Regulatory Updates

ASIC has released Report 767: the ASIC enforcement and regulatory update: April to June 2023 (the Update) which documents its …

ASIC has announced that it has updated the Information Sheets and Regulatory Guides listed below. According to ASIC, the updates …

ASIC has commenced civil penalty proceedings in the Federal Court against Paul Ryan, director of Dixon Advisory & Superannuation Services …

There has been a marked increase in the number of Australians who perceive data breaches as the biggest privacy risk …

ASIC has released its Corporate Plan for the period of 2023–24 to 2026–27. In its media release, ASIC summarised its …

On 9 November 2023, a substantial expansion of the unfair contract terms laws (the UCT laws) in the Australian …

ASIC Consultation Paper 370 Proposed remake of the ASIC Derivative Trade Repository Rules 2013. This ASIC Consultation Paper sets …

New licensing portal on its way

ASIC’s Regulatory developments timetable reflects that ASIC still expects to have a new licensing …

Amendments have been made to Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) by the Anti-Money Laundering and …

AUSTRAC has released two new AML/CTF e-learning modules, focused on conducting enhanced customer due diligence and submitting suspicious matter reports. …

AUSTRAC has announced that it is developing two new national risk assessments, to better demonstrate Australia’s understanding of its national …

AUSTRAC has helped NSW Police identify a marketplace on the dark web facilitating the sale of cannabis in exchange for …

Crown Melbourne and Crown Perth have been ordered by the Federal Court of Australia to pay a $450 million penalty …

AUSTRAC has announced that it has received a copy of the final audit report for three entities within the Bell …

AUSTRAC has provided an update on its REST program, which focuses on improving AUSTRAC Online.

AUSTRAC states that the following …

In a decision in a long Court saga, the Federal Court in the case Australian Securities and Investments Commission v …

ASIC Corporations and Superannuation (Amendment) Instrument 2023/512 has been registered. It modifies the operation of ASIC Corporations (Consent to Deductions—Ongoing …

ASIC has issued 38 interim stop orders that relate to 67 pet insurance products issued by The Hollard Insurance Company …

ASIC has warned superannuation trustees to consolidate duplicate member accounts more effectively after a recent review identified poor trustee practices …

ASIC has announced that the National Anti-Scam Centre will coordinate an investment scam fusion cell to combat the growing problem …

ASIC announced that the Federal Court has imposed the largest ever penalty against an insurer against Insurance Australia Limited for …

ASIC announced its success in the Federal Court in seeking penalties against Select AFSL Pty Ltd, BlueInc Services Pty Ltd …

ASIC and APRA have reported on the results of a joint thematic review of how superannuation trustees are supporting their …

Relief for non-cash payment facilities and a few other financial products is due to expire on 5 October 2023. ASIC …

ASIC has written separately to the Insurance Council of Australia, the Council of Australian Life Insurers and the Financial Services …

ASIC has issued an interim stop order in relation to Clearview Life Assurance Limited’s Clearview ClearChoice Income Protection Cover and …

ASIC has lodged proceedings in the Federal Court against Vanguard Investments Australia, alleging misleading conduct in relation to claims about …

ASIC has updated Regulatory Guide 175 Licensing: Financial product advisers – Conduct and disclosure in relation to the provision of …

ASIC has permanently banned director and key person David Sutton from providing any financial services, performing any function involved in …

The Competition and Consumer (Consumer Data Right) Amendment Rules (No. 1) 2023 have been registered on the Federal Register of …

The Australian Law Reform Commission has released some new resources since publishing its Interim Report C last month.

These are: …

ASIC’s The Better Banking for Indigenous Consumers Project reviewed target market determinations for both high-fee and low-fee “basic” accounts offered …

AFCA continues to see large numbers of complaints lodged with it, with more than 9,500 complaints lodged in May 2023. …

ASIC has announced that it has updated the Information Sheets listed below. According to ASIC, the updates have been made …

The Government released the Final Report on the Review of ASIC and the Industry Funding Model (IFM). The Government press …

The package of legislation passed by Parliament setting up the compensation scheme of last resort has received Royal Assent and …

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

They are:

• Regulatory …

When we think of trending, we think of what’s popular on Twitter or TikTok, and these trends generally don’t last …

Inquiry into greenwashing. This inquiry, referred to the Senate Standing Committees on Environment and Communications, will look at greenwashing …

Cyber resilience and superannuation CEOs

ASIC and APRA have released the public notes on the fourth Superannuation CEO Roundtable held …

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

AUSTRAC and Crown have filed joint submissions with the Federal Court of Australia, proposing a $450 million penalty over Crown’s …

AUSTRAC has accepted an enforceable undertaking from the Bank of Queensland to improve its compliance with Australia’s AML/CTF laws.

The …

The first round of public consultation on the proposed reforms to the AML/CTF regime has drawn to a close.

Further …

AUSTRAC has launched its new and improved website which has been designed to make it easier to navigate and find …

AUSTRAC has released guidance on debanking, entitled Financial services for customers that financial institutions assess to be higher risk. …

On 12 June, two new sections of the National Consumer Credit Protection Act 2009 took effect. The Financial Sector Reform …

Following an ASIC investigation, former CFO of Big Un Limited, Mr Andrew Scott Corner, has been charged with insider …

ASIC has opened consultation in relation to its proposed plan to remake, without significant changes, its managed investment scheme unit …

ASIC has sent a strong message following a review of a sample of 12 superannuation trustees. It calls on trustees …