Regulatory Updates
-
30 Jul 2021 T-REX Article
Westpac commits to pay approximately $87M for failure to notify
Westpac has pledged to remediate customers whose financial advisers may have failed to notify them of corporate actions between 2005 …
Subscribe -
30 Jul 2021 T-REX Article
AAT dismisses banning appeal for non-appearance
WA-based financial adviser Robert Hutchison was permanently banned from providing financial services in June 2017. Mr Hutchison was a director …
Subscribe -
30 Jul 2021 T-REX Article
BT Funds Management and Asgard Capital Management fined $3M
The Federal Court has fined BT Funds Management Limited (BT) and Asgard Capital Management Limited (Asgard) …
Subscribe -
30 Jul 2021 T-REX Article
ASIC makes protocol for financial advisers and mortgage brokers
ASIC has created and published the ASIC reference checking and information sharing protocol (‘ASIC Protocol’). Under the Financial Sector Reform …
Subscribe -
30 Jul 2021 T-REX Article
ASIC bans Gold Coast adviser and cancels AFS licence
-
30 Jul 2021 T-REX Article
FASEA proposes relief from the 3-month registration requirement for the November exam
-
30 Jul 2021 T-REX Article
FASEA releases May 2021 exam results
FASEA has recently released the exam results from the May sitting of the Financial Advisers Exam. This was the 12th …
Subscribe -
30 Jul 2021 T-REX Article
ASIC investigation prompts MyBudget AFS licence application
-
30 Jul 2021 T-REX Article
ASIC extends relief for FFSPs
-
30 Jul 2021 T-REX Article
ASIC proposes to amend market integrity rules
-
30 Jul 2021 T-REX Article
Crypto-asset ETPs and other investment products under ASIC’s consideration
-
30 Jul 2021 T-REX Article
ASIC seeks to remake Class Order regarding debentures
-
30 Jul 2021 T-REX Article
ASIC consults on hawking reform guidance
ASIC is seeking feedback on its updated draft regulatory guidance following the reforms to the anti-hawking regime under the Financial …
Subscribe -
30 Jul 2021 T-REX Article
ASIC publishes IDR reporting documents to be tested in pilot
ASIC has released a data dictionary, detailing the information financial firms will be required to gather and report on, …
Subscribe -
30 Jul 2021 T-REX Article
ASIC publishes guidance on three new types of external administration
-
30 Jul 2021 T-REX Article
AFCA receives more than 70,000 complaints
-
30 Jun 2021 T-REX Article
RG 271 – Are you ready for the new IDR requirements? (T-REX Bites Feature Article)
The Australian Securities and Investments Commission (ASIC) released Regulatory Guide 271: Internal Dispute Resolution (RG 271) …
Subscribe -
30 Jun 2021 T-REX Article
Consultation
Consultation Paper on greater transparency of proxy advice. Treasury is consulting on the adequacy of the current regulatory regime …
Subscribe -
30 Jun 2021 T-REX Article
In brief
Financial reports for periods ending 30 June
ASIC has published a reminder of potential ‘problem areas’ for companies to focus …
Subscribe -
30 Jun 2021 T-REX Article
FATF update: digital transformation of AML/CTF
-
30 Jun 2021 T-REX Article
New guidance to help you implement AML/CTF reforms
-
30 Jun 2021 T-REX Article
AUSTRAC Online system transformation program – get involved
-
30 Jun 2021 T-REX Article
New financial crime guide warns the finance sector and Australians about ‘cuckoo smurfing’
-
30 Jun 2021 T-REX Article
Inquiry into AUSTRAC’s adequacy and efficacy
The Senate has tasked the Legal and Constitutional Affairs References Committee with an inquiry into the adequacy and efficacy of …
Subscribe -
30 Jun 2021 T-REX Article
ASIC bans Sydney responsible manager for ten years
ASIC has banned John Carlton Martin, a responsible manager (RM) and director of Union Standard International Group Pty …
Subscribe -
30 Jun 2021 T-REX Article
Forex CT ordered to pay $20 million, director disqualified and fined $400k
Forex Capital Trading Pty Ltd (Forex CT) was ordered to pay a penalty of $20 million by the …
Subscribe -
30 Jun 2021 T-REX Article
ASIC application against payday lenders dismissed, but product intervention order upheld
-
30 Jun 2021 T-REX Article
Credit Licensee convicted and fined for making false statement in annual compliance certificate
Advanced Choice Finance Pty Ltd (Advanced Choice) was convicted and fined $4,000 for knowingly making a false statement …
Subscribe -
30 Jun 2021 T-REX Article
Exemptions from mandatory credit reporting for certain credit accounts
ASIC has registered the ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541, which commenced 15 June 2021.
