ASIC inquiry (Parliament):On 27 October 2022, the Parliamentary Joint Committee on Corporations and Financial Services began an inquiry into ASICs capacity and capability to respond to reports of alleged misconduct. The committee will call for written submissions in due course…
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…
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transaction reports when a customer conducts multiple cash transactions, following industry consultation on the draft guidance released in November 2021.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…
Breach Reporting (Research): Independent research commissioned by Gadens and Lawcadia on the enhanced AFSL/ACL breach reporting regime has been released this week. In summary, this research reveals: a marked increased in breach reporting for AFSL and ACL holders; a suggestion…
Margin Requirements (APRA): The prudential regulator has made amendments to Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives, by adding the UK’s Prudential Regulation Authority and Financial Conduct Authority to the list of foreign regulators in Attachment D…
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 Handling required AFSL…
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…
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…
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…
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…
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 as cryptocurrency, tokens or stablecoins, whether there are elements…
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 APRA?regulated entities. In essence, FAR requires financial…
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