Regulatory Updates

On 27 March 2024, the Government introduced the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 to …

In AFCA Determination 784331, AFCA required a broker to pay a complainant compensation of $46,253.50 as compensation for 50 …

AFCA held its latest member forums in March 2024.

Chief Ombudsman and CEO David Locke noted that AFCA’s current complaint …

AFCA published its fees and charges for the financial year ending 30 June 2025. These fees will apply to complaints …

From 17 June 2024, ASIC’s new Professional Registers Search will go live and replace the existing professional register searches. …

Provide Nominees Pty Ltd has failed in its attempt to prevent an ASIC investigation.

ASIC commenced a formal investigation of …

The ASIC Corporations and Credit (Reference Checking and Information Sharing Protocol) Instrument 2021/429 (the Protocol) sets out the …

Draft AUSTRAC Guidance 2024 – Outsourcing AML/CTF Obligations. This draft guidance, released by AUSTRAC, aims to help organisations comply …

New DTR legislative instrument

ASIC Derivative Transaction Rules (Reporting) 2024 Amendment Instrument 2024/1 has been registered. It amends the ASIC …

FATF has released update guidance on beneficial ownership and transparency of legal arrangements, following revisions to Recommendation 25.

The Guidance …

AUSTRAC has issued a reminder to stay alert for scams, following a fake AUSTRAC website being identified.

Scammers often pretend …

AUSTRAC has commenced an enforcement investigation into online betting company bet365 (Hillside (Australia New Media) Pty Ltd).

Whilst bet365 operates …

The Australian Government has announced an independent review of Australia’s credit reporting framework. Heidi Richards, a former APRA senior executive, …

AFCA determination 916180 is a reminder that financial firms must comply with the restrictions placed on them by virtue of …

ASIC has remade five Class Orders for managed funds, where the Class Orders were due to expire on 1 April …

The Federal Court has found that a term in an insurance contract requiring policyholders to notify the insurer of changes …

ASIC has issued a letter reminding insurers of their obligations as AFS licensees when handling insurance claims, especially in response …

ASIC has reminded AFS licensees and relevant providers that registration requirements are ongoing.

New registration will be required:

• after a …

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 …