Australian regulators weekly wrap — Monday, 27 February 2023
25/02/2023
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Lots happening this week with ASIC’s RACQ action, the Senate hearing on crypto and multiple tweaks to ASIC’s DDO / PIP power.
Australian Regulators Weekly Wrap – 12 December 2022
13/12/2022
1 Comment
American express (ASIC): ASIC has commenced proceedings in the Federal Court against Amex, in ASIC’s first civil penalty case alleging breaches of design and distribution obligations.
Australian Regulators Weekly Wrap – 14 November 2022
12/11/2022
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FTX (Regulation): The digital assets world has been rocked by the liquidity run on FTX the week, the world’s second largest exchange, and the near buyout by Binance, the world’s largest exchange. While there are various reasons being put forward for the issues facing FTX, in a febrile…
Australian Regulators Weekly Wrap – 17 October 2022
15/10/2022
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FAR & Breach Reporting (ASIC): I attended the Credit Law Conference earlier in the week, where ASIC Commissioner Sean Hughes provided an update on the Financial Accountability Regime (FAR) and breach reporting. My key notes are: – the Financial Accountability Regime Bill 2022…
Australian Regulators Weekly Wrap – 8 August 2022
06/08/2022
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CSLR (ASIC): Such an interesting time for updates from the corporate regulator, who has advised that “Former clients of Dixon Advisory and Superannuation Services Pty Limited (in administration, Dixon Advisory) may be eligible for compensation under a potential future Compensation Scheme of Last Resort but they…
Australian Regulators Weekly Wrap – 1 August 2022
30/07/2022
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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 stop order powers under the design and distribution obligations,…
Australian Regulators Weekly Wrap – 18 July 2022
17/07/2022
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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 AFSL. Select AFSL was part of a corporate group structure which retailed…
Australian Regulators Weekly Wrap – 11 July 2022
10/07/2022
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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, under a licensee for hire business model e.g. under Corporate Authorised Representative…
Australian Regulators Weekly Wrap – 30 May 2022
29/05/2022
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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 National Anti-Corruption Commission.”…
Australian Regulators Weekly Wrap – 25 April 2022
24/04/2022
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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 ASIC Corporations (Amendment) Instrument 2022/264…
Australian Regulators Weekly Wrap – 21 March 2022
20/03/2022
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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 include the assessment and designation of the non-bank lending sector…
Australian Regulators Weekly Wrap – 28 February 2022
26/02/2022
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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 updated criminal offences and procedures…
Australian Regulators Weekly Wrap – 14 February 2022
12/02/2022
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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 offshore investors and fund managers. As a company, a CCIV will generally be…
Australian regulators weekly wrap Monday 13 December 2021
12/12/2021
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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, use buy now, pay later platforms, and invest in cryptocurrency…
Australian regulators weekly wrap Monday 11 October 2021
10/10/2021
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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 annual industry funding obligations. However, individuals responsible…
Australian regulators weekly wrap Monday 9 August 2021
08/08/2021
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AML / CTF Rules (AUSTRAC):AUSTRAC has releaseddraft Anti-Money Laundering and Counter-Terrorism Financing Rules for public consultation. The draft proposes to add Chapters 79 and 80, and amend Chapters 21 and 48 of the AML/CTF Rules. Under the changes, financial institutions will be permitted to carry out…
Australian regulators weekly wrap Monday 31 May 2021
29/05/2021
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Regulatory performance (ASIC):the Regulator Performance Framework provides a set of six common KPIs for Australian Government regulators, and ASIC has just released itsself-assessmentof its performance against the KPIs in 201920. It felt it largely met its goals, for e.g. not unnecessarily impeding the efficient operation…
Australian regulators weekly wrap Monday 22 March 2021
20/03/2021
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BEAR / Westpac (APRA):the prudential regulator has closed its investigation into possible breaches of theBanking Act 1959(Cth), including the Banking Executive Accountability Regime, by Westpac. APRAcommenced the investigation in December 2019to examine prudential concerns arising from allegations by AUSTRAC…
Australian regulators weekly wrap Monday 1 February 2021
31/01/2021
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AML reforms (AUSTRAC):AUSTRAC has released proposed amendmentsto the Anti-Money Laundering and Counter-Terrorism Financing Rules for public consultation. The proposed changes are to support reforms to theAML/CTF Act 2006 (Cth)made by theAnti-Money Laundering and Counter-Terrorism Financing…
Australian regulators weekly wrap Monday 30 November 2020
29/11/2020
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ASIC v Youi (ASIC):theFederal Court has declaredYoui Pty Ltd (Youi) breached its duty of utmost good faith under theInsurance Contracts Actin its handling of a building and contents insurance claim lodged by a policyholder. Following a severe hailstorm in Broken Hill in November 2016, the policyholder made a claim to Youi…
Australian regulators weekly wrap Monday 17 August 2020
16/08/2020
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Litigation funders (ASIC): on 22 May 2020,the Government announcedthat it would regulate litigation funders under theCorporations Act 2001(Cth). The regulations to implement this commenced on 24 July 2020. From 22 August 2020, operators of litigation funding schemes will need to hold an AFS…
Australian regulators weekly wrap Monday 15 June 2020
14/06/2020
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ASIC Corporate Plan (ASIC):ASIC has published itsInterim Corporate Plan, which sets out five priorities to tackle the challenges presented by the COVID-19 pandemic, including protecting consumers from harm at a time of heightened vulnerability and continuing to identify, disrupt and take enforcement action against…
Australian regulators weekly wrap Monday 30 March 2020
29/03/2020
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Regulatory deferrals (Legislation):theCoronavirus Economic Response Package Omnibus Bill 2020(Cth) has been passed. Relevantly, s. 1362A allows the Minister by legislative instrument to exempt classes of persons from the operation of specified provisions of theCorporations Act 2001(Cth) or the regulations, or modify…
Australian regulators weekly wrap Monday 27 January 2020
27/01/2020
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BEAR??now FAR (Legislation): a huge development on 22 January 2020, The Treasury released the Governments proposed model for the expansion of the BEAR regime to all APRA-regulated entities e.g. banks, superannuation and insurance firms. The consultation time for the extended BEAR??now to be called…
Australian regulators weekly wrap Monday 1 December 2019
03/12/2019
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Westpac AML action (ASIC):following AUSTRACs application to the Federal Court for civil penalty orders against Westpac relating to systemic non-compliance with theAML/CTF Act 2006(Cth) (Act) on over 23 million occasions, and as anticipated (see last weeks wraphere), ASIC and APRA have separately announced investigations into the matter…
Australian regulators weekly wrap Monday 14 October 2019
13/10/2019
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UK / US data sharing (international):the US and UK have entered into theU.S.-UK Bilateral Data Access Agreement, which effectively gives law enforcement authorities from each of those countries the power to access data located outside their respective jurisdictions. For example, the US DOJ will have the power to access data…
Australian regulators weekly wrap Monday 19 August 2019
20/08/2019
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ASIC v. Westpac:Justice Perram of the Federal Court handed down his decision in relation to proceedings ASIC commenced against Westpac connected with the responsible lending provisions of theNational Consumer Credit Protection Act 2009(Cth). The decision went against ASIC; Justice Perram found that Westpac…
Australian Regulators Weekly Wrap – 1 July 2019
01/07/2019
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Responsible lending:following ASICs release of itsconsultation paperin February 2019 in respect of updating its guidance on responsible lending (RG 209), ASIC announced that it intends to hold public hearings concerned with responsible lending practices (a prominent theme in the recent Hayne Royal Commission)…
