Regulatory Updates

ASIC has released an Immunity Policy for certain serious contraventions of the Corporations Act 2001, such as market manipulation, …

APRA has released its key policy and supervision priorities for 2021.  Among the key priorities outlined are:

• finalisation of prudential …

Electronic signing and witnessing

Don’t put away your favourite electronic pen just yet – electronic signing for companies may be …

The legislation that ‘creates’ AFCA, requires the Minister to establish an independent review of AFCA’s operations and conduct.

Treasury has …

The report into Crown Casino, which the NSW government appointed Justice Bergin to undertake under section 143 of the Casino …

ASIC Commissioner, Sean Hughes, delivered a speech to the Australian Finance Industry Association (AFIA) Risk Summit and discussed …

The High Court of Australia has given its final verdict on when the line will be crossed between the giving …

In September 2020, the Government appointed the Australian Law Reform Commission (ALRC) to review the legislative framework for …

The Australian Securities and Investments Act 2001 (Act) gives ASIC the power to issue section 30 and section 33 notices …

FATF survey on enhancing cross-border payments.  The Financial Action Task Force (FATF) is seeking feedback from participants …

Finbold has released a report on bank fines issued globally during the period 1 January 2020 to December 31 2020. …

AUSTRAC has outlined some of the typical ways in which trade-based money laundering criminals take advantage of the size and …

FATF has published two recent updates relating to international ML/TF and the high-risk jurisdictions that pose a risk to the …

ASIC has banned Astna Shirtika Sahay from engaging in credit activities for five years after discovering that she allowed her …

Draft legislation has been introduced to Parliament which, if passed, will require debt management firms, that are paid to represent …

ASIC is aware of a recent increase in imposter bond investment offers targeting investors in Australia and overseas.  The scam …

A former financial adviser, Keith Flowers (formerly known as Nigel Flowers), has been charged with and has pleaded guilty to …

ASIC has banned a financial adviser with nearly 25 years of experience in the industry, Jim Pavlidis, from providing financial …

The significant reforms to Australia’s insolvency regime that we reported on in our December T-REX, came into effect on 1 …

ASIC has amended its Licensing Kit and online AFSL application form to address the new authorisations in relation to claims …

On 23 December 2020, IOSCO’s Retail Market Conduct Task Force (RMCTF) published the Retail Market Conduct Task Force …

ASIC has introduced a new legislative instrument, ASIC Corporations (AFCA Regulatory Requirement) Instrument 2021/0002, to the definition of “representative” …

ASIC has commenced legal proceedings in the Federal Court against Squirrel Superannuation Services Pty Ltd (Squirrel) for making …

The Federal Court has considered the new whistleblower laws in a recent case, Alexiou v Australia and New Zealand Banking …

In December 2019, ASIC replaced the Banking Code of Practice with a revised version which applied from 1 March 2020. …

Nearly two years after the final Royal Commission Report was received, the Governor General signed the Financial Sector Reform (Hayne …

Welcome to 2021.  We are hopeful that it will be a less tumultuous year, insofar as pandemics are concerned, but …