The Instrument prescribes …
Subscribe -
30 Jun 2021 T-REX Article
‘Your Future, Your Super’ reforms passed
The Government’s superannuation legislation package – which includes the Treasury Laws Amendment (Your Future, Your Super) Bill 2021, Treasury …
Subscribe -
30 Jun 2021 T-REX Article
ASIC bans Hobart adviser for four years
-
30 Jun 2021 T-REX Article
ASIC bans Brisbane adviser for three years
-
30 Jun 2021 T-REX Article
ASIC bans Sydney adviser permanently
-
30 Jun 2021 T-REX Article
A new single disciplinary body for financial advisers
In a joint press release on 24 June 2021, the Treasurer and Minister for Superannuation, Financial Services and the Digital …
Subscribe -
30 Jun 2021 T-REX Article
FASEA’s opening statement to the Senate Estimates Committee
FASEA appeared before the Senate Estimates Committee on 2 June 2021. In its opening statement to the Committee, FASEA noted …
Subscribe -
30 Jun 2021 T-REX Article
ASIC guidance on lack of independence disclosure
From 1 July, adviser providers must include a ‘lack of independence' disclosure in an FSG if:
- the authorised services provided …
-
30 Jun 2021 T-REX Article
The new OFA regime: ASIC guidance and Treasury relief
There has been a flurry of activity in relation to the new ongoing fee arrangement regime, which commences on 1 …
Subscribe -
30 Jun 2021 T-REX Article
AFSL of BBY Ltd cancelled by ASIC
-
30 Jun 2021 T-REX Article
Life Trading fined $200,000
Life Trading Pty Ltd (Life Trading) has been fined $200,000 and is required to enter into an enforceable …
Subscribe -
30 Jun 2021 T-REX Article
No deficiencies in handling of client money by Societe Generale
Societe Generale Securities Australia Pty Ltd (Societe Generale) has fulfilled the additional licence conditions imposed on its AFS …
Subscribe -
30 Jun 2021 T-REX Article
ASIC Chair’s opening statement: the way forward for ASIC
New ASIC Chair, Joe Longo, made an opening statement to the Parliamentary Joint Committee on Corporations and Financial Services this …
Subscribe -
30 Jun 2021 T-REX Article
Transitioning away from LIBOR before the end of 2021
-
30 Jun 2021 T-REX Article
ASIC warns of websites displaying fake endorsements
-
30 Jun 2021 T-REX Article
Draft legislation on the use of technology by companies
-
30 Jun 2021 T-REX Article
A new regulator is born
Parliament passed the Financial Regulator Assessment Authority Bill 2021 on 23 June 2021, which establishes a new independent body to …
Subscribe -
31 May 2021 T-REX Article
Update – Recent developments in Open Banking – the Consumer Data Right (T-REX Bites Feature Article)
Please find our update on Open Banking below, along with details of recent developments and upcoming changes.
“Open Banking” is …
Subscribe -
31 May 2021 T-REX Article
Consultation
-
31 May 2021 T-REX Article
In brief
-
31 May 2021 T-REX Article
Financial Action Task Force (FATF) update on New Zealand
FATF has published the Mutual Evaluation Report (MER) for New Zealand (April 2021). The MER assesses how effectively New Zealand …
Subscribe -
31 May 2021 T-REX Article
AUSTRAC issues remedial direction to Australian Military Bank
AUSTRAC has issued a remedial direction to Australian Military Bank, directing it to review and improve its compliance with AML/CTF …
Subscribe