Regulatory Updates
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30 Nov 2022 T-REX Article
Upcoming deadlines
Licensees should be aware of some upcoming deadlines.
First, any of a licensee’s directors who have been directors since 31 …
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30 Nov 2022 T-REX Article
Getting the most out of HN Hub and T-REX
Often our T-REX articles refer to other articles in the same edition, or earlier editions, of T-REX. You can follow …
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31 Oct 2022 T-REX Article
How to be a Responsible Manager – Competence & Responsibilities (T-REX Bites Feature Article)
The Responsible Manager (RM) is one of the most important positions that an Australian Financial Services (AFS …
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31 Oct 2022 T-REX Article
Consultation
The following items were open for consultation in October 2022:
Draft Financial Services Compensation Scheme of Last Resort Levy Regulations …
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31 Oct 2022 T-REX Article
In brief
ASIC agreement with Financial Markets Standards Board
ASIC and the London based Financial Markets Standards Board have signed a Consultation …
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31 Oct 2022 T-REX Article
FATF provides updates on jurisdiction risks
FATF has published a number of updates which might affect the way reporting entities assess the risk associated with particular …
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31 Oct 2022 T-REX Article
CBA and Griffith University partner to fight financial crime
Griffith University and the Commonwealth Bank of Australia (CBA) have together established an academy focused on combating financial crime.
The …
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31 Oct 2022 T-REX Article
AUSTRAC provides update on Optus data breach
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31 Oct 2022 T-REX Article
AUSTRAC releases new guidance on Source of Funds and Source of Wealth
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31 Oct 2022 T-REX Article
AFCA Determination: providing services overseas after ASIC media release
AFCA issued a Determination on 28 July 2022 in relation to a complaint lodged by a Chinese resident.
The complainant …
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31 Oct 2022 T-REX Article
Minor changes to guidance on competence and training for credit licensees
ASIC has made a minor update to RG 206 Credit licensing: Competence and training. The update is to the …
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31 Oct 2022 T-REX Article
ASIC claims interest free advertising was misleading
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31 Oct 2022 T-REX Article
Federal Court hands down penalty for timeshare company
The Federal Court has ordered timeshare company Ultiqa Lifestyle Promotions Ltd (in liquidation) pay a $900,000 penalty, in Australian Securities …
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31 Oct 2022 T-REX Article
Business introduction services relief for managed investment schemes
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31 Oct 2022 T-REX Article
CBA case fine-tunes legal interpretation of conflicted remuneration
ASIC has lost a case it brought against CBA in relation to conflicted remuneration. The Federal Court’s decision, Australian Securities …
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31 Oct 2022 T-REX Article
Match product’s characteristics to target market or risk a stop order
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31 Oct 2022 T-REX Article
ASIC reissues guidance to accommodate CCIVs
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31 Oct 2022 T-REX Article
ASIC successfully defends appeal against misleading and deceptive penalty
The Full Federal Court has dismissed an appeal by the Mayfair 101 Group companies seeking to overturn the Federal Court’s …
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31 Oct 2022 T-REX Article
DDO stop order hits fund with loan assets
Continuing its concerted action in relation to DDO, ASIC has issued an interim stop order in relation to Westlawn Financial …
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31 Oct 2022 T-REX Article
DDO stop orders make their way to crypto investment funds
ASIC’s current blitz in relation to DDO and TMDS, reflected in a swathe of stop orders issued against a range …
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31 Oct 2022 T-REX Article
ASIC takes action regarding crypto asset
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31 Oct 2022 T-REX Article
Giving feedback on Asia Region Funds Passport
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31 Oct 2022 T-REX Article
Messages for all licensees in judgment on market integrity failures
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31 Oct 2022 T-REX Article
Possible reforms in the wake of de-banking
The Council of Financial Regulators has delivered a Paper to the Government on potential policy responses to address the problem …
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31 Oct 2022 T-REX Article
AFCA’s annual report
AFCA has released its 2021-22 Annual Review. The review reveals that between 1 July 2021 and 30 June 2022, …
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31 Oct 2022 T-REX Article
AFCA updates Review dashboard
AFCA’s Independent Review dashboard has been updated. The dashboard provides information about how AFCA has commenced, progressed or completed work …
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31 Oct 2022 T-REX Article
AFCA’s approach to complaints involving wholesale clients
At its recent member forums, AFCA explained the approach that it would take to complaints lodged by wholesale clients following …
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31 Oct 2022 T-REX Article
AFCA releases new member video
Readers may recall that the recent Independent Review into AFCA recommended that AFCA improve the visibility of the Independent Assessor …
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31 Oct 2022 T-REX Article
AFCA determinations not negotiable
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31 Oct 2022 T-REX Article
What else ASIC is telling us
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31 Oct 2022 T-REX Article
ASIC releases 2021-22 Annual Report
ASIC has released its 2021-22 Annual Report.
