Regulatory Updates

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FATF is inviting feedback on draft guidance on: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 …

New law has been made, Financial Sector Reform (Hayne Royal Commission Response) (Claimant Intermediaries) Regulations 2021, to amend regulation …

ASIC has warned that applications for a new or varied AFSL to provide the financial service of insurance claims handling …

ASIC is continuing its focus on the CFDs sector and has made a further product intervention order, ASIC Corporations (Product …

Kenneth Charles Grace has been charged with eight counts of engaging in dishonest conduct and one count of operating a …

The Royal Commission recommended (recommendation 2.10) that the Government establish a new disciplinary system for financial advisers.  The Commissioner recommended …

ASIC has commenced legal proceedings against Westpac in the Federal Court in relation to the “sale” of two of its …

The Federal Court of Australia has ordered Commonwealth Bank of Australia (CBA) to pay a $7 million penalty. …

ASIC recently made a submission to the Senate Economics Legislation Committee regarding the ‘Your Future, Your Super’ Bill.  In the …

After two years of operation, AFCA is now subject to an independent review which is being conducted by Treasury.

ASIC …

ASIC has published its latest enforcement report for the period 1 July to 30 December 2020.  The report clarified ASIC’s …

In a speech delivered to an institutional investor roundtable, ASIC Deputy Chair Karen Chester outlined three areas of focus for …

ASIC has commenced civil penalty proceedings against the Commonwealth Bank of Australia (CBA).  ASIC alleges that customers were …

Outsourcing KYC obligations

If you are bound by the Australian Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation[1], (that …

CP 334 Proposed changes to simplify the ASIC Derivative Transaction Rules (Reporting): First consultation.  This Consultation Paper sets out …

No action position for AGMs, but not for electronic signatures

Last year, temporary relief was granted by the Government to …

FATF has released a report on trade-based money laundering risk indicators.  FATF has categorised the various risks into four categories …

ASIC has commenced proceedings against Membo Finance Pty Ltd for alleged contraventions of the National Consumer Credit Protection Act 2009 …

ASIC has banned mortgage broker Chandar Prakash Sahai from engaging in credit activities, and performing any function involved in credit …

Urban Commercial Group Pty Ltd has lodged an application with ASIC to cancel its ACL.  The application was made after …

Finance broker, Daniel Wilson, has been charged with obtaining a financial advantage by deception by the Director of Public Prosecutions …

The current exemption from the responsible lending obligations when lending to small businesses was due to expire on 2 April …

ASIC has banned the sole director and four former employees of Forex Capital Trading Pty Ltd (Forex CT) …

The conditions and prohibitions in ASIC’s product intervention order (PIO) for the CFDs sector, ASIC Corporations (Product Intervention …

Early last year, ASIC suspended AxiCorp Financial Services Pty Ltd’s (AxiCorp) AFS licence.  ASIC made the decision based …

During 2020, ASIC undertook a review of how superannuation trustees were communicating to members about COVID-19 issues and providing intra-fund …

ASIC has published an article encouraging superannuation trustees to use member data to increase value for money, improve the design …

ASIC has commenced civil penalty proceedings against the trustee of the Statewide Superannuation Trust, Statement Superannuation Pty Ltd (Statewide …

The Federal Court has found in Australian Securities and Investments Commission v TAL Life Limited that TAL breached its duty …

ASIC alleges that between 11 November 2016 and 13 October 2017, Mr Ahmed Saad, who is a former financial adviser …

Mr Ezzat-Daniel Nesseim, who was permanently banned from providing financial advice in March 2018, and permanently banned from engaging in …

FASEA has announced that 67 per cent of candidates passed the January exam.  Attendance in January was lower with only …

The Federal Court has ordered accountant, Jenan Thorne, to comply with a previous court enforceable undertaking (CEU) after …