blog

FAR (Senate Report): The Senate Economics Legislation Committee has completed its report into the Financial Accountability Regime Bill 2021. The Committee has recommended that the bills be passed, complete with civil penalties introduced in the FAR r...

CCIV (Parliament): The Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 finally passed Parliament on 10 February. The CCIV regulatory framework utilises a company structure limited by shares so that it is recognisable to...

APRA priorities (APRA): The prudential regulator has released its policy and supervision priorities for the next 12 to 18 months. Policy priorities for 2022 include: a major multi-year initiative to modernise its prudential architecture; improving cr...

Electronic Surveillance Laws (Home Affairs): The Government has released the Reform of Australia's electronic surveillance framework discussion paper. The discussion paper seeks early views to inform the development of a new framework, and provides a...

Exchange Traded Products (ASIC): ASIC has released Consultation Paper 356 ETP naming conventions: Updates to INFO 230 (CP 356), seeking feedback on proposals to update the guidance in Information Sheet 230 Exchange-traded products: Admission guidelin...

Liquidity Facility (APRA): APRA has issued a letter to banks announcing the aggregate Committed Liquidity Facility has reduced to $102 billion on 1 January 2022 from $140 billion on 10 September 2021.Since January 2015, those ADIs to which APRA appli...

January changes (Legislation):by way of a quick refresher, new requirements which commence this month include: APS 220 Credit Risk Management; Financial Services and Credit Panel commences; SP S250 Insurance in Superannuation; Insurance Claims Hand...

Foreign financial services providers (Treasury):the Federal Treasury has released exposure draft legislation implementing AFSL relief options for foreign financial service providers (FFSPs). In the 2021?22 Budget, the Government announced as part of ...

Payments system (Treasury):Treasury isplanning to legislatethe largest reforms to our payments systems in a quarter of a century. The overhaul of the payments system will provide protections for consumers who make purchases on their mobile phones, us...

Litigation funding (Treasury): the Governments legislation to cap litigation funders fees to 30% (seehere), has narrowly passed the House. The draft legislation provides judges with additional powers to approve or vary the share of proceeds to ensure...

Climate change (APRA/RBA):the prudential regulator and RBA have published a joint statement on the actions they are taking to ensure financial institutions and the financial system are prepared to respond to the financial risks of climate change. The...

Crypto (ASIC):ASIC has released information sheet (INFO 225) to assist the comprehension of obligations under theCorporations Act 2001and theAustralian Securities and Investments Commission Act 2001if: 1) a firm is is involved with crypto-assets such...

FAR (Treasury):Treasury hasintroducedthe final tranche of legislation to implement the Hayne Royal Commission recommendations, including Financial Accountability Regime, which is designed to extend the Banking Executive Accountability Regime to all A...

Blockchain (Senate):the Senate Select Committee on Australia as a Technology and Financial Centre hasreleased its final report. There are some exciting recommendations read themhere(my top read for the week) including: 1) establishing a market licen...

DI system (Treasury): the Federal Government has released an exposure draft of theTrusted Digital Identity Bill.It elates to the expansion of the DI System, which facilitates the creation of Digital Identity for individuals and allows businesses to u...

ISG Financial Services v AFCA (AFCA):the Australian Financial Complaints Authority or AFCA is an external dispute resolution scheme for consumers who are unable to resolve complaints with member financial services organisations. Membership of AFCA is...

Breach reporting for ACLs (ASIC):ASIC has issued a consolidated update to credit licence holders who are dealing with the new breach reporting regime. It has noted that licensees should already be registered on theASIC Registration Portalfor their an...

Breach reporting (ASIC):the new breach reporting obligations implement recommendations from the Financial Services Royal Commission, and are included in theFinancial Sector Reform (Hayne Royal Commission Response) Act 2020. These obligations require ...

Anti-hawking provision (ASIC):ASIC has finally released its guidance (RG 38) setting out its expectations on the the hawking provisions in s992A and 992AA of theCorporations Act2001 (Cth). Under these hawking prohibitions, a person must not, in the c...

Licensing update (ASIC):ASIC has released a report outlining key issues, new and proposed changes to its licensing processes, and other work it has undertaken that affects licensees. Between July 2020 and June 2021, ASIC received 1,883 AFSL and ACL a...