Joseph Longo’s introduction to the Report reinforces ASIC’s current focuses, which include: …
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31 Oct 2022 T-REX Article
Legislation update – FAR, CSLR and SACCs
Last month, we reported on the introduction into Parliament of legislation in relation to:
- the Financial Accountability Regime
- the Compensation …
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31 Oct 2022 T-REX Article
Some outsourcing tips from APRA
Results of a recent APRA Review into outsourcing by superannuation trustees provide useful guidance for AFS and credit licensees on …
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31 Oct 2022 T-REX Article
Industry funding – see what you’ll pay
It is now possible to see ASIC’s estimated levies for 2021 to 2022. The estimated levies are broken down by …
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31 Oct 2022 T-REX Article
Increased maximum penalties for financial services consumer law?
The Government has announced that Treasury will soon consult publicly on the desirability of increasing maximum penalties for breaches of …
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31 Oct 2022 T-REX Article
ASIC licensing report – what it means for you
ASIC Report 738 Licensing and professional registration activities: 2022 update has some useful information for AFS and credit licensees considering …
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31 Oct 2022 T-REX Article
ALRC proposes alternative model that is coherent, flexible and navigable
The ALRC’s Interim Report B Financial Services Legislation ALRC Report 139 September 2022 has been tabled in Parliament.
It contains …
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31 Oct 2022 T-REX Article
Privacy in the headlines – OAIC opens Optus investigation and Parliament considers legislation
The Office of the Australian Information Commissioner has started an investigation into the personal information handling practices of the Optus …
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30 Sep 2022 T-REX Article
Unconscionable conduct and sales incentives: ASIC v Select AFSL Pty Ltd (No 2) (T-REX Bites Feature Article)
The recent findings of unconscionable conduct in the case of ASIC v Select AFSL Pty Ltd (No 2) [1] relate …
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30 Sep 2022 T-REX Article
Consultation
The following items were open for consultation in September 2022:
Financial adviser education standards – Consultation paper. This Consultation …
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30 Sep 2022 T-REX Article
In brief
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30 Sep 2022 T-REX Article
FATF releases updated consolidated assessment ratings for September 2022
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30 Sep 2022 T-REX Article
FATF and INTERPOL launch join initiative to recover illicit assets
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30 Sep 2022 T-REX Article
AUSTRAC commences investigation into Entain Group
AUSTRAC has commenced an enforcement investigation into corporate bookmaking entity, Entain Group Pty Ltd, who owns gambling brands such as …
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30 Sep 2022 T-REX Article
AUSTRAC orders audit of Gold Corporation
AUSTRAC has ordered the appointment of an external auditor to the Gold Corporation (Perth Mint), to assess their …
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30 Sep 2022 T-REX Article
U.S. Treasury issues sanctions on virtual currency mixers
The United States Department of the Treasury’s Office of Foreign Assets Control (US Treasury) has sanctioned two virtual …
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30 Sep 2022 T-REX Article
AUSTRAC provides update on System Transformation Program
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30 Sep 2022 T-REX Article
AUSTRAC releases e-Learning modules
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30 Sep 2022 T-REX Article
New financial crime resources released by AUSTRAC
AUSTRAC has released new financial crime resources, which will assist reporting entities in understanding and adhering to their ML/TF obligations. …
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30 Sep 2022 T-REX Article
Amendments made to AML/CTF Rules
AUSTRAC has amended the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) following consultation with industry.
The …
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