Regulatory Updates
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31 Jan 2022 T-REX Article
Market Integrity Rules Class Waiver Amendment
Market participants taking advantage of the exemption from having to provide a confirmation to a wholesale client for a market …
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31 Jan 2022 T-REX Article
Financial Services and Credit Panel – the practicalities
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31 Jan 2022 T-REX Article
Licence cancellation and banning orders
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31 Jan 2022 T-REX Article
FASEA handover
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31 Jan 2022 T-REX Article
ASIC guidance for tax (financial) advisers
Late in December, ASIC released guidance for tax (financial) advisers. The guidance is in the form of Information Sheet 268 …
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31 Jan 2022 T-REX Article
Misleading correspondence with superannuation members
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31 Jan 2022 T-REX Article
Misleading product advertising – here we go again
Misleading or deceptive conduct and false or misleading representations are regularly the subject of ASIC action or Court findings. This …
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31 Jan 2022 T-REX Article
AFSL regime extended to more proxy advice activities
The AFS licensing regime will be extended to cover more proxy advice activities under regulations made by the Government. …
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31 Jan 2022 T-REX Article
Be careful what you delegate
While it is a great skill to delegate work to more junior staff, it is an even greater skill to …
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31 Jan 2022 T-REX Article
Consultation on remaking relief for business introduction services
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31 Jan 2022 T-REX Article
Consumer Data Right – general insurance, superannuation and non-bank lending
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31 Jan 2022 T-REX Article
Compensation scheme of last resort and financial accountability regime
The bundle of legislation establishing the Compensation Scheme of Last Resort and the Financial Accountability Regime has been referred by …
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31 Dec 2021 T-REX Article
What are design and distribution product governance arrangements? (T-REX Bites Feature Article)
With the recent commencement of the design and distribution regime, product issuers were required to comply with the new requirements …
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31 Dec 2021 T-REX Article
Consultation
The following items were open for consultation in December 2021:
Consultation Paper Financial Planners and Advisers Code of Ethics 2019 …
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31 Dec 2021 T-REX Article
In brief
Deadline extension for unlisted entity financial reports
ASIC made ASIC Corporations (Amendment) Instrument 2021/976 which amends ASIC Corporations (Extended Reporting …
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31 Dec 2021 T-REX Article
Litigation funding schemes exempt from AML/CTF requirements
AUSTRAC has made Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2021 (No. 2).
This Instrument exempts the issuing …
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31 Dec 2021 T-REX Article
New financial crime guides
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31 Dec 2021 T-REX Article
Insights and tips from AUSTRAC Annual Compliance Reports
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31 Dec 2021 T-REX Article
AUSTRAC updated guidance on reporting multiple cash transactions
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31 Dec 2021 T-REX Article
AUSTRAC: induction program for new reporting entities
If you are new to AML/CTF and have enrolled as a reporting entity since the beginning of 2020, you can …
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31 Dec 2021 T-REX Article
New AML/CTF Rules allow delayed customer ID and bring other changes
AUSTRAC has registered Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2021 (No. 3).
The Instrument inserts Chapter 79 …
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31 Dec 2021 T-REX Article
CFD AFCA decision
AFCA has issued a Determination which found that a CFDs broker breached its obligations as an AFS licensee by providing …
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31 Dec 2021 T-REX Article
ASIC consults on derivative transaction rules
ASIC has released Consultation Paper 353 Proposed amendments to the ASIC Derivative Transaction Rules (Clearing) 2015.
ASIC states that …
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31 Dec 2021 T-REX Article
Plan takes shape for crypto and payments regulation
The Government has released its response to various reviews of the crypto and payments system sectors. The response sets out …
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31 Dec 2021 T-REX Article
ASIC consults on relief for simple arrangements following a credit hardship notice
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31 Dec 2021 T-REX Article
ASIC sues ANZ over “introducer program”
Followers of the Hayne Royal Commission will remember the introducer programs explored in the hearings. Until recently, ANZ had an …
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31 Dec 2021 T-REX Article
Quality of advice review
The Government has released Review of the quality of financial advice Draft Terms of Reference.
