Regulatory Updates
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30 Sep 2021 T-REX Article
Breach reporting guidance arrives not a moment too soon
ASIC has at last released an updated version of Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees …
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31 Aug 2021 T-REX Article
Blockchain bricks and crypto cathedrals: a breakdown of the key terms (T-REX Bites Feature Article)
There’s a saying in improv: “Bring a brick, not a cathedral”.
While improv and the wonderful world of crypto …
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31 Aug 2021 T-REX Article
Consultation
Retirement Income Covenant. The Government was consulting on its retirement income covenant position paper. The proposed covenant would place …
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31 Aug 2021 T-REX Article
In brief
Problems with the financial services regulatory regime
The Australian Law Reform Commission, which is inquiring into the potential simplification of …
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31 Aug 2021 T-REX Article
Proposed changes to AML/CTF Rules
AUSTRAC has released proposed amendments to the AML/CTF Rules for public consultation. The amendments add Chapters 79 and 80 and …
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31 Aug 2021 T-REX Article
Scams impersonating AUSTRAC
AUSTRAC has received reports of scammers sending emails to reporting entities and members of the public, pretending to be from …
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31 Aug 2021 T-REX Article
Government seeks to strengthen Australia’s sanctions laws
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31 Aug 2021 T-REX Article
FATF updates on global ML/TF risk
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31 Aug 2021 T-REX Article
AUSTRAC system improvements
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31 Aug 2021 T-REX Article
Regulatory future for digital assets
On 6 August, Holley Nethercote and other parties appeared before the Senate Select Committee on Australia as a Technology and …
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31 Aug 2021 T-REX Article
AFCA complaints from digital currency exchange users
A search of AFCA’s recently published determinations reveals that it has recently considered complaints lodged by users of digital currency …
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31 Aug 2021 T-REX Article
AFCA membership key to keeping credit licence
Even though AFCA membership is a well-known part of a credit licensee’s general conduct obligations, 24 credit licensees had their …
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31 Aug 2021 T-REX Article
FASEA update
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31 Aug 2021 T-REX Article
Financial advice still dear to ASIC’s heart
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31 Aug 2021 T-REX Article
$18.5 million NAB FDS penalty
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31 Aug 2021 T-REX Article
Slippery fish – monitoring tricky advisers
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31 Aug 2021 T-REX Article
Data is key to improving insurance outcomes
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31 Aug 2021 T-REX Article
Fees for no service – old transgressions provide timeless lessons
While fees for no service seems like an uncomfortable element of the industry’s past, it is still possible to take …
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31 Aug 2021 T-REX Article
Managed funds’ valuation of illiquid assets
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31 Aug 2021 T-REX Article
Superannuation fund annual members’ meetings
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31 Aug 2021 T-REX Article
Westpac receives penalty for personal advice and best interests failures
After the High Court’s finding against Westpac (or, rather, two of its subsidiaries) earlier this year, the Federal Court has …
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31 Aug 2021 T-REX Article
How outsourcing impacts the “efficiently, honestly and fairly” requirement
A recent Federal Court judgment has lessons for product issuers on how to ensure that their monitoring arrangements for outsourcing …
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31 Aug 2021 T-REX Article
Unfair contract terms in small business contracts
A recent Federal Court case provides useful guidance for all businesses when it comes to understanding requirements regarding unfair terms …
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31 Aug 2021 T-REX Article
AFCA update
Treasury’s independent review of AFCA was scheduled to be finalised and to result in the presentation of a report to …
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31 Aug 2021 T-REX Article
Taking on AFCA could attract ASIC action
ASIC started civil penalty proceedings against two credit licensees, alleging that they engaged in “disruptive, aggressive and uncooperative behaviour toward …
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31 Aug 2021 T-REX Article
Misconduct leads to order to publish notices for CBA
Your reputation could be at risk, in more ways than one, if you engage in misleading or deceptive conduct or …
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31 Aug 2021 T-REX Article
ASIC plan for 2021-25
ASIC’s Corporate Plan 2021-25: Focus 2021-22 gives an indication of ASIC’s direction over the next four years.
