Topic: ASIC

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Financial services monthly wrap-up: March 2020

March 2020 has seen a number of responses from the Government, regulators, associations and industry generally addressing issues and risks from the outbreak of the coronavirus (COVID-19). This update includes key regulatory responses in the wake of COVID-19 for the funds and financial services sector. Of the notable developments outside COVID-19, on 10 March 2020 … Continue Reading

The new rules for foreign financial service providers in Australia: What now?

Introduction On 10 March 2020, following extensive consultation with industry, the Australian Securities and Investments Commission (ASIC) released its new regulatory framework for foreign financial services providers (FFSPs). These new rules are critically important for foreign firms (including asset managers and funds, brokers, foreign banks and other offshore institutions) undertaking wholesale financial services business into … Continue Reading

ASIC releases new regulatory framework for foreign financial service providers

On 10 March 2020, ASIC published its media release announcing the new regulatory framework for foreign financial services providers (FFSPs) providing financial services to wholesale clients in Australia. Existing licensing relief has been extended as follows: ASIC has provided a 2 year transition period until 31 March 2022 for FFSPs relying on the sufficient equivalence … Continue Reading

Financial services monthly wrap up – February 2020

The month of February 2020 has seen the passing of a number of bills implementing recommendations from the financial services Royal Commission, including measures strengthening the Australian Securities and Investments Commission’s (ASIC) licensing, search warrant and banning powers as well as reforms to protect consumers. February has also seen the welcoming of proposals from both … Continue Reading

Financial services monthly wrap up: December 2019 to January 2020

The months of December 2019 and January 2020 have proven to be a busy time for our Government and regulators, with significant changes and proposals for the funds and financial services sector. In particular, Treasury have released 17 bills in response to 22 recommendations made by Commissioner Hayne in the Royal Commission into Misconduct in … Continue Reading

Financial services monthly wrap up – November 2019

The month of November 2019 saw the much-anticipated updates to Regulatory Guide 97 ‘Disclosing fees and costs in PDSs and periodic statements’ released by ASIC, providing further reforms and guidance in relation to fees and costs disclosure requirements. In addition, APRA has released updated information sheets and prudential standards addressing concerns such as governance, culture, … Continue Reading

Insurance claims handling soon to be a financial service

Following the release of the Royal Commission final report earlier this year, the Treasury has now released draft legislation that will make insurance claims handling a financial service under the Corporations Act 2001 (Cth). This will give the Australian Securities and Investments Commission (ASIC) greater supervisory responsibility over claims handling and require that these activities … Continue Reading

Financial services monthly wrap up – October 2019

In October 2019, the much-anticipated bill to end grandfathered conflicted remuneration was passed, with the ban effective from 1 January 2021. There have also been recent developments in the Courts in relation to the definition of personal advice as well as a joint ASIC report on the role and shortcomings of disclosure in financial services. … Continue Reading

Financial services monthly wrap up – August 2019

In August 2019, ASIC announced plans to review the transition away from grandfathered conflicted remuneration and has proposed to use its new product intervention powers with respect to binary options and contracts for difference (CFDs). APRA and the Treasury have also provided an update on the implementation of recommendations made from the Royal Commission into … Continue Reading

Financial services monthly wrap up – July 2019

In July 2019, ASIC released the highly anticipated consultation on foreign financial services providers (FFSPs) licensing relief in Australia and announced that it had requested that exchange market operators not admit any managed funds that do not disclose their portfolio holdings daily and which have internal market makers. ASIC implements pause on admission of managed … Continue Reading

ASIC proposes to extend FFSP relief to 31 March 2020 and new funds management relief

ASIC has today published a media release on Consultation Paper 315 proposing to extend the current licensing relief for foreign financial service providers (FFSP) in Australia, while it further consults on the new licensing relief that will apply to FFSPs. Main takeaways:  ASIC proposes to extend the ‘limited connection relief’ to 31 March 2020 and … Continue Reading

ASIC updates INFO 225: Corporate regulator bytes back at misleading and deceptive ICOs

The Australian Securities and Investments Commission (ASIC) has released its updated guidance with respect to the treatment of initial coin offerings (ICOs) and cryptocurrencies. In its updated Information Sheet (INFO 225), the corporate regulator has clearly outlined its intent to crack down on any misleading or deceptive conduct by ICO issuers and cryptocurrency traders. Misleading … Continue Reading
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