blog

DDO (ASIC): MASSIVE news this week on the AISC enforcement front. It has placed interim stop orders on three financial firms in response to deficiencies in the target market determination for their products. These actions are ASIC's first use of the ...

FATCA/CRS (ATO): The ATO has issued a self-review guide and toolkit on the internal processes and systems that reporting financial institutions should maintain to comply with the Foreign Account Tax Compliance Act and the Common Reporting Standard, w...

Conflicted Remuneration (ASIC): In Australian Securities and Investments Commission v Select AFSL Pty Ltd (No 2) [2022] FCA 786, the Federal Court of Australia held that conflicted remunerations contraventions took place for the Respondent, Select AF...

Lanterne (ASIC): ASIC has commenced civil penalty proceedings against Lanterne Fund Services, alleging multiple failures to meet the obligations of its AFSL, including a failure to meet organisational competence requirements. It alleges Lanterne, und...

Threshold Transaction Reports (AUSTRAC): AUSTRAC has released updated guidance on reporting threshold transaction reports when a customer conducts multiple cash transactions, following industry consultation on the draft guidance released in November ...

Litigation Funders (Treasury): Well, that did not take long! Assistant Treasurer Stephen Jones has put himself on record, stating that the process of funder backed class action will be removed from ASIC and remitted to the Federal Court and state sup...

Cyber Safety (ASIC): ASIC has urged listed firms to pay attention to cyber risks, noting World Economic Forum released its annual Global Risks Report 2022 and failure of cyber security measures was the number one risk for Australian executives. ASIC'...

Crypto Legislation (US): I am not sure what is happening in the US with leaked documents recently, but the WSJ has leaked the draft crypto legislation which you can readhere. A dense document it is US legislation after all some of the key points ar...

AFSL Auditing (ASIC): ASIC has announced new financial reporting requirements for AFSL holders, following changes to the accounting standards. AFSL holders financial reports must now contain disclosures consistent with the financial reports of other ...

Federal ICAC (Election): the election is over, and the red team has formed a majority Government. Importantly, the main election promise Labor has made on integrity is to establish what it says will be a "powerful, transparent and independent Nationa...

Prudential Perspectives (APRA): Chair Wayne Byres has identified digital disruption, and the emergence of higher inflation and rising interest rates as key impacts affecting the banking industry in a speech to FINSIA. He also identified that common t...

Breach Reporting (Research): Independent research commissioned by Gadens and Lawcadia on the enhanced AFSL/ACL breach reporting regime has been released this week. In summary, this research reveals: a marked increased in breach reporting for AFSL and...

Litigation Funding Schemes (ASIC): ASIC has extended the relief from certain dollar disclosures in PDS's for litigation funding schemes in ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 until 1 October 2026. Relief has been extended by...

Margin Requirements (APRA): The prudential regulator has made amendments to Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives, by adding the UK's Prudential Regulation Authority and Financial Conduct Auth...

Capital Adequacy (APRA): The prudential regulator has released for consultation the interim reporting standards that will accompany the updated capital adequacy and credit risk capital requirements for authorised deposit-taking institutions. It follo...

Crypto regulation (Treasury): the Treasury has released its consultation paper onCrypto asset secondary service providers: Licensing and custody requirements(Consultation Paper) raising 32 consultation questions in relation to crypto licensing and cu...

CDR Extension (Treasury): In January 2022, the Government announced that the Consumer Data Right (CDR) would expand to Open Finance as the next sector to be assessed. A massive step for the financial services industry, phase 1 of Open Finance will in...

Youpla Group (ASIC): Very unusual. Following the liquidation of one funeral fund, ASIC has written to the directors of Youpla Group to ask them to take immediate and public action to address concerns about the financial viability of ACBF 1, ACBF Plan...

Advice Update (ASIC): ASIC has released a consultation paper setting out its proposals to update Regulatory Guide 263 Financial Services and Credit Panel (RG 263) to reflect legislative changes in the Financial Sector Reform (Hayne Royal Commission R...

Ransomware (Parliament): On 17 February 2022, the Crimes Legislation Amendment (Ransomware Action Plan) Bill 2022 was introduced into the House. The bill amends the Criminal Code Act 1995, the Crimes Act 1914 and the Proceeds of Crime Act 2002 to upd...