Regulatory Updates
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31 Oct 2023 T-REX Article
In brief
Technology neutrality improvements continue
The Government has made Treasury Laws Amendment (Modernising Business Communications) Regulations 2023. These are designed …
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31 Oct 2023 T-REX Article
FATF releases updated consolidated assessment ratings
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31 Oct 2023 T-REX Article
Enrol with AUSTRAC before 9 November 2023 to avoid increasing penalties
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31 Oct 2023 T-REX Article
ASIC headlines at credit law conference include hardship, DDO and cyber risk
Greg Yanco’s speech at the recent Credit Law Conference gives insights into ASIC’s current views on consumer credit.
Key points …
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31 Oct 2023 T-REX Article
ASIC takes action against Cigno and BSF Solutions for alleged unlicensed credit activity
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31 Oct 2023 T-REX Article
ANZ penalised $15 million for misleading customers
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31 Oct 2023 T-REX Article
Upcoming ASIC consultation of interest to trustees, fund managers and custodians
Upcoming ASIC consultation in relation to a range of subordinate legislation may be of particular interest to trustees, fund managers …
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31 Oct 2023 T-REX Article
FSCP releases decision regarding breach of Code of Ethics
The Financial Services and Credit Panel has reported that a relevant provider failed to comply with a number of obligations …
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31 Oct 2023 T-REX Article
NAB penalised $2.1 million for unconscionable conduct
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31 Oct 2023 T-REX Article
Fintech penalised by ASIC regarding crypto representations
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31 Oct 2023 T-REX Article
Former insurance adviser banned for three years for “poor judgment”
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31 Oct 2023 T-REX Article
Updates to approved relevant provider courses
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31 Oct 2023 T-REX Article
ASIC speeches: crypto and insurance
ASIC Chair Joe Longo and ASIC Deputy Chair Karen Chester gave speeches on regulating crypto assets and improving insurance basics …
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31 Oct 2023 T-REX Article
ASIC loses case against super trustee Diversa
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31 Oct 2023 T-REX Article
Being fit and proper is not siloed
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31 Oct 2023 T-REX Article
Insight into ASIC licensing and registration activities
ASIC released its annual licensing report: Report 772 Licensing and professional registration activities: 2023 update . The Report is released …
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31 Oct 2023 T-REX Article
ASIC calls on licensees to improve remediation practices
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31 Oct 2023 T-REX Article
ASIC amends and repeals Instruments affecting MDAs, SACCs, super and retirement estimates
The ASIC Corporations, Credit and Superannuation (Amendment and Repeal) Instrument 2023/699 was registered on 27 September 2023. It makes amendments …
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31 Oct 2023 T-REX Article
ASIC’s housekeeping to impact CCIVs, RSE licensees and credit licensees
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31 Oct 2023 T-REX Article
ASIC to update guidance in relation to carbon markets and other areas
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31 Oct 2023 T-REX Article
Privacy reforms a step closer
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31 Oct 2023 T-REX Article
Simplification of financial services law crawls along
The Government’s long-running scheme to simplify the financial services laws just inched forward, with some changes that may make the …
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31 Oct 2023 T-REX Article
AFCA’s annual report
AFCA has released its 2022-23 Annual Review. The review reveals that between 1 July 2022 and 30 June 2022, …
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31 Oct 2023 T-REX Article
AFCA releases and updates
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31 Oct 2023 T-REX Article
APRA and ASIC publish information package on FAR
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31 Oct 2023 T-REX Article
ASIC Annual Report – good intel on greenwashing, DDO and reportable situations
ASIC has released ASIC Annual Report 2022-2023. The Report sets out ASIC’s achievements during 2022-23, including:
- taking steps towards …
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31 Oct 2023 T-REX Article
Useful cyber tips
Licensees can take advantage of tips issued by the ACSC during Cyber Security Awareness Month in October. The ACSC’s theme …
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31 Oct 2023 T-REX Article
Significant consultation projects: digital assets and payment systems
Two pieces of Treasury consultation, which have been open in October, are of significance to the financial services industry. Even …
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31 Oct 2023 T-REX Article
Unfair contract terms here now: prepare to be penalised
Changes to the unfair contract terms regime take effect from 9 November 2023.