Key comments from …
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31 Aug 2021 T-REX Article
ASIC recap on April to June
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31 Aug 2021 T-REX Article
Cyber security – what’s required now and what’s headed your way
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31 Aug 2021 T-REX Article
Are you ready for looming deadlines? Breaches, references, DDO, hawking, add-on insurance and IDR
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30 Jul 2021 T-REX Article
Liability of a Responsible Manager – Who’s responsible when things go wrong? (T-REX Bites Feature Article)
The responsible manager (RM) of a licensee plays a key role under the financial services and credit licensing regimes.
However, …
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30 Jul 2021 T-REX Article
Consultation
Consultation Paper 341 Review of the ePayments Code: Further consultation. ASIC is consulting on its proposed modifications to the …
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30 Jul 2021 T-REX Article
In brief
End of grandfathered conflicted remuneration
Treasury has released a copy of ASIC’s report titled ‘Ending Grandfathered Conflicted Remuneration”. The report …
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30 Jul 2021 T-REX Article
FATF guidance: opportunities and challenges of new technologies for AML/CTF
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30 Jul 2021 T-REX Article
SWIFT migration to ISO 20022 standard
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30 Jul 2021 T-REX Article
Non-bank lending and financial sector risk assessment 2021
AUSTRAC has published a risk assessment for the non-bank lending sector. This ML/TF risk assessment is relevant to the non-bank …
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30 Jul 2021 T-REX Article
Managing digital currency risk
Providers of digital currency exchange services were first regulated by AUSTRAC in 2018. Since that time, the Financial Action Task …
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30 Jul 2021 T-REX Article
Customer due diligence: source of wealth and source of funds considerations
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30 Jul 2021 T-REX Article
Debt management licensing regime has commenced
Debt management service providers are now regulated under the National Consumer Credit Protection Act 2009 and require a licence to …
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30 Jul 2021 T-REX Article
Debt collection company convicted for engaging in unlicensed credit activities
Debt collection agency, Black Collections Pty Ltd (Black Connections) has plead guilty and been convicted of engaging in …
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30 Jul 2021 T-REX Article
Federal Court finds in favour of Cigno and BHF Solutions, ASIC appeals
On 23 June 2021, the Federal Court dismissed ASIC’s application against Cigno Pty Ltd (Cigno) and BHF Solutions …
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30 Jul 2021 T-REX Article
AFCA’s membership grows
In accordance with the National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021, providers of certain debt management …
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30 Jul 2021 T-REX Article
Forex CT fined for engaging in systemic unconscionable conduct
The Federal Court has fined Forex CT $20 million for engaging in systemic unconscionable conduct, paying conflicted remuneration to its …
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30 Jul 2021 T-REX Article
ASIC extends ETF market-making to foreign participants
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30 Jul 2021 T-REX Article
ASIC release guidance on activist short selling
ASIC has released new guidance on best practices for activist short selling. Activist short selling involves taking a short position …
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30 Jul 2021 T-REX Article
ASIC creates consistent regulation relief for super trustees
ASIC has extended the regulatory relief provided to public offer superannuation trustees to non-public offer trustees to ensure consistent regulation. …
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30 Jul 2021 T-REX Article
OnePath to pay back $35M to customers
OnePath is repaying up to $35 million to over 40,000 customers who were sold life insurance over the phone between …
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30 Jul 2021 T-REX Article
ASIC guidance released add-on insurance
The deferred sales model for add-on insurance recommended by the Royal Commission (recommendation 4.3) will apply from 5 October 2021. …
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30 Jul 2021 T-REX Article
ASIC finalises its investigation into AMP Financial Planning, but commences new legal action against AMP Limited group
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30 Jul 2021 T-REX Article
ASIC resolves civil penalty proceedings with Dixon Advisory