Regulatory Updates
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28 Feb 2023 T-REX Article
ASIC sues RACQ alleging pricing discounts were misleading
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28 Feb 2023 T-REX Article
AFCA releases
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28 Feb 2023 T-REX Article
ASIC publishes Indigenous Financial Services Framework
ASIC has published the Indigenous Financial Services Framework. This sets out ASIC’s learnings about indigenous Australians’ needs, after extensive …
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28 Feb 2023 T-REX Article
Banning orders – further opportunity for insight
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28 Feb 2023 T-REX Article
ASIC enforcement, guidance and law-making – what is headed our way
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28 Feb 2023 T-REX Article
CDR developments
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28 Feb 2023 T-REX Article
Simplification of financial services regulation
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28 Feb 2023 T-REX Article
Cyber resilience – borrowing from APRA
APRA’s Policy and supervision priorities for 2023, released recently, show that APRA will be prioritising cyber resilience in its …
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28 Feb 2023 T-REX Article
Privacy Act Report – better accommodating the digital era
The Attorney-General’s Department released Privacy Act Review Report 2022. This Report is the culmination of the Department’s review of …
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08 Feb 2023 Alert
Quality of Advice Review Final Report released
The Government today released the Quality of Advice Review Final Report, which it received from Michelle Levy in December.
The …
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31 Jan 2023 T-REX Article
Weathering the Storm: Cybersecurity and managing information in the wake of the Optus & Medibank privacy data breaches (T-REX Bites Feature Article)
Historically, businesses have kept documents to 'be on the safe side'. But, as we now see in the wake of …
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31 Jan 2023 T-REX Article
Consultation
The following items were open for consultation in January 2023:
Treasury Laws Amendment (Measures for consultation) Bill 2022: ALRC Financial …
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31 Jan 2023 T-REX Article
In brief
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31 Jan 2023 T-REX Article
FATF releases report on money laundering and synthetic opioids
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31 Jan 2023 T-REX Article
FATF releases updated consolidated assessment ratings for January 2023
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31 Jan 2023 T-REX Article
Time to submit your 2022 compliance report – get started today
The commencement of the new year meant that it is again time for reporting entities to submit their Annual Compliance …
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31 Jan 2023 T-REX Article
Cooperation with AFCA a must
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31 Jan 2023 T-REX Article
Derivative transaction reporting rules
Following two rounds of consultation, ASIC has made ASIC Derivative Transaction Rules (Reporting) 2022. These remake the ASIC Derivative …
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31 Jan 2023 T-REX Article
Notifying ASIC about qualified tax relevant providers
Uncertainty about when and how to notify ASIC of qualified tax relevant providers (“QTRPs”) has been resolved with the update …
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31 Jan 2023 T-REX Article
TMD deficiencies: ASIC issues 22nd interim stop order
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31 Jan 2023 T-REX Article
ASIC tackles greenwashing
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31 Jan 2023 T-REX Article
OAIC updates CDR Privacy Safeguard Guidelines
The Office of the Australian Information Commissioner has published updates to the CDR Privacy Safeguard Guidelines. These changes reflect …
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31 Jan 2023 T-REX Article
ALRC spring clean continues
The Government has made Treasury Laws Amendment (Modernising Business Communications and Other Measures) Regulations 2022.
These Regulations implement recommendations …
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31 Jan 2023 T-REX Article
Licensees should consider finfluencer regulatory risks
A recent Federal Court decision relating to the activities of a finfluencer is a timely reminder to licensees to consider …
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31 Jan 2023 T-REX Article
Licensee reinventing itself after contraventions – too little too late
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31 Jan 2023 T-REX Article
Responsible Managers – experience and reputation could protect you
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31 Jan 2023 T-REX Article
AFCA determination: offering to repaper clients to an overseas entity
AFCA issued a Determination on 31 August 2022 in relation to a complaint lodged by a client of a CFDs …
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22 Dec 2022 T-REX Article
Who’s in control? Changes of control to a licensed entity and your obligations (T-REX Bites Feature Article)
In this article, we examine the obligation of AFSL holders and credit licensees to determine whether there has been a …
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22 Dec 2022 T-REX Article
Consultation
The following items were open for consultation in December 2022:
FATF Guidance on Beneficial Ownership (Recommendation 24). This draft …
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22 Dec 2022 T-REX Article
In brief
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22 Dec 2022 T-REX Article
AUSTRAC provides tips on reporting procedures
AUSTRAC has provided tips on transaction reporting to assist reporting entities satisfy their reporting obligations.
The top tips include:
- the …
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22 Dec 2022 T-REX Article
AUSTRAC provides update on Reporting Entity System Transformation
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22 Dec 2022 T-REX Article
AUSTRAC releases financial crime guide on protecting children from sexual exploitation
AUSTRAC has released a financial crime guide to help businesses identify risk indicators and report transactions that may be linked …
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22 Dec 2022 T-REX Article
AUSTRAC releases national proliferation financing risk assessment
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22 Dec 2022 T-REX Article
AUSTRAC issues guidance to ensure greater access to financial services
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22 Dec 2022 T-REX Article
AUSTRAC commences Federal Court proceedings against SkyCity Adelaide
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22 Dec 2022 T-REX Article
Civil penalty proceedings commenced against Star Entertainment Group
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22 Dec 2022 T-REX Article
More ASIC action on crypto-based products
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22 Dec 2022 T-REX Article
Life insurers miscalculate benefits
In each case, the insurer was required to implement a remediation program, re-calculate the benefits and address the system errors. …
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22 Dec 2022 T-REX Article
Superannuation trustees to uplift complaints handling
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22 Dec 2022 T-REX Article
CDR to extend to non-bank lenders
Mortgage brokers are expected to benefit from the future expansion of the Consumer Data Right to the non-bank lending sector. …
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22 Dec 2022 T-REX Article
End of the road for Cingo Pty Ltd and BHF Solutions Pty Ltd
The High Court has dismissed Cingo Pty Ltd and BHF Solutions Pty Ltd’s special leave applications to appeal the recent …
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22 Dec 2022 T-REX Article
DDO and credit
Continuing with ASIC’s DDO trend, ASIC has released a report summarising its review of DDO compliance amongst Australian credit licensees …
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22 Dec 2022 T-REX Article
ASIC brings first civil penalty case in DDO
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22 Dec 2022 T-REX Article
AFCA’s approach to complaints relating to mortgage broker BID
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22 Dec 2022 T-REX Article
AFCA releases
AFCA’s AGM took place on 24 November 2022. A recording of the AGM and the copies of the Chair and …
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22 Dec 2022 T-REX Article
Responsible managers and compliance
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22 Dec 2022 T-REX Article
ASIC bans director and company for inadequate training
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22 Dec 2022 T-REX Article
Sitting dates for 2023 financial adviser exam
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22 Dec 2022 T-REX Article
ASIC guidance on SMSF advice