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,…
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…
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,…
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…
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,…
Corporate plan (APRA): APRA has released itsnew corporate planuntil 2025, focusing key action items to: 1) preserve the resilience of banks, insurers and superannuation funds, with a continuing focus on financial strength; cyber risks; governance, risk-culture, remuneration and accountability; and implementing…
AUSTRAC portal (AUSTRAC):the AML / CTF regulator is seeking to update its portal. It has just released market feedback on user-expressed priorities, which include as key issues: the design of the suspicious matter reporting report and process (priority issue of 44% of responders); user Experience and User Interface…
Breach reporting (Treasury):theFinancial Services Sector Reform (Hayne Royal Commission Response Breach Reporting and Remediation) Regulations 2021was issued last week. It removes some unfortunately not many civil penalty provisions from the new AFSL breach reporting regime commencing in October 2021…
AML / CTF Rules (AUSTRAC):AUSTRAC has releaseddraft Anti-Money Laundering and Counter-Terrorism Financing Rules for public consultation. The draft proposes to add Chapters 79 and 80, and amend Chapters 21 and 48 of the AML/CTF Rules. Under the changes, financial institutions will be permitted to carry out…
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…
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…
Litigation funders (ASIC): on 22 May 2020,the Government announcedthat it would regulate litigation funders under theCorporations Act 2001(Cth). The regulations to implement this commenced on 24 July 2020. From 22 August 2020, operators of litigation funding schemes will need to hold an AFS…
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…
Binary options / CFDs: ASIC is having fun wielding its new product intervention power again. This time ASIC is aiming to address significant detriment to retail clients resulting from binary options (one of the more exotic options where the payoff is a liquidated sum or nothing) and contracts for difference…
ASIC v. Westpac:Justice Perram of the Federal Court handed down his decision in relation to proceedings ASIC commenced against Westpac connected with the responsible lending provisions of theNational Consumer Credit Protection Act 2009(Cth). The decision went against ASIC; Justice Perram found that Westpac…
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…
Unfair contracts terms:another week, another big development??this week it is Treasurys release of theexposure draftof theTreasury Laws Amendment (Unfair Terms in Insurance Contracts) Bill 2019(Bill) which extends the unfair contract terms protections to insurance agreements…
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