Regulatory Updates

After the recent introduction of legislation governing Digital ID (see HN Hub T-REX Regulatory Update, Digital ID coming to private …

ASIC has released Report 788 Credit card lending in Australia: Staying in control.

The Report looks at around 20 …

The Federal Court has ordered Ferratum Australia Pty Ltd (in liquidation) to pay a total of $16 million in penalties …

In 2022, ASIC commenced civil penalty proceedings against American Express Australia Limited in the Federal Court, alleging contraventions of the …

Four banks will refund over $28 million after a recent ASIC review revealed that they systemically charged high fees to …

ASIC warns registered schemes and CCIVs to be mindful of what their constitutions allow, for the 2024 AGM season.

In …

ASIC has banned former directors and responsible managers of XTrade.AU Pty Ltd, Shay Zakhaim and Anthony Anderson, after earlier cancelling …

ASIC recently banned adviser Anass “Caesar” Abdalla.

Mr Abdalla was general manager of an AFS licensee. ASIC found that he …

John Bigatton, who promoted BitConnect, has been convicted in the Sydney District Court of providing financial product advice without holding …

ASIC cancelled the AFS licence of Build Your Wealth Pty Ltd and banned Christopher Edward Luff from providing financial services …

ASIC has permanently banned former financial adviser Dashiel Benjo Vee from providing financial services or controlling an entity that carries …

ASIC urges AFS licensees to assess the accuracy of records about their financial advisers on the Financial Advisers Register. ASIC, …

Tranche 1 of the Quality of Advice Review reforms are now law, with the passage of

Treasury Laws Amendment (Delivering …

The Federal Court has found that Firstmac failed to take reasonable steps to ensure the distribution of its investment product, …

New versions of the AFCA Rules and AFCA Operational Guidelines have been published. The new Rules and Operational Guidelines apply …

ASIC and ARPA have published new information to help insurers and superannuation trustees prepare for the commencement of the Financial …

ASIC Chair Joe Longo’s recent statement at the Parliamentary Joint Committee on Corporations and Financial Services highlights ASIC’s focus on …

In 2023, ASIC commenced proceedings against PayPal Australia Pty Limited in the Federal Court, alleging that its standard form contracts …

T-REX turns 20 this month. Read all about it in HN Hub T-REX Regulatory Update T-REX: the secret of everlasting …

Parliament has passed the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024, which delivers Tranche …

Approximately 17 years after the introduction of the Australian AML/CTF regime, the government has embarked on the much-anticipated process of …

Consultation Paper 378 Safeguard mechanism reforms: Updates to RG 236 (CP 378) ASIC is proposing to update Regulatory Guide 236 …

Using Wrap Ups to your advantage

HN Hub’s Regulatory Wrap Up, at noon AEST on the second Wednesday of …

AUSTRAC CEO Brendan Thomas gave a speech at the ACAMS Conference, The Assembly of Australasia.

ACAMS describes itself as the …

The Attorney-General has made Australian Transaction Reports and Analysis Centre Industry Contribution Determination 2024 (No. 1).

The Determination determines …

AUSTRAC has accepted an Enforceable Undertaking from Sportsbet to uplift its compliance with Australia’s AML/CTF laws.

The EU comes as …

AUSTRAC has released a new financial crime guide to help businesses identify and report suspicious activity arising from criminal networks …

After agreeing to a proposed penalty with AUSTRAC in May 2024, SkyCity has now been ordered by the Federal Court …

AML/CTF reporting entities may wish to keep an eye on new legislation introducing a digital identification framework to Australia.

The …

The Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 has been introduced to Parliament.

This …

ASIC has been successful in the Federal Court in arguing that Cigno Australia Pty Ltd and BSF Solutions Pty Ltd …

Earlier this year, the Government announced an independent review of Australia’s credit reporting framework. This was explained in HN Hub …

Banks and lenders should be aware that ASIC is launching an awareness campaign to encourage Australians to seek hardship assistance. …

ASIC’s consultation in relation to updates to Regulatory Guide 236 Do I need an AFS licence to participate in carbon …

ASIC has issued an interim stop order preventing Hirehood Pty Ltd from offering securities under a crowd-sourced funding offer document …

ASIC has accepted an enforceable undertaking from AFS licensee and “independent expert” PKF Melbourne Corporate Pty Ltd.

Firms providing independent …

ASIC has issued a class no-action position in response to financial services industry concerns that second party opinion (SPO) providers …

Recent ASIC action in relation to an ASX listed company allegedly involved in greenwashing provides food for thought for AFS …

The Federal Court has found that LGSS Pty Ltd (as trustee of the super fund, Active Super) made misleading representations …

ASIC has extended interim conditional relief which allows term deposits of up to five years, that are only breakable on …

ASIC has cancelled the AFS licence of retail OTC derivatives issuer XTrade.AU Pty Ltd.

This was after it found that …

ASIC’s latest interim stop order in relation to product design and distribution obligations relates to Australian Unity Funds Management Ltd. …

ASIC is asking market intermediaries to strengthen their supervisory arrangements for recording and monitoring representatives’ business communications. This is in …

ASIC has reminded advice licensees that they will now need to lodge a notice if they receive a declaration from …

The Minister has made Corporations (Relevant Providers – Education and Training Standards) Amendment (2024 Measures No. 2) Determination 2024. …

ASIC has shared remarks about the advice industry at the Professional Planner Licensee Summit this month.

ASIC Commissioner Alan Kirkland …

Treasury has opened consultation in relation to Delivering Better Financial Outcomes Tranche 1 – Draft Regulations.

The regulations open …

ASIC has banned the managing director of the Guildford group of companies, Dr Robert Payne.

He is banned, for four …

The comments of ASIC Commissioner Simone Constant, at the Australasian Investor Relations Association Annual Conference, contained some items of …

The Government has released a Sustainable Finance Roadmap.

The Roadmap sets out what is required to:

• embed the Government’s …