Regulatory Updates
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29 Feb 2024 T-REX Article
AUSTRAC consults on draft outsourcing guidance
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29 Feb 2024 T-REX Article
ASIC call to industry to improve oversight of choice super performance
ASIC has released Report 779: Superannuation and choice products: what focus is there on performance. The Report explores the …
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29 Feb 2024 T-REX Article
Fossil fuels investment leads to greenwashing infringement notice
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29 Feb 2024 T-REX Article
ASIC makes interim stop orders for managed fund after concerns about PDSs
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29 Feb 2024 T-REX Article
ASIC accepts enforceable undertaking from former financial adviser
ASIC has accepted an enforceable undertaking from Shivdeep Jaidka, a former financial adviser.
Mr Jaidka conducts an accountancy business. Between …
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29 Feb 2024 T-REX Article
Superannuation switching advice results in Panel direction
The Financial Services and Credit Panel has made a direction in relation to an adviser who gave superannuation switching advice …
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29 Feb 2024 T-REX Article
No news yet from ASIC on experience pathway
The experience pathway was made law when legislation passed Parliament in September 2023.
The pathway allows an adviser with 10 …
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29 Feb 2024 T-REX Article
ASIC warns that advisers not yet registered must not provide advice
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29 Feb 2024 T-REX Article
ASIC sues for providing unlicensed financial services
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29 Feb 2024 T-REX Article
Beware of licence authorisations required for crypto investing
A recent Federal Court decision is a timely reminder that organisations offering crypto-linked investments should ensure that they have an …
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29 Feb 2024 T-REX Article
Westpac breaches unconscionable conduct and conflict of interest obligations
The Federal Court has declared that Westpac Banking Corporation engaged in unconscionable conduct and breached the efficiently, honestly and fairly …
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29 Feb 2024 T-REX Article
OAIC releases statistics and comments on outsourcing and data retention
The OAIC has released its latest data breach statistics which highlight the risk of outsourcing the handling of personal information …
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29 Feb 2024 T-REX Article
ALRC resources relating to financial services inquiry
The ALRC has released some resources relating to its recent Corporations and Financial Services Legislation Inquiry.
These are:
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29 Feb 2024 T-REX Article
ASIC issues class no-action letter for sophisticated investors under UCT regime
ASIC has issued a no-action letter in response to a request from the Australian Financial Markets Association. AFMA outlined concerns …
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29 Feb 2024 T-REX Article
Supporting First Nations customers and customers with ID challenges
ASIC has released Financial Services Industry Workshop Summary document, which reflects outcomes of a workshop held by ASIC in …
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29 Feb 2024 T-REX Article
AI and financial services – latest developments
Following the recent release of Safe and Responsible AI in Australia Consultation: Australian Government’s Interim Response, ASIC Chair Joe Longo …
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29 Feb 2024 T-REX Article
Notable AFCA determinations – IDR and credit assistance
AFCA has made two recent Determinations of interest to licensees: one relating to a financial firm’s IDR obligations and one …
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29 Feb 2024 T-REX Article
AFCA and compensation scheme of last resort
Various pieces are sliding into place in relation to the Compensation Scheme of Last Resort.
The CSLR now has its …
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31 Jan 2024 T-REX Article
Consultation
Draft Treasury Laws Amendment (Measures for Consultation) Bill 2023: ACCC designated complaints function. This draft legislation would implement a …
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31 Jan 2024 T-REX Article
In brief
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31 Jan 2024 T-REX Article
FATF releases report on cyber-enabled fraud
FATF has released a new report on the evolution of cyber-enable fraud and its links to other crimes and how …
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31 Jan 2024 T-REX Article
FATF makes updates to recommendations
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31 Jan 2024 T-REX Article
FATF provides update on jurisdiction risks
FATF has published several updates which might affect the way reporting entities assess the risk associated with particular jurisdictions.
