Litigation Funders (Treasury): Well, that did not take long! Assistant Treasurer Stephen Jones has put himself on record, stating that the process of funder backed class action will be removed from ASIC and remitted to the Federal Court and state supreme courts. It follows Attorney-General Mark…
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…
Crypto Legislation (US): I am not sure what is happening in the US with leaked documents recently, but the WSJ has leaked the draft crypto legislation which you can readhere. A dense document it is US legislation after all some of the key points are: the bill is centered around the terms digital asset…
AFSL Auditing (ASIC): ASIC has announced new financial reporting requirements for AFSL holders, following changes to the accounting standards. AFSL holders financial reports must now contain disclosures consistent with the financial reports of other for-profit entities, prepared under standards set by the AASB…
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…
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…
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…
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…
Mortgage Brokers??BID (ASIC): the Australian Securities and Investments Commission (ASIC) has just released RG 273, which sets out its view on how mortgage brokers may comply with their best interests obligations which commence in January 2021. Consistent with the nature of the regime, and not unexpectedly,…
ASIC Corporate Plan (ASIC):ASIC has published itsInterim Corporate Plan, which sets out five priorities to tackle the challenges presented by the COVID-19 pandemic, including protecting consumers from harm at a time of heightened vulnerability and continuing to identify, disrupt and take enforcement action against…
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