Regulatory Updates

The Parliamentary Joint Committee on Corporations and Financial Services is conducting an inquiry into the wholesale investor test for offers …

On 29 February, the Federal Court found that RM Capital Pty Ltd failed to take reasonable steps to ensure that …

The Full Federal Court dismissed an appeal by Provide Nominees Pty Ltd (trading as Provide Capital). The case related to …

ASIC Commissioner Alan Kirkland addressed Blockchain APAC’s policy week forum on 20 March 2024. Commissioner Kirkland noted that:

• ASIC seeks …

An ASIC warning to consumers about scam websites provokes interesting questions about how licensees might be implicated in such scams. …

Australian Information Commissioner Angelene Falk appeared before the Legal and Constitutional Affairs Legislation Committee on 19 March 2024.

In her …

The Government will introduce a financial sector regulatory initiatives grid help financial services businesses engage with the Government and regulators …

ASIC reports that 87 per cent of financial firms successfully submitted an IDR data report to ASIC for the period …

Over nine and a half thousand complaints were lodged with AFCA in January 2024. This represents a 29 per cent …

Licensees subject to the Compensation Scheme of Last Resort levy can now get a sense of the levy they will …

The Federal Court has published a significant judgment for businesses marketing and issuing crypto products.

ASIC commenced proceedings against Finder …

The Federal Court has today published a judgment that is significant for businesses marketing and issuing crypto products.

The Court …

Since our article in November 2018, the Unfair Contracts Terms (“UCT”) regime [1] has been strengthened to apply to a …

Payments System Modernisation (Regulation of Payment Service Providers). This Treasury Consultation Paper sets out a proposed licensing framework for …

APRA revokes determination on ERFs

On 22 December 2023, APRA made Superannuation (prudential standard) determination No 1 of 2024. This …

FATF has been busy publishing its latest Annual Report, publishing mutual evaluation reports, updating ML/TF assessment ratings and running training. …

FATF has reminded its members to remain vigilant regarding the risks associated with Russia’s invasion of Ukraine.

FATF notes with …

AUSTRAC is seeking submissions on draft guidance for reporting entities seeking assistance from an external provider to help meet their …

ASIC has released Report 779: Superannuation and choice products: what focus is there on performance. The Report explores the …

ASIC has continued its march on greenwashing, with the issue of an infringement notice to Melbourne Securities Corporation Limited.

ASIC …

ASIC has made interim stop orders in relation to the PDSs of four classes of units of the Shield Master …

ASIC has accepted an enforceable undertaking from Shivdeep Jaidka, a former financial adviser.

Mr Jaidka conducts an accountancy business. Between …

The Financial Services and Credit Panel has made a direction in relation to an adviser who gave superannuation switching advice …

The experience pathway was made law when legislation passed Parliament in September 2023.

The pathway allows an adviser with 10 …

ASIC has warned that any relevant providers not registered with ASIC by 16 February 2024, should have stopped providing personal …

ASIC commenced Federal Court proceedings against David Paul Hodgson, MacroLend Pty Ltd and Great Southland Limited, alleging that the companies, …

A recent Federal Court decision is a timely reminder that organisations offering crypto-linked investments should ensure that they have an …

The Federal Court has declared that Westpac Banking Corporation engaged in unconscionable conduct and breached the efficiently, honestly and fairly …

The OAIC has released its latest data breach statistics which highlight the risk of outsourcing the handling of personal information …

The ALRC has released some resources relating to its recent Corporations and Financial Services Legislation Inquiry.

These are:

• Excavating Corporations …

ASIC has issued a no-action letter in response to a request from the Australian Financial Markets Association. AFMA outlined concerns …

ASIC has released Financial Services Industry Workshop Summary document, which reflects outcomes of a workshop held by ASIC in …

Following the recent release of Safe and Responsible AI in Australia Consultation: Australian Government’s Interim Response, ASIC Chair Joe Longo …

AFCA has made two recent Determinations of interest to licensees: one relating to a financial firm’s IDR obligations and one …

Various pieces are sliding into place in relation to the Compensation Scheme of Last Resort.

The CSLR now has its …

Draft Treasury Laws Amendment (Measures for Consultation) Bill 2023: ACCC designated complaints function. This draft legislation would implement a …

ASIC issues infringement notices, alleging false and misleading statements

ASIC issued four infringement notices (totalling over $50,000) to Penta Capital …

FATF has released a new report on the evolution of cyber-enable fraud and its links to other crimes and how …

Following public consultation, FATF has made updates to the FATF Recommendations.

The FATF Recommendations are the internationally endorsed global standards …

FATF has published several updates which might affect the way reporting entities assess the risk associated with particular jurisdictions.

It …

A new Legislative Instrument has been made by AUSTRAC with modified references to the persons who may certify copies for …

AUSTRAC has reminded reporting entities that it is now time to get started on and submit the 2023 Annual Compliance …

On 15 July 2022, ASIC made short term credit and continuing credit contracts product intervention orders. ASIC had found that …

In a recent case, Mr Lee Braz brought proceedings in the Federal Court after AFCA found in favour of a …

The Federal Court has found that Zurich Australia Limited did not breach its duty of utmost good faith when OnePath …

ASIC has banned Mark Andrew Cooper, former director of Acquire Strategic Advisers Pty Ltd, from providing any financial services for …

ASIC records show that a significant number of relevant providers are still not registered, despite a requirement to be registered …

On 18 January 2024, the Corporations (Relevant Providers—Education and Training Standards) Amendment (2024 Measures No. 1) Determination 2024 was registered. …

The Australian Signals Directorate’s Australian Cyber Security Centre has released new resources and provided an update on the 2022 Medibank …

The deadline for most organisations to start lodging IDR data with ASIC is drawing nearer, with data due by 29 …