Regulatory Updates

The Office of the Australian Information Commissioner released its 2023-24 Annual report. During this year, the OAIC moved to …

On 1 November, ASIC Chair Joe Longo appeared before the Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into …

The Federal Court dismissed the case brought by ASIC against Paul Ryan, director of Dixon Advisory & Superannuation Services Pty …

ASIC has released its third annual report on information lodged by licensees in relation to reportable situations under the reportable …

Treasury has released its consultation paper, discussing options for implementing the Crypto Asset Reporting Framework (CARF) and associated amendments to …

Credit and AFS licensees dabbling in digital assets should remain vigilant to the possibility that they may be triggering the …

ASIC has released its latest Market Integrity Update (Issue 163), with a significant emphasis on cyber incident handling. ASIC’s …

AFCA has released its 2023-2024 Annual Review. The review reveals that between 1 July 2023 and 30 June 2024, …

AFCA recently consulted in relation to Approaches relating to general insurance complaints. AFCA consulted on draft amendments to AFCA’s Approach …

ASIC has announced its enforcement priorities for 2025, giving both AFS and credit licensees clues as to how best …

The Federal Government reached deals with the Coalition and Greens to secure the passage of over 30 pieces of legislation …

Optix Australasia Pty Ltd has paid $187,800 to comply with an infringement notice issued by ASIC for Optix’s failure to …

The relief allowing insurers and their representatives to give emergency payments to consumers, in certain circumstances, without first giving them …

In the wake of ASIC issuing proceedings against Cbus, death benefits was among the key topics covered by ASIC Commissioner …

Financial adviser Ian Reid has been suspended for three months by order of the Financial Services and Credit Panel, …

ASIC has issued a range of new guidance in relation to DBFO reforms.

The guidance covers:

• FSGs and website disclosure …

ASIC has filed civil penalty proceedings against United Super Pty Ltd, the trustee of Cbus, alleging that from September 2022 …

Advice licensees and insurance brokers will be pleased to hear that ASIC has released a range of guidance relating to …

Launching a new financial product has never been easy, but today, the list of factors you need to take into …

Scams Prevention Framework: exposure draft legislation. This consultation seeks feedback on the effectiveness of the draft legislation that implements …

ASIC issues 2023-24 update on licensing and professional registration activities

ASIC issued Report 797 Licensing and professional registration activities: 2024 …

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 is still before Parliament.

A core feature of the Bill is …

AUSTRAC has provided valuable insight and education materials on how it conducts its national risk assessments.

In July 2024, AUSTRAC …

AUSTRAC has released new resources and guidance, to help reporting entities manage their AML/CTF obligations.

Firstly, AUSTRAC has released sector …

AUSTRAC has reminded reporting entities of the critical role AUSTRAC plays in protecting Australia’s financial system and vulnerable communities from …

AUSTRAC is in the process of enhancing AUSTRAC Online, to make it simpler for businesses and reporting entities to engage …

AUSTRAC will be hosting forums in Sydney and Melbourne exclusively for AML/CTF advisers.

Held during November, the forums will be …

The Office of the Australian Information Commissioner has registered a new Privacy (Credit Reporting) Code 2024 (Version 3.0).

The OAIC …

ASIC has issued an interim stop order which underscores the breadth of the DDO regime.

The subject of the stop …

The Federal Court has ruled that Latitude Finance Australia and Harvey Norman Holdings Ltd engaged in misleading conduct and made …

AFCA held its latest member forums on 24 and 25 October 2024.

In his opening address, Chief Ombudsman and CEO …

AFCA recently consulted in relation to draft amendments to AFCA’s Approach to superannuation death benefits.

The proposed revised approach document …

On 14 October 2024, the Administrative Review Tribunal replaced the Administrative Appeals Tribunal as the primary tribunal for review of …

ASIC commenced Federal Court proceedings against QBE Insurance (Australia) Limited. ASIC alleges that QBE misled consumers when it made statements …

ASIC Commissioner, Kate O’Rourke, delivered the keynote address at the latest Annual Credit Law Conference. The address includes useful intel …

ASIC has released ASIC Annual Report 2023-2024. The Report sets out ASIC’s achievements during 2023-24, including:

• achieving regulatory and …

ASIC has reported on the findings of its surveillance of 19 issuers of high risk investment, insurance and credit products …

ASIC has cancelled two AFS licences and 11 Australian credit licences.

The grounds for cancelling the licences include:

• failing to …

The Commonwealth Bank of Australia has paid a $7.5 million penalty after it sent more than 170 million emails that …

The Government has announced its intention to introduce major reforms to the Australian Consumer law. The proposed reforms include the …

The Office of the Australian Information Commission has issued new guides for businesses explaining how the Australin privacy law applies …

ASIC is warning licensees to make sure their governance practices keep up as they adopt AI at an increasing pace. …

ASIC and the RBA have granted FinClear an Australian Market Licence and a Clearing and Settlement Facility Licence. The latter …

The Federal Court has found that a term in a life insurance contract is misleading. The decision is a lesson …

After nearly 10 years, ASIC Regulatory Guide 236 Do I need an AFS licence to participate in carbon markets? has …

Advice licensees can now make better use of DBFO concessions in relation to providing an FSG, thanks to an Instrument …

ASIC has published Information Sheet 286 FAQs: Ongoing fee arrangements and consents and Information Sheet 287 FAQs: Non-ongoing fee requests …

Today, ASIC released ASIC Corporations (Amendment) Instrument 2024/809, which amends section 941C of the Corporations Act 2001. The …

How do I apply to vary an AFS licence?

The application process is completed using an online form (ASIC Form …

Extension of record-keeping and breach reporting Legislative Instruments. This ASIC proposal was to extend a Class Order and Legislative …