Advice Update (ASIC): ASIC has released a consultation paper setting out its proposals to update Regulatory Guide 263 Financial Services and Credit Panel (RG 263) to reflect legislative changes in the Financial Sector Reform (Hayne Royal Commission Response Better Advice) Act 2021…
Ransomware (Parliament): On 17 February 2022, the Crimes Legislation Amendment (Ransomware Action Plan) Bill 2022 was introduced into the House. The bill amends the Criminal Code Act 1995, the Crimes Act 1914 and the Proceeds of Crime Act 2002 to updated criminal offences and procedures…
FAR (Senate Report): The Senate Economics Legislation Committee has completed its report into the Financial Accountability Regime Bill 2021. The Committee has recommended that the bills be passed, complete with civil penalties introduced in the FAR regime (despite appreciable lobbying to the contrary)…
CCIV (Parliament): The Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 finally passed Parliament on 10 February. The CCIV regulatory framework utilises a company structure limited by shares so that it is recognisable to offshore investors and fund managers. As a company, a CCIV will generally be…
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…
Remediation (ASIC):ASIC has released the latest statisticson repayments for customers who have suffered loss or detriment because offees for no serviceissues ornon-compliant advice. AMP, ANZ, CBA, Macquarie, NAB and Westpac have paid / offered a total of $1.24B in compensation, as at 31 December 2020…
Continuous disclosure (Treasury):the Morrison Governmenthas introducedtheTreasury Laws Amendment (2021 Measures ?1) Bill 2021. It amends theCorporations Act 2001to embed the temporary COVID-19 changes made to Australias continuous disclosure laws, and extend the changes made to allow for virtual Annual…
General v. personal advice (Court):the High Court handed down its decision inWestpac Securities Administration Ltd v Australian Securities and Investments Commission[2021] HCA 3, dismissing Westpacs appeal against the Federal Courts decision that the marketing campaign by Westpac…
AML reforms (AUSTRAC):AUSTRAC has released proposed amendmentsto the Anti-Money Laundering and Counter-Terrorism Financing Rules for public consultation. The proposed changes are to support reforms to theAML/CTF Act 2006 (Cth)made by theAnti-Money Laundering and Counter-Terrorism Financing…
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…
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…
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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