Previously, the inclusion of an unfair term …
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31 Oct 2023 T-REX Article
Reportable situation regime modified
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24 Oct 2023 Alert
Reportable situations just got easier
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16 Oct 2023 Alert
Licensing looms for digital assets platforms
Crypto exchanges and digital asset platforms will need to obtain an Australian financial services licence and abide by existing financial …
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28 Sep 2023 T-REX Article
Anybody home? The importance of checking whether your corporate clients have been deregistered (T-REX Bites Feature Article)
There is no express obligation for a financial services provider to monitor its client lists for deregistered companies. However, the …
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28 Sep 2023 T-REX Article
Consultation
Draft AML/CTF Rules amending Chapter 10 of the Rules. These draft Rules, released by AUSTRAC, repeal Part 10.4 of …
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28 Sep 2023 T-REX Article
In brief
ASIC amends the ASIC Derivative Transaction Rules (Clearing) 2015
On 18 September 2023, ASIC registered the ASIC Derivative Transaction Rules …
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28 Sep 2023 T-REX Article
FATF releases updated consolidated assessment ratings
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28 Sep 2023 T-REX Article
FATF & Interpol hold second roundtable as part of joint initiative
The second global roundtable in FATF-INTERPOL’s joint initiative to improve global asset recovery and combat financial crime was recently held, …
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28 Sep 2023 T-REX Article
Dr Andrew Leigh MP gives address to National Integrity Summit
On 30 August 2023, the Hon Dr Andrew Leigh MP gave a key address to the National Integrity Summit about …
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28 Sep 2023 T-REX Article
Non-enrolment penalties increased following AML/CTF Act amendment
The AML/CTF Act has been amended following the passing of the Crimes and Other Legislation Amendment (Omnibus) Act 2023. …
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28 Sep 2023 T-REX Article
Credit provider charged prohibited fees on small amount credit contracts
The Federal Court has found that Ferratum Australia Pty Ltd (in liquidation) charged prohibited fees and overcharged customers on small …
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28 Sep 2023 T-REX Article
ASIC takes action on lenders’ financial hardship obligations
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28 Sep 2023 T-REX Article
Government defines what is a ‘large ADI’
The Government has registered a new instrument the National Consumer Credit Protection (Large ADI) Determination 2023 (Instrument) which sets out …
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28 Sep 2023 T-REX Article
"Experience pathway" passes Parliament
The Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 has passed both houses of Parliament and received Royal Assent. …
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28 Sep 2023 T-REX Article
FSCP releases decisions on bests interests, record keeping and related issues
The Financial Services and Credit Panel has reported that two relevant providers failed to comply with a number of obligations …
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28 Sep 2023 T-REX Article
ASIC releases report on distribution of OTC derivatives to retail clients
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28 Sep 2023 T-REX Article
FAR out, it’s happening!
The legislative framework for the FAR – the Financial Accountability Regime (Consequential Amendments) Bill 2023 and Financial Accountability Regime Bill …
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28 Sep 2023 T-REX Article
Proceedings against AustralianSuper where members hold multiple accounts
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28 Sep 2023 T-REX Article
ASIC makes changes to MIS and CCIV Class Orders on acquisition of interests
In March, ASIC sought consultation on Class Order [CO 13/656] Equality of treatment impacting on the acquisition of interests, which …
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28 Sep 2023 T-REX Article
ASIC replaces Class Orders for managed investment schemes
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28 Sep 2023 T-REX Article
ASIC remakes Class Orders on platforms
ASIC has remade the following Class Orders dealing with investor directed portfolio services:
- ASIC Class Order [CO 13/762] Investor directed …