Australian Regulators Weekly Wrap – 21 November 2022

Crypto custody (Treasury):Treasury has announced that there will be custody rules introduced for digital assets in 2023. The exclusive in this AFR article (linkhere), provides that Treasury will open consultations to safeguard crypto custody arrangements and regulate…

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Australian Regulators Weekly Wrap – 24 October 2022

Crypto Stop Orders (ASIC): ASIC has just issued an interim stop order on Holon (its tenth to date), which offers various crypto funds to retail investors, on the basis that it thinks that Holon has not appropriately considered the features and risks of the funds in determining their target markets…

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Australian Regulators Weekly Wrap – 1 August 2022

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,…

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Australian Regulators Weekly Wrap – 20 June 2022

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’s December 2021 resilience…

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Australian Regulators Weekly Wrap – 23 May 2022

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 theme that increasingly pervades all three sectors of the industry…

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Australian regulators weekly wrap Monday 28 June 2021

RegTech adoption (HKMA):the Hong Kong Monetary Authority (HKMA)has launched a newRegtech Adoption Practice Guide seriesto provide banks with detailed practical guidance on the implementation of Regtech solutions. The publication of the Regtech Adoption Practice Guide series forms part of the HKMAs…

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Australian regulators weekly wrap Monday 21 June 2021

AML / CTF (Treasury):amendments to theAnti-Money Laundering and Counter-Terrorism Financing Act 2006(Cth) (AML/CTF Act) andAnti-Money Laundering and Counter-Terrorism Financing Rules 2006(Cth) (AML/CTF Rules) came into effect on 18 June 2021, changing the previous due diligence obligations…

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Australian regulators weekly wrap Monday 14 June 2021

LIBOR (APRA, ASIC and RBA):ASIC, APRA and the RBA have followed the Financial Stability Boards lead, andreleasedstatements confirming their requirement that the use of LIBOR in new contracts should cease as soon as practicable, and no later than the end of 2021. The Financial Stability Boards…

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Australian regulators weekly wrap Monday 7 June 2021

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…

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Australian regulators weekly wrap Monday 31 May 2021

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…

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Australian regulators weekly wrap Monday 23 May 2021

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…

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Australian regulators weekly wrap Monday 10 May 2021

Proxy advice (Treasury):proxy advice assists institutional shareholders e.g. super funds to make decisions on how to vote on matters put to shareholders for approval at company meetings. Proxy advisers thus have a large role to play in corporate governance in Australia and give our historically high degree of institutional…

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Australian regulators weekly wrap Monday 3 May 2021

Breach reporting (ASIC):ASIC has issuedConsultation Paper 340, seeking stakeholder feedback on proposed updates to its draft guidance on upcoming breach reporting reforms. ASIC seeks public comment on the draft guidance and information sheet by 3 June 2021. The consultation paper follows the Treasury consultation…

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Australian regulators weekly wrap Monday 26 April 2021

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…

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Australian regulators weekly wrap Monday 17 February 2020

Industry data (APRA): the prudential regulator has sent a consultation letter to theinsurance sectorproposing to publish a greater breadth of industry-aggregate data for the general insurance and life insurance sectors. Part of a broader trend towards greater availability of data e.g. open banking and mandatory credit reporting…

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Australian regulators weekly wrap Monday 10 February 2020

Compensation scheme of last resort (AFCA):AFCA has reiterated its strong support for creating a compensation scheme of last resort (e.g. where compensation cannot be paid by a firm because of insolvency) in a submission to The Treasury in response to its Discussion Paper released on 20 December 2019 Implementing Royal…

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Australian regulators weekly wrap Monday 3 February 2020

Consultations (Treasury):TheTreasury released late last Friday a large number ofconsultationsin response to recommendations from the Hayne Royal Commission. They include: a)Financial Services Royal Commission??Enhancing consumer protections and strengthening regulators; b)Ongoing fee arrangements and disclosure…

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Australian regulators weekly wrap Monday 27 January 2020

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…

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Australian regulators weekly wrap Monday 20 January 2020

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…

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Australian regulators weekly wrap Monday 13 January 2020

Disqualifications (ASIC):ASIC hasdisqualified three Queensland directorsfrom managing corporations based on insolvency-related offences. It found that they failed to exercise their directors duties with due care and diligence, failed to ensure their companies had paid taxes and failed to prevent the companies…

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Australian regulators weekly wrap Monday 6 January 2020

Currency bill (Parliament): theCurrency (Restrictions on the use of Cash) Bill 2019 (Cth)will force Australians to use electronic transactions or cheques over cash for payments above $10,000 and impose two-year jail sentences and fines of up to $25,200 if they dont. You can read more about it in this previous ARWWhere…

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Australian regulators weekly wrap Monday 30 December 2019

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)…

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