Australian regulators weekly wrap — Monday, 1 May 2023
01/05/2023
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This week’s post covers breach reporting updates from ASIC, EU’s MiCA passing, AFCA’s MoU with APRA and more!
Australian regulators weekly wrap — Monday, 24 April 2023
23/04/2023
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This week’s blog is on the RBA review, massive tranche 2 AML/CTF reforms and ASIC’s latest report on scams.
Australian regulators weekly wrap — Monday, 10 April 2023
08/04/2023
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This week’s post is a big one! Binance’s cancelled AFSL, the UCT action against A&G and the FCA’s different approach to finfluencer conduct. Its all here!
Australian regulators weekly wrap — Monday, 3 April 2023
02/04/2023
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This week’s blog covers new crypto regulation, action against Binance and AFCA’s updated rules.
Australian regulators weekly wrap — Monday, 20 March 2023
19/03/2023
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This week’s blog covers ASIC’s evolving approach to DDO, AUSTRAC’s newest enforceable undertaking and developments in the banking sector abroad.
Australian regulators weekly wrap — Monday, 13 February 2023
11/02/2023
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A super interesting week covering: future of financial advice reforms; SEC’s action against Kraken regarding ‘staking’; the Government’s vision for crypto protection in Australian moving forward and more!
Australian regulators weekly wrap — Monday, 30 January 2023
29/01/2023
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Covers federal judicial commission; AFCA case; legislative design; ACMA powers, and UK crypto licensing matters. Plus my Chat GPT thoughts!
Australian regulators weekly wrap — Monday, 23 January 2023
21/01/2023
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This update covers: FAR, Crypto risks, deposit rate investigation, cancellations of AFSLs and Sean Hughes’ departure from ASIC.
Australian Regulators Weekly Wrap – 3 October 2022
02/10/2022
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Remediation Plan (ASIC): ASIC has released its new remediation guidance, RG 277. Mandatory reading for anyone who deals with breach reporting, and fixing the problems that arise up, RG 277: clarifies nine principles for conducting a remediation, which will help licensees comply with their obligations and conduct…
Australian Regulators Weekly Wrap – 29 August 2022
28/08/2022
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Token Mapping (Treasury): The Government has announced that Treasury will prioritise token mapping work in 2022, which will help identify how crypto assets and related services should be regulated. The aim will be to identify notable gaps in the regulatory framework, and progress work on a licensing framework,…
Australian Regulators Weekly Wrap – 22 August 2022
20/08/2022
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AG Priorities (Government): The meeting of the Federal and State Attorney-Generals has occurred with them setting out their common reform priorities. Not much from a financial services regulatory perspective. They continue to focus on defamation, access to digital records upon death/incapacitation and national register for enduring POAs…
Australian Regulators Weekly Wrap – 25 July 2022
24/07/2022
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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, which has been something of a focus for it in preceding years…
Australian Regulators Weekly Wrap – 4 July 2022
02/07/2022
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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 2021. A reporting entity providing…
Australian Regulators Weekly Wrap – 13 June 2022
12/06/2022
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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 are: the bill is centered around the terms digital asset…
Australian Regulators Weekly Wrap – 6 June 2022
05/06/2022
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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 for-profit entities, prepared under standards set by the AASB…
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 – 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 – 21 February 2022
20/02/2022
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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 regime (despite appreciable lobbying to the contrary)…
Australian Regulators Weekly Wrap – 31 January 2022
29/01/2022
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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 an overview of how the Government proposes to reform Australia’s…
Australian Regulators Weekly Wrap – 24 January 2022
22/01/2022
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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 guidelines (INFO 230), on naming conventions for licensed…
Australian regulators weekly wrap Monday 15 November 2021
13/11/2021
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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 main ones are: 1) integrating climate-related risks into financial stability…
Australian regulators weekly wrap Monday 4 October 2021
03/10/2021
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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 AFSL and ACL holders to self-report specific matters to ASIC…
Australian regulators weekly wrap Monday 26 July 2021
21/07/2021
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Business interruption (APRA):the prudential regulator will require a number of general insurers to review the soundness of their risk management frameworks in light of recent issues with business interruption insurance by 30 November 2021. APRA has stated that lockdowns and other restrictions associated with COVID-19…
Australian regulators weekly wrap Monday 23 May 2021
22/05/2021
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Financial institutions levy:financial industry levies recover the operational costs of APRA and other specific costs incurred by certain Commonwealth agencies, including the Australian Securities and Investments Commission, the Australian Taxation Office, and the Australian Competition and Consumer Commission…
Australian regulators weekly wrap Monday 15 March 2021
14/03/2021
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Competing class actions (High Court):competing class actions are one of the notable issues which accompany the rise in litigation funding and correlated increase in class actions i.e. the asset class. Morabito identified that, of the 122 shareholder class actions filed in Australia since 1992, 59 were competing or related class…
Australian regulators weekly wrap Monday 25 January 2021
24/01/2021
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Secured borrowing (RBA):the RBA has issued an interetsing paper on the role of collateral in credit markets under stress. The paper shows that the presence of collateral affects reactions to stress and the reactions are different depending on the characteristics of the borrower. When the Lehman Brothers collapse in mid September…
Australian regulators weekly wrap Monday 9 November 2020
07/11/2020
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Commonwealth Integrity Commission (Treasury):the Government has committed $147 million to the development and operation of a Commonwealth Integrity Commission (CIC). The process has already started with the expansion of the Australian Commission for Law Enforcement Integrity (ACLEI)…
Australian regulators weekly wrap Monday 10 August 2020
08/08/2020
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Add-on insurance (ASIC):the corporate regulator is considering making aproduct intervention orderfor the sale of add-on motor vehicle financial risk products. Under Pt 7.9A of theCorporations Act 2001(Cth), ASIC may make a product intervention order when it is satisfied that a financial product available for issue to retail…
Australian regulators weekly wrap Monday 25 May 2020
24/05/2020
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Litigation Funders (Legislation):The Federal Treasurer has announced that litigation funders will within 3 months be required to hold an Australian Financial Services Licence (AFSL), which will dramatically increase the Australian Securities and Investments Commissions (ASIC) regulatory oversight of them…
Australian regulators weekly wrap Monday 23 March 2020
22/03/2020
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Insolvent trading (Legislation):in response to COVID-19, the Morrison Government has lifted the threshold on statutory demands (which are used to commence winding up actions against companies) from $2,000 to $20,000 and businesses will have 6 months instead of 21 days to respond to them…
Australian regulators weekly wrap Monday 20 January 2020
20/01/2020
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Superannuation (ASIC):the corporate regulator has forewarned that auditors and superannuation fund trustees will face increased enforcement scrutiny year (AFR, 14 / 1). That is not really a surprise, as ASIC outlined in itsCorporate Plan for 2019- 23that it was focusing ondelivering as a conduct regulator for superannuation…
Australian regulators weekly wrap Monday 7 October 2019
07/10/2019
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Directors / Officers (ASIC):ASICs Corporate Governance Taskforce released a report entitledDirector and officer oversight of non-financial risk report.It is fascinating reading, setting out ASICs observations on D&O oversight of non?financial risk (i.e. operational, compliance and conduct risk) in seven large listed firms after…
Australian regulators weekly wrap Monday 12 August 2019
12/08/2019
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Responsible lending:ASICs unusualpublic hearinginto responsible lending standards which essentially requires lenders to determine whether credit sought is suitable for a particular consumer kicked off in Sydney today. The hearings follow ASICs receipt of written submissions…
