licence to …

Debt collection agency, Black Collections Pty Ltd (Black Connections) has plead guilty and been convicted of engaging in …

On 23 June 2021, the Federal Court dismissed ASIC’s application against Cigno Pty Ltd (Cigno) and BHF Solutions …

In accordance with the National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021, providers of certain debt management …

The Federal Court has fined Forex CT $20 million for engaging in systemic unconscionable conduct, paying conflicted remuneration to its …

ASIC Class Order [CO 13/721] restricting exchange traded funds (ETF) market-making functions to authorised participants has …

ASIC has released new guidance on best practices for activist short selling.  Activist short selling involves taking a short position …

ASIC has extended the regulatory relief provided to public offer superannuation trustees to non-public offer trustees to ensure consistent regulation. …

OnePath is repaying up to $35 million to over 40,000 customers who were sold life insurance over the phone between …

The deferred sales model for add-on insurance recommended by the Royal Commission (recommendation 4.3) will apply from 5 October 2021. …

ASIC has finalised its investigation into alleged ‘fees for no service’ criminal conduct arising from AMP Financial Planning Pty Limited’s …

On 8 July 2021, ASIC entered into a heads of agreement to resolve civil penalty proceedings it had initiated against …

Westpac has pledged to remediate customers whose financial advisers may have failed to notify them of corporate actions between 2005 …

WA-based financial adviser Robert Hutchison was permanently banned from providing financial services in June 2017.  Mr Hutchison was a director …

The Federal Court has fined BT Funds Management Limited (BT) and Asgard Capital Management Limited (Asgard) …

ASIC has created and published the ASIC reference checking and information sharing protocol  (‘ASIC Protocol’).  Under the Financial Sector Reform …

ASIC has banned Adam John Bevan from providing financial services for five years.  Mr Bevan was an authorised representative and …

FASEA has announced that it will provide all financial advisers who have not yet passed the Financial Advisers Exam, the …

FASEA has recently released the exam results from the May sitting of the Financial Advisers Exam.  This was the 12th …

ASIC has found MyBudget Pty Ltd (MyBudget) was operating a financial services business without an AFS licence.

ASIC …

ASIC has extended the transitional relief period for foreign financial services providers (FFSPs) for another 12 months until …

ASIC has released Consultation Paper 342 Proposed amendments to the ASIC market integrity rules and other ASIC-made rules (CP …

This month, ASIC consulted on how exchange traded products (ETPs) that are invested in or exposed to crypto-assets …

On 1 July, ASIC released Consultation Paper 344 Remaking ASIC class order on when debentures can be called secured notes …

ASIC is seeking feedback on its updated draft regulatory guidance following the reforms to the anti-hawking regime under the Financial …

ASIC has released a data dictionary, detailing the information financial firms will be required to gather and report on, …

Following consultation with the Australian Restructuring Insolvency Turnaround Association (ARITA), ASIC has published an updated version of Information …