Australian Regulators Weekly Wrap – 21 November 2022

Crypto custody (Treasury):Treasury has announced that there will be custody rules introduced for digital assets in 2023. The exclusive in this AFR article (linkhere), provides that Treasury will open consultations to safeguard crypto custody arrangements and regulate…

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Australian Regulators Weekly Wrap – 14 November 2022

FTX (Regulation): The digital assets world has been rocked by the liquidity run on FTX the week, the world’s second largest exchange, and the near buyout by Binance, the world’s largest exchange. While there are various reasons being put forward for the issues facing FTX, in a febrile…

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Australian Regulators Weekly Wrap – 7 November 2022

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…

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Australian regulators weekly wrap Monday 29 November 2021

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…

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Australian regulators weekly wrap Monday 15 November 2021

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…

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Australian regulators weekly wrap Monday 8 November 2021

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…

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Australian regulators weekly wrap Monday 2 November 2021

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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Australian regulators weekly wrap Monday 30 November 2020

ASIC v Youi (ASIC):theFederal Court has declaredYoui Pty Ltd (Youi) breached its duty of utmost good faith under theInsurance Contracts Actin its handling of a building and contents insurance claim lodged by a policyholder. Following a severe hailstorm in Broken Hill in November 2016, the policyholder made a claim to Youi…

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Australian regulators weekly wrap Monday 9 November 2020

Commonwealth Integrity Commission (Treasury):the Government has committed $147 million to the development and operation of a Commonwealth Integrity Commission (CIC). The process has already started with the expansion of the Australian Commission for Law Enforcement Integrity (ACLEI)…

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Australian regulators weekly wrap Monday 25 November 2019

Westpac AML action (AUSTRAC):for an arguably dovish regulator since its creation in 1989, Australias anti money-laundering and terrorism financing regulator has certainly turned with a vengeance. Following its successful Tabcorp and CBA actions, it has applied to the Federal Court for civil penalty orders against Westpac…

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Australian regulators weekly wrap Monday 18 November 2019

Corporate Criminal Liability (ALRC): The ALRC has been undertaking a detailed review of Australias corporate criminal liability regime pursuant to a direction from the Attorney General. The terms of reference require the ALRC to consider potential law reform to simplify the application of criminal liability to companies…

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Australian regulators weekly wrap Monday 11 November 2019

Freezing orders (ASIC): the corporate regulator has obtained freezing orders against a financial advisor Ross Andrew Hopkins, QWL and QWL Asset Management from dissipating their assets and an undertaking that they will not provide financial services to clients without seeking prior approval from ASIC…

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Australian regulators weekly wrap Monday 4 November 2019

RI Advice (ASIC): in August 2019, the AFR reported that ASIC was planning on putting up to 50 cases in court by Christmas??many from the Hayne Royal Commission. By my count, we are not even close, though we have about 2 months to go and the numbers are rising: ASIC has commenced a Federal Court…

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