The Draft Terms of …
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31 Dec 2021 T-REX Article
New regulations supporting Better Advice Act
The Government has made two new sets of regulations supporting the Financial Sector Reform (Hayne Royal Commission Response – Better …
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31 Dec 2021 T-REX Article
FASEA transition, 2022 adviser exams and Code of Ethics
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31 Dec 2021 T-REX Article
Tribunal views on forging signatures
A recent decision of the Administrative Appeals Tribunal, after an adviser appealed a decision by ASIC to ban her …
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31 Dec 2021 T-REX Article
Education and training for advisers
The Minister with the power to set education and training standards under the Financial Sector Reform (Hayne Royal Commission response …
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31 Dec 2021 T-REX Article
ASIC releases guidance and examples for limited advice
ASIC released Information Sheet 267 Tips for giving limited advice and also an Example Statement of Advice (SOA): Limited advice …
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31 Dec 2021 T-REX Article
Managed investment scheme false and misleading marketing
The Federal Court has found that La Trobe Financial Asset management engaged in false and misleading marketing of the La …
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31 Dec 2021 T-REX Article
Corporate collective investment vehicle
The Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 was introduced to Parliament.
The Bill, the contents of …
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31 Dec 2021 T-REX Article
Insurance claims handling – notes from ASIC
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31 Dec 2021 T-REX Article
ASIC urges superannuation trustees to check member outcomes
ASIC has completed a review of five superannuation funds with default income protection insurance.
ASIC was concerned about offset clauses …
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31 Dec 2021 T-REX Article
ASIC sues OnePath over fees for no service
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31 Dec 2021 T-REX Article
Litigation funding scheme regulations
We recently reported that the Government has introduced into Parliament the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill …
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31 Dec 2021 T-REX Article
ASIC criminal proceedings for charging deceased superannuation members
Avanteos Investments Limited has pleaded guilty to 18 criminal charges. The charges relate to defective disclosure statements and to charging …
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31 Dec 2021 T-REX Article
ANZ account issues mark final ASIC civil case arising from Hayne Royal Commission
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31 Dec 2021 T-REX Article
Westpac cops proceedings for wide-ranging alleged compliance failures
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31 Dec 2021 T-REX Article
Proposed expansion of Consumer Data Right within banking sector
The Government has released its response to the Final Report of the Inquiry into Future Directions for the Consumer Data …
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31 Dec 2021 T-REX Article
Parliamentary Joint Committee
The Parliamentary Joint Committee for Corporations and Financial Services held hearings in late November, for which transcripts have recently become …
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31 Dec 2021 T-REX Article
Council of Financial Regulators
The Council of Financial Regulators held its most recent quarterly meeting on 13 December 2021. The more significant topics discussed …
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31 Dec 2021 T-REX Article
Less red tape?
The Treasurer, Josh Frydenberg, reports that National Cabinet has committed to eliminating unnecessary red tape and duplication of regulations …
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31 Dec 2021 T-REX Article
ASIC gets assessed
The Financial Regulator Assessment Authority is conducting its first review of ASIC. The FRAA was established as a result of …
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31 Dec 2021 T-REX Article
Simplification of financial services – some initial thoughts
The Australian Law Reform Commission has released Financial Services Legislation: Interim Report A (Report 137).
The Report contains recommendations, …
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30 Nov 2021 T-REX Article
Christmas comes early for ASIC: unwrapping the gift of the Better Advice Act (T-REX Bites Feature Article)
This year, Christmas came early for ASIC when on, 28 October 2021, the Financial Sector Reform (Hayne Royal Commission Response …
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30 Nov 2021 T-REX Article
Consultation
The following items were open for consultation in November 2021:
ASIC Consultation Paper 347 Proposed amendments to the prohibition on …
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30 Nov 2021 T-REX Article
In brief