Regulatory Updates

Draft AML/CTF Rules amending Chapter 10 of the Rules. These draft Rules, released by AUSTRAC, repeal Part 10.4 of …

ASIC amends the ASIC Derivative Transaction Rules (Clearing) 2015

On 18 September 2023, ASIC registered the ASIC Derivative Transaction Rules …

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

The second global roundtable in FATF-INTERPOL’s joint initiative to improve global asset recovery and combat financial crime was recently held, …

On 30 August 2023, the Hon Dr Andrew Leigh MP gave a key address to the National Integrity Summit about …

The AML/CTF Act has been amended following the passing of the Crimes and Other Legislation Amendment (Omnibus) Act 2023. …

The Federal Court has found that Ferratum Australia Pty Ltd (in liquidation) charged prohibited fees and overcharged customers on small …

ASIC has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corporation. ASIC alleges that flaws in Westpac’s …

The Government has registered a new instrument the National Consumer Credit Protection (Large ADI) Determination 2023 (Instrument) which sets out …

The Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 has passed both houses of Parliament and received Royal Assent. …

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

ASIC has released REP 770 Design and distribution obligations: Retail OTC derivatives, which sets out the results of ASIC’s recent …

The legislative framework for the FAR – the Financial Accountability Regime (Consequential Amendments) Bill 2023 and Financial Accountability Regime Bill …

ASIC has commenced civil penalty proceedings against the trustee of AustralianSuper. ASIC alleged that AustralianSuper failed to have adequate policies …

In March, ASIC sought consultation on Class Order [CO 13/656] Equality of treatment impacting on the acquisition of interests, which …

In June, ASIC sought consultation on proposals to remake managed investment scheme unit pricing class orders that are due to …

ASIC has remade the following Class Orders dealing with investor directed portfolio services:

• ASIC Class Order [CO 13/762] Investor directed …

ASIC has remade the following Class Orders dealing with financial resources requirements for responsible entities and operators of IDPs, custodial …

New ASIC Corporations (Amendment) Instrument 2023/706 extends the operation of Corporations (Design and Distribution Obligations Interim Measures) Instrument 2021/784 until …

ASIC has commenced civil penalty proceedings in the Federal Court against Bit Trade Pty Ltd, provider of the Kraken crypto …

ASIC has commenced proceedings against PayPal Australia Pty Limited, alleging that its contracts with small business customers contain an unfair …

The Government has announced that it is stopping the Modernising Business Registers Program. The Government made its decision in response …

The OAIC has released its latest notifiable data breaches report: Notifiable Data Breaches Report: January to June 2023. The …

The Australian Cyber Security Centre (ACSC) has released a new publication: How the ACSC can help during a cyber security …

ASIC Chair, Mr Joe Longo, gave a speech on 18 September at the Australian Financial Review Cyber Summit on cyber-preparedness. …

The Senate Economics Legislation Committee has released its Report on the Digital Assets (Market Regulation) Bill 2023. The Bill …

AFCA has announced that its new member portal will launch in March 2024. It intends to make training resources in …

The Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2023) has become law, and is designed to modernise …

ASIC has today released Report 770: Design and distribution obligations: Retail OTC derivatives. The report sets out ASIC’s findings …

The Financial Accountability Regime Bill 2023 and the Financial Accountability Regime (Consequential Amendments) Bill 2023 finally passed both Houses of …

In a recent survey conducted by Holley Nethercote, 50% of Australian financial services licensees said they don’t have any conflicts …

FATF has published a targeted update on the implementation of FATF Standards on virtual assets and virtual asset providers.

Since …

FATF has published the following updates relating to jurisdictions which may pose a risk to the international financial system:

• High-Risk …

Director pleads guilty to dishonest conduct in relation to a financial product or service

The director of two unlicensed companies, …

Financial Accountability Regime – Proposed Regulator rules and Transitional rules. APRA and ASIC have released a joint consultation on …

AUSTRAC opened consultation on amendments to chapter 10 of the AML/CTF Rules, which will see Part 10.4 of the Rules …

ASIC has banned mortgage and finance broker Mr Qingshan Yu from engaging in credit activities, controlling a credit business, and …

ASIC has commenced proceedings in the Federal Court against Bakken Holdings Pty Ltd, an operator of the debt management business …

ASIC has imposed additional conditions on the AFS licence of Shartru Wealth Management Pty Ltd. Shartu advertises itself as a …

ASIC has launched proceedings in the Federal Court against eToro Aus Capital Pty Ltd regarding alleged breaches of the design …

ASIC is extending the transitional relief for foreign financial services providers from the requirement to hold an Australian financial services …

ASIC has updated its regulatory developments timetable for the time period July to September 2023. Set out below is a …

ASIC recently updated and re-released its quick reference guide for financial advisers.

This quick reference guide is designed to help …

ASIC has permanently banned Donald Cuthbertson from providing any financial services, performing any function involved in the carrying on of …

ASIC has announced that it is seeking industry feedback on a proposal to extend the operation of the ASIC Corporations …

ASIC has lost its appeal in the Federal Court against an earlier Federal Court decision to dismiss ASIC’s case against …

ASIC has commenced civil penalty proceedings in the Federal Court alleging Insurance Australia Group Limited subsidiaries, Insurance Australia Limited and …

ASIC has released Report 768 Navigating the storm: ASIC’s review of home insurance claims. ASIC examined all home insurance …

AFCA received a record number of complaints (96,987) in the financial year ending 30 June 2023, an increase of 34 …

ASIC has commenced civil penalty proceedings in the Federal Court against LGSS Pty Limited (Active Super) alleging misleading conduct and …