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 — Monday, 16 January 2023
14/01/2023
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Covering Banking Code, IR Derivatives, FIRB Penalties, Greenwashing and the Financial advisers register.
Australian Regulators Weekly Wrap – 10 October 2022
09/10/2022
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Crypto Report (Parliament): I have now spent a bit of time on the new crypto bill. By way of reminder, on 19 September 2022, Senator Andrew Bragg released a draft private members bill, entitled the Digital Assets (Market Regulation) Bill 2022 (the Bill). Under the Bill, a licence is required to carry out the following activities in Australia…
Australian Regulators Weekly Wrap – 26 September 2022
24/09/2022
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Licensing update (ASIC): I attended an ASIC licensing update earlier in the week, and it was fascinating! My notes are in my weekly newsletter, which you can access here (reach out to me if you wish to be on the emailing list). The resourcing, consistency and strategy of the division was discussed, together with other matters…
Australian Regulators Weekly Wrap – 15 August 2022
14/08/2022
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Corporate Plan (APRA): APRA’s new Corporate Plan for 2022/2023 is based around the twin themes of protecting the community today, as well as ensuring the Australian financial system is prepared for tomorrow. The plan is designed to respond to rapid changes in APRA’s operating environment,…
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 – 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 – 27 June 2022
25/06/2022
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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 supreme courts. It follows Attorney-General Mark…
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 March 2022
26/03/2022
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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 custody requirements…
Australian Regulators Weekly Wrap – 7 February 2022
06/02/2022
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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 crisis preparedness, including finalising two new prudential standards…
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 3 January 2022
01/01/2022
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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 the Global Talent Attraction…
Australian regulators weekly wrap Monday 29 November 2021
29/11/2021
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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 the distribution is fair and reasonable, with litigation…
Australian regulators weekly wrap Monday 13 September 2021
11/09/2021
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Breach reporting (ASIC):the corporate regulator has released the new RG 78 to apply from 1 October 2021 for the new breach reporting regime. The primary shift under this new regime, which applies to both AFSL and ACL holders, is to a more expansive scope of reportable situations (i.e. matters that must immediately be reported to ASIC),…
Australian regulators weekly wrap Monday 5 July 2021
03/07/2021
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Securitisation trusts (Accounting): securitisation trusts that undertake to prepare financial reports in accordance with AASBs will have to prepare general purpose financial statements from 1 July.AASB 20201Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entitiesremoved…
Australian regulators weekly wrap Monday 7 June 2021
06/06/2021
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Cuckoo smurfing (AUSTRAC):AUSTRAC has released a new financial crime guide to warn businesses and their customers about the dangers of a money laundering method known as cuckoo smurfing. It is used by criminals to move funds across borders and make money generated by their illegal activities appear to have…
Australian regulators weekly wrap Monday 26 April 2021
25/04/2021
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Enforcement report (ASIC):ASIC has released itsenforcement update report for the period 1 July to 30 December 2020. Comparing the 2018 and 2020 calendar years, ASIC has recorded a 64% increase in civil penalty proceedings as well as a 36% increase in the number of criminal proceedings commenced…
Australian regulators weekly wrap Monday 12 April 2021
11/04/2021
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Claims handling as a service (ASIC):ASIC has called on insurers(life / general), insurance claims managers, and claimant intermediaries to lodge licence applications (new and varied) as soon as possible, and by no later than 7 May 2021. If they do not, they may have to stop providing claims handling and settling services after 30 June 2021…
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 4 January 2021
02/01/2021
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Vatican focus (AUSTRAC): the Vatican and the Australian Catholic Church have both denied knowledge of transfers worth US$1.8 billion which Australias financial watchdog says have been sent from Rome to Australia in the past seven years. The figures were made public in December by the AUSTRAC in response to a parliamentary…
Australian regulators weekly wrap Monday 19 October 2020
18/10/2020
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ASIC v. VW (ASIC):ASIC has settled its claim against Volkswagen Financial Services Australia Pty Limited (VW), discontinuing its Federal Court proceeding and accepting a Court Enforceable Undertaking (CEU) from the car financier big congrats to my colleague Kathy Merrick in Sydney on this one! ASIC had alleged…
Australian regulators weekly wrap Monday 31 August 2020
31/08/2020
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Corporate Plan (ASIC):the corporate regulator has published itsCorporate Plan for 202024, which sets out its strategic priorities and actions for the next four years. A good portion of the plan is dedicated to pandemic-related activities, as you might expect, and most of that content has been released previously. For example…
Australian regulators weekly wrap Monday 24 August 2020
25/08/2020
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Litigation funders (ASIC): as covered in last weeks update, the Government intends for litigation funders to hold an AFSL and litigation funding schemes will generally be subject to the managed investment scheme regime in Chapter 5C of theCorporations Act 2001(Cth). ASIC has madeASIC Corporations…
Australian regulators weekly wrap Monday 4 May 2020
03/05/2020
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Modern Slavery (Legislation):I wrote last week about an underwhelming update from the Australian Border Force, specific to the fact that it did not address any revision of the timing of Modern Slavery reports. In the wake of broader comment, this week the Australian Government has extended the deadline for entities…
Australian regulators weekly wrap Monday 2 March 2020
01/03/2020
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Best interests(ASIC):ASIC has released aconsultation paper CP 327 on the new best interests duty for mortgage brokers which is open until 20 March 2020. You can read more on the best interests duty, and ancillary changes e.g. prohibition on giving / receiving conflicted remuneration, in thispast ARWW briefingorhere…
Australian regulators weekly wrap Monday 30 December 2019
29/12/2019
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PIP / DDO (ASIC):ASIC has issued aconsultation paper CP 325on the forthcoming guidance for the new financial product design and distribution obligations which come into effect on April 2021. It is a very useful paper summarising to whom the regime applies (page 13) and their obligations (pages 1416)…
Australian regulators weekly wrap Monday 11 November 2019
12/11/2019
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Freezing orders (ASIC): the corporate regulator has obtained freezing orders against a financial advisor Ross Andrew Hopkins, QWL and QWL Asset Management from dissipating their assets and an undertaking that they will not provide financial services to clients without seeking prior approval from ASIC…
Australian regulators weekly wrap Monday 16 September 2019
16/09/2019
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Privilege (ASIC):in a rather interesting reversal, the hunter became the hunted inASIC -v- Mitchell[2019] FCA 1484where the First Defendant (the former VP of Tennis Australia) sought to challenge ASICs claim to legal professional privilege in relation to communications it had with potential witnesses prior to proceedings being issued…
Australian regulators weekly wrap Monday 22 July 2019
22/07/2019
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APRA capability report:Graeme Samuels external review of APRA was released and contained some sharp observations, the sum of which was that APRAs internal culture and regulatory approach need to change (and it needed to have a more forceful supervision and enforcement approach)…
