Financial Accountability Regime (Parliament): As expected, the Senate Committee examining the reintroduced FAR bill has give it the tick of approval, stating, “The committee is of the view that accountability measures, such as the existence of banning powers and deferred remuneration arrangements,…
Crypto Stop Orders (ASIC): ASIC has just issued an interim stop order on Holon (its tenth to date), which offers various crypto funds to retail investors, on the basis that it thinks that Holon has not appropriately considered the features and risks of the funds in determining their target markets…
FAR & Breach Reporting (ASIC): I attended the Credit Law Conference earlier in the week, where ASIC Commissioner Sean Hughes provided an update on the Financial Accountability Regime (FAR) and breach reporting. My key notes are: – the Financial Accountability Regime Bill 2022…
Crypto Report (Parliament): I have now spent a bit of time on the new crypto bill. By way of reminder, on 19 September 2022, Senator Andrew Bragg released a draft private members bill, entitled the Digital Assets (Market Regulation) Bill 2022 (the Bill). Under the Bill, a licence is required to carry out the following activities in Australia…
Remediation Plan (ASIC): ASIC has released its new remediation guidance, RG 277. Mandatory reading for anyone who deals with breach reporting, and fixing the problems that arise up, RG 277: clarifies nine principles for conducting a remediation, which will help licensees comply with their obligations and conduct…
Blockchain (Senate):the Senate Select Committee on Australia as a Technology and Financial Centre hasreleased its final report. There are some exciting recommendations read themhere(my top read for the week) including: 1) establishing a market licensing regime for Digital Currency Exchanges, including capital adequacy…
DI system (Treasury): the Federal Government has released an exposure draft of theTrusted Digital Identity Bill.It elates to the expansion of the DI System, which facilitates the creation of Digital Identity for individuals and allows businesses to use it for approved verification purposes. A Digital Identity only needs to be created…
ISG Financial Services v AFCA (AFCA):the Australian Financial Complaints Authority or AFCA is an external dispute resolution scheme for consumers who are unable to resolve complaints with member financial services organisations. Membership of AFCA is a requirement under law or license condition of virtually all…
Breach reporting for ACLs (ASIC):ASIC has issued a consolidated update to credit licence holders who are dealing with the new breach reporting regime. It has noted that licensees should already be registered on theASIC Registration Portalfor their annual industry funding obligations. However, individuals responsible…
Breach reporting (ASIC):the new breach reporting obligations implement recommendations from the Financial Services Royal Commission, and are included in theFinancial Sector Reform (Hayne Royal Commission Response) Act 2020. These obligations require AFSL and ACL holders to self-report specific matters to ASIC…
Share transfers (ASIC):ASIC has released updated regulatory guidance to formalise its policy on when it will give Chapter 6 relief for share transfers under s444GA of the Corporations Act. Section 444GA allows shares of a company in administration to be transferred by an administrator as part of a deed of company arrangement…
Shipton & Crennan (ASIC):ASICs Chairman will temporarily step aside after it was revealed ASIC paid more than $118,000 for him to receive personal tax advice. Mr. Shipton has agreed to repay the money for the advice, which he received after he relocated to Australia from the United States to head up ASIC in 2018…
ASIC v. VW (ASIC):ASIC has settled its claim against Volkswagen Financial Services Australia Pty Limited (VW), discontinuing its Federal Court proceeding and accepting a Court Enforceable Undertaking (CEU) from the car financier big congrats to my colleague Kathy Merrick in Sydney on this one! ASIC had alleged…
Market-based causation (Class Actions):oft-times regulatory actions spawn class actions e.g. the BBSW and FX class actions, so it is not too tangential to start this weeks update with the recentMyer class action decision. In short, the department stores shareholders alleged that it had engaged in misleading conduct by…
Financial sludge (ASIC):the Dutch Authority for Financial Markets (AFM) and ASIC havereleased a joint report on mandated disclosure requirements in financial markets. Simply put??disclosure is necessary but not enough on its own to drive good consumer outcomes. The report calls for a rethink on disclosure as…
UK / US data sharing (international):the US and UK have entered into theU.S.-UK Bilateral Data Access Agreement, which effectively gives law enforcement authorities from each of those countries the power to access data located outside their respective jurisdictions. For example, the US DOJ will have the power to access data…
Directors / Officers (ASIC):ASICs Corporate Governance Taskforce released a report entitledDirector and officer oversight of non-financial risk report.It is fascinating reading, setting out ASICs observations on D&O oversight of non?financial risk (i.e. operational, compliance and conduct risk) in seven large listed firms after…
Cigno v. ASIC (ASIC):Cigno has sought judicial review of ASICsfirst use of its new product intervention power in relation to short term credit which, in some cases, has resulted in repayment rates which are up to 1,000% of the initial loan sum achieved through layering of collateral fees. Basically, entity…
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