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…
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…
Capital Adequacy (APRA): The prudential regulator has released for consultation the interim reporting standards that will accompany the updated capital adequacy and credit risk capital requirements for authorised deposit-taking institutions. It follows the release in November 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…
Lightspeed finance (ASIC):ASIC has commenced proceedings in the Federal Court against credit assistance provider Lightspeed Finance Pty Ltd and its director Mark James Fitzpatrick for failing to comply with AFCA determinations. Failing to comply with determinations dating back to 2018 and 2019, which were accepted…
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…
CFDs (ASIC): ASICsproduct intervention order which reduces CFD leverageavailable to retail clients and targets CFD product features and sales practices that amplify retail clients CFD losses, such as providing inducements to become a client or to trade, has now taken effect. CFDs are a leveraged derivative that allows a client to speculate…
Prudential standards and FAR (APRA): APRA has announced new commencement dates for six prudential and reporting standards that have been finalised but are yet to fully come into effect. CPS 226 Margining and Risk Mitigation for Non-Centrally Cleared Derivatives (phase-in of initial margin requirements); APS 220…
Enforcement priorities (ASIC):ASIC has provided further information to its update on 23 March, in which it said it would defer key internal actions e.g. the new RG 165??complaints handling. ASIC has said that going forward it will focus on areas where there is the risk of significant consumer harm, serious breaches of the law…
COVID-19 Taskforce (ACCC):the ACCC has established an internal COVID-19 Taskforce which is communicating with businesses to educate them about their obligations in relation to cancellations, refunds and suspension of services as a result of COVID-19. The ACCChas said thatits focus more broadly is on: 1) COVID-19 scams…