Regulatory Updates
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30 Nov 2021 T-REX Article
FATF: outcome of the October 2021 Plenary
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30 Nov 2021 T-REX Article
AUSTRAC statement 2021: de-banking
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30 Nov 2021 T-REX Article
New AUSTRAC financial crime guide targets technology-facilitated abuse
AUSTRAC has released Preventing Misuse and Criminal Communication through Payment Text Fields Financial Crime Guide November 2021. The Guide …
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30 Nov 2021 T-REX Article
FATF updates on global ML/TF risk
As noted in HN Hub T-REX Regulatory Update, FATF updates on global ML/TF risk, published in August 2021, FATF …
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30 Nov 2021 T-REX Article
ASIC guidance on crypto-asset investment products
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30 Nov 2021 T-REX Article
Retirement income covenant consultation
Last month, we reported on consultation in relation to draft legislation that would codify a particular obligation for superannuation trustees. …
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30 Nov 2021 T-REX Article
Tax (financial) advisers
Frequently asked questions – single disciplinary body for financial advisers, a webpage maintained by the Tax Practitioners Board, has …
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30 Nov 2021 T-REX Article
Recent insights from ASIC on credit and COVID-19
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30 Nov 2021 T-REX Article
ASIC action for prohibited credit fees
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30 Nov 2021 T-REX Article
False or misleading representations – consumer credit insurance and CBA
The Commonwealth Bank of Australia has pleaded guilty to 30 criminal charges of making false or misleading representations when selling …
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30 Nov 2021 T-REX Article
ASIC’s expectations for market participants and large institutional investors
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30 Nov 2021 T-REX Article
Best interests breaches – timeshare
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30 Nov 2021 T-REX Article
ASIC guidance on ROAs resolves longstanding issues
ASIC has released Information Sheet 266 FAQs: Records of Advice.
The Information Sheet:
- is aimed at financial advisers and …
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30 Nov 2021 T-REX Article
FASEA consults on Code of Ethics standard on conflicts
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30 Nov 2021 T-REX Article
Better Advice Act – FASEA to exit the stage
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30 Nov 2021 T-REX Article
Superannuation portfolio holdings disclosure
New Regulations will require superannuation fund trustees to disclose information about the identity, value and weightings of their investments. This …
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30 Nov 2021 T-REX Article
Class action litigation funding schemes to be regulated under Chapter 5C
The Government has introduced into Parliament the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021.
The Bill …
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30 Nov 2021 T-REX Article
Bill proposes superannuation amendments
The Government has introduced into Parliament the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) …
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30 Nov 2021 T-REX Article
ASIC consults on superannuation calculators and retirement estimates
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30 Nov 2021 T-REX Article
Super trustees and conflicts of interest arrangements
ASIC has raised concerns about the way in which trustees of superannuation funds manage conflicts of interest. This is after …
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30 Nov 2021 T-REX Article
ASIC starts proceedings against MLC for insurance policy and service failures
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30 Nov 2021 T-REX Article
Simplification of financial services regulation
The Australian Law Reform Commission has released three Background Papers in the last couple of months relating to its inquiry …
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30 Nov 2021 T-REX Article
Whistleblower policies – more ASIC intel
Last month, we reported on a recent ASIC review into whistleblower policies of companies that are required to have them …
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30 Nov 2021 T-REX Article
Privacy developments
The Office of the Australian Information Commissioner has released its Annual Report 2020-21, published its first Consumer Data Right …
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30 Nov 2021 T-REX Article
AFCA new digital platform
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30 Nov 2021 T-REX Article
Director IDs available
The Government states that company directors can now apply for their new Director identification numbers using the Australian Business Registry …
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30 Nov 2021 T-REX Article
ASIC quarterly update July to September 2021
ASIC released Report 704 ASIC quarterly update: July to September 2021.
Most of the Report summarises information already covered …
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30 Nov 2021 T-REX Article
Estimated ASIC levies available
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30 Nov 2021 T-REX Article
Breach reporting data – consultation coming
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30 Nov 2021 T-REX Article
Independent Review of AFCA released
The Review of the Australian Financial Complaints Authority was tabled in Parliament on 24 November 2021. The Government welcomed the …
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30 Nov 2021 T-REX Article
ASIC opens consultation on remediation guidance
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30 Nov 2021 T-REX Article
Final piece falls into place – Royal Commission legislation in Parliament
The Government introduced legislation into Parliament which establishes the Financial Accountability Regime and the Compensation Scheme of Last Resort.
The …
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29 Oct 2021 T-REX Article
Employment in a COVID world (T-REX Bites Feature Article)
The way we work, engage with clients, and manage our employment obligations has changed forever as a result of the …
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29 Oct 2021 T-REX Article
Consultation
The following items were open for consultation in October 2021:
Review of occupational exclusions in default insurance offered through MySuper …
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29 Oct 2021 T-REX Article
In brief
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29 Oct 2021 T-REX Article
Multi million dollar money laundering ring uncovered
In Australia, authorities have detected a multimillion dollar money laundering ring, which is alleged to have laundered at least $62 …
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29 Oct 2021 T-REX Article
FATF Review of China’s progress in strengthening its measures to combat ML/TF
FATF has released a Follow-up report on the People’s Republic of China. This report assesses the changes China has …
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29 Oct 2021 T-REX Article
FATF South Africa Mutual Evaluation Report
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29 Oct 2021 T-REX Article
FATF Plenary
The FATF Plenary was held from 19 to 21 October 2021. Delegates from 206 member countries (as well as the …
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29 Oct 2021 T-REX Article
FATF Cross border payments: survey results
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29 Oct 2021 T-REX Article
Changes to AUSTRAC Online
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29 Oct 2021 T-REX Article
Crypto investor successfully sues for $500,000
According to media reports, a New Zealand man this month obtained a default judgment from the Supreme Court of …
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29 Oct 2021 T-REX Article
Licensing possible for digital currency exchanges and other digital asset developments
The Select Committee on Australia as a Technology and Financial Centre has published its Final Report.
The Committee says: …
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29 Oct 2021 T-REX Article
Derivative transaction reporting rules
In a recent speech, ASIC Commissioner Cathie Armour, reported that ASIC has begun a multi-year project to overhaul the …
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29 Oct 2021 T-REX Article
CFD product intervention consultation
ASIC is consulting on whether to extend the product intervention order currently contained in ASIC Corporations (Product Intervention Order – …
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29 Oct 2021 T-REX Article
TPB releases guidance on supervisory arrangements
The Tax Practitioners Board has released guidance on the supervisory arrangements requirements under the Tax Agent Services Act 2009. …
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29 Oct 2021 T-REX Article
Debt recovery action
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29 Oct 2021 T-REX Article
Increased certainty for breach reporting by credit licensees
Last month, we reported that the breach reporting regime for credit licensees was broader than that for AFS licensees. See …
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29 Oct 2021 T-REX Article
FASEA insights into exam problem areas
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29 Oct 2021 T-REX Article
Better Advice Bill passed
The Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Bill 2021 passed both Houses of Parliament on 21 …
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