It …
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31 Jan 2024 T-REX Article
Housekeeping change made regarding certified copies
A new Legislative Instrument has been made by AUSTRAC with modified references to the persons who may certify copies for …
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31 Jan 2024 T-REX Article
Get started on your 2023 compliance report today
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31 Jan 2024 T-REX Article
ASIC extends PIOs for short term credit and continuing credit contracts
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31 Jan 2024 T-REX Article
Court orders that superannuation complaint be returned to AFCA
In a recent case, Mr Lee Braz brought proceedings in the Federal Court after AFCA found in favour of a …
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31 Jan 2024 T-REX Article
Court finds Zurich did not breach duty of utmost good faith
The Federal Court has found that Zurich Australia Limited did not breach its duty of utmost good faith when OnePath …
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31 Jan 2024 T-REX Article
Former director banned for annual review fee failures
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31 Jan 2024 T-REX Article
ASIC urges licensees to register financial advisers and provides short extension
ASIC records show that a significant number of relevant providers are still not registered, despite a requirement to be registered …
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31 Jan 2024 T-REX Article
Changes to financial adviser entry exam
On 18 January 2024, the Corporations (Relevant Providers—Education and Training Standards) Amendment (2024 Measures No. 1) Determination 2024 was registered. …
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31 Jan 2024 T-REX Article
ACSC shares guidance on AI, tips for leaders and update on Medibank
The Australian Signals Directorate’s Australian Cyber Security Centre has released new resources and provided an update on the 2022 Medibank …
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31 Jan 2024 T-REX Article
IDR reporting deadline looms
The deadline for most organisations to start lodging IDR data with ASIC is drawing nearer, with data due by 29 …
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31 Jan 2024 T-REX Article
AFCA hard at work: caps raised, complaints up, and new Approaches published
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31 Jan 2024 T-REX Article
Ruby Princess case reveals High Court views on unfair contract terms
A recent decision of the High Court in relation to the Ruby Princess case provides further guidance on unfair contract …
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31 Jan 2024 T-REX Article
Government releases ALRC Final Report
On 18 January 2024, the Attorney-General tabled the Australian Law Reform Commission Final Report, Confronting Complexity: Reforming Corporations and Financial …
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31 Jan 2024 T-REX Article
Licensees beware: misleading conduct has criminal consequences
A recent Federal Court order is a wake-up call to both AFS and credit licensees about the risks of making …
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19 Jan 2024 Alert
Registration of relevant providers delayed to 16 February 2024
AFS licensees must register financial advisers who provide personal advice to retail clients on relevant products, with ASIC by 16 …
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21 Dec 2023 T-REX Article
That’s a wrap! Looking back on 2023 (T-REX Bites Feature Article)
It’s hard to believe that we are approaching the end of 2023. Wrapping up for the year provides the perfect …
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21 Dec 2023 T-REX Article
Consultation
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21 Dec 2023 T-REX Article
In brief
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21 Dec 2023 T-REX Article
AUSTRAC gives recap on international activities in 2023
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21 Dec 2023 T-REX Article
Lodging SMRs helps alleviate abusive messaging to domestic violence victims
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21 Dec 2023 T-REX Article
AUSTRAC provides recap of 2023 RegTech Symposium
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21 Dec 2023 T-REX Article
Lodgement period opens for 2023 annual compliance report
It is once again almost that time of year to lodge your Annual Compliance Report, which is due by …
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21 Dec 2023 T-REX Article
AUSTRAC makes changes to AUSTRAC Online login page
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21 Dec 2023 T-REX Article
AUSTRAC announces regulatory priorities for 2024
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21 Dec 2023 T-REX Article
Precontractual disclosure requirements enshrined in regulations
The Government has made Treasury Laws Amendment (Precontractual Disclosure and Other Measures) Regulations 2023.
One purpose of the Regulations …
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21 Dec 2023 T-REX Article
IDPS operators’ ability to provide investment information electronically clarified
ASIC Corporations (Amendment) Instrument 2023/876 commenced on 28 November 2023 to provide further clarification on provisions which commenced earlier in …
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21 Dec 2023 T-REX Article
ACCC conducts retail deposits inquiry
The ACCC has released Retail deposits inquiry final report.
The ACCC made seven recommendations based on its inquiry findings. …
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