Regulatory Updates

The Government has released the first tranche of exposure draft legislation relating to the outcomes of the Quality of Advice …

The Federal Court has ordered Mercer Financial Advice (Australia) Pty Ltd (Mercer) to pay a $12 million penalty after being …

After some confusion and delay, the additional obligation to register financial advisers with ASIC has now commenced.

The requirement for …

ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution …

ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading …

AFCA held its latest member forums on 16 and 17 November 2023.

In his opening address, Chief Ombudsman and CEO …

The year 2022-23 was the year of the biggest data breaches Australia had ever seen.

This is revealed in the …

The project to simplify financial services laws continues, with the making of Treasury Laws Amendment (ALRC Financial Services Interim Report) …

Like licensees, ASIC also has obligations under the reportable situations regime. These obligations include reporting annually on information lodged by …

ASIC has called on organisations to prioritise their cyber security after its report into the cyber capability of corporate Australia …

Reforms to the unfair contract terms regime took effect on 9 November, making UCTs illegal, with substantial penalties for contraventions …

In an article published in Company Director magazine, Sarah Court has written about ASIC’s ongoing focus on concerns of greenwashing. …

The Australian Information Commissioner has commenced civil penalty proceedings in the Federal Court against Australian Clinical Labs Limited (ACL) following …

On 21 November, at the ASIC Annual Forum 2023, ASIC Deputy Chair Sarah Court announced ASIC's enforcement priorities for …

The Government has kicked off the implementation of 10 recommendations from the Quality of Advice Review, with Treasury releasing draft …

For the time poor readers, here’s the TL;DR (too long; didn’t read) version: Artificial Intelligence (AI) presents unique …

Consumer Data Right rules – expansion to the non-bank lending sector. These draft rules and amending instrument, released by …

Technology neutrality improvements continue

The Government has made Treasury Laws Amendment (Modernising Business Communications) Regulations 2023. These are designed …

FATF has updated its consolidated list of ML/TF country assessment ratings.  This list assesses the effectiveness and technical compliance of …

AUSTRAC has reminded entities to ensure they are enrolled with AUSTRAC before 9 November 2023, to avoid increasing penalties.

Following …

Greg Yanco’s speech at the recent Credit Law Conference gives insights into ASIC’s current views on consumer credit.

Key points …

ASIC has commenced proceedings in the Federal Court against Cigno Australia Pty Ltd and BSF Solutions Pty Ltd and their …

ASIC has announced that the Federal Court has ordered ANZ to pay a $15 million penalty after it admitted to …

Upcoming ASIC consultation in relation to a range of subordinate legislation may be of particular interest to trustees, fund managers …

The Financial Services and Credit Panel has reported that a relevant provider failed to comply with a number of obligations …

ASIC announced that the Federal Court has ordered National Australia Bank Ltd to pay a $2.1 million penalty for unconscionable …

ASIC announced that it has successfully taken action against Bobbob Pty Ltd regarding representations it made about a crypto asset …

ASIC announced that it has banned former insurance adviser Mr John Durant, the sole director of Assurance Corp (Aust) Pty …

The Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2023 Measures No. 3) Determination 2023 was registered on 11 …

ASIC Chair Joe Longo and ASIC Deputy Chair Karen Chester gave speeches on regulating crypto assets and improving insurance basics …

ASIC has lost Federal Court proceedings brought against Diversa Trustees Limited in 2021.

The Court found that Diversa did not …

A recent ASIC decision following the high profile issues regarding PWC is a reminder to AFS licensees that conduct outside …

ASIC released its annual licensing report: Report 772 Licensing and professional registration activities: 2023 update . The Report is released …

ASIC has called on licensees to ensure that they remediate affected customers quickly and fairly, in line with ASIC’s guidance …

The ASIC Corporations, Credit and Superannuation (Amendment and Repeal) Instrument 2023/699 was registered on 27 September 2023. It makes amendments …

ASIC’s recent and impending housekeeping will have implications for CCIVs, RSE licensees and credit licensees.

ASIC has announced that between …

ASIC has announced that between October and December 2023, it will update a number of Regulatory Guides.

They are:

• Regulatory …

Privacy reforms are a step closer after the OAIC announced that the Government has released its response to the Privacy …

The Government’s long-running scheme to simplify the financial services laws just inched forward, with some changes that may make the …

AFCA has released its 2022-23 Annual Review. The review reveals that between 1 July 2022 and 30 June 2022, …

AFCA continues to receive a large number of complaints, with more than 9,400 complaints lodged in August 2023. The number …

ASIC announced that it and APRA have published an information package to support the financial services industry in implementing the …

ASIC has released ASIC Annual Report 2022-2023. The Report sets out ASIC’s achievements during 2022-23, including:

• taking steps towards …

Licensees can take advantage of tips issued by the ACSC during Cyber Security Awareness Month in October. The ACSC’s theme …

Two pieces of Treasury consultation, which have been open in October, are of significance to the financial services industry. Even …

Changes to the unfair contract terms regime take effect from 9 November 2023.

Previously, the inclusion of an unfair term …

AFS and credit licensees will need to update their reportable situation processes following modifications to the regime by ASIC in …

The burden of notifying ASIC of reportable situations has been reduced after ASIC released an Instrument modifying the regime.

Under …

Crypto exchanges and digital asset platforms will need to obtain an Australian financial services licence and abide by existing financial …

There is no express obligation for a financial services provider to monitor its client lists for deregistered companies. However, the …