Australia

One million visitors and counting

We have recently passed one million visitors to our Regulation tomorrow blog! My thanks to my colleagues for their contributions to the blog and to clients and contacts for using this resource.… Continue Reading

Financial services monthly wrap up – October 2019

By Jon Ireland, Charlotte Henry, Matthew Farnsworth (AU) and Anjelica Balis on November 7, 2019 Posted in ASIC, Australia, Financial advice, Financial Services, Funds management

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

New webinar series: Global asset management regulation

By Imogen Garner (UK) on October 28, 2019 Posted in Asset management, Australia, Canada, France, Germany, Italy, Seminars and webinars, The Netherlands, United Kingdom, United States

To be successful with the launch of an overseas fund, asset managers need to familiarize themselves with legal structures and operational differences as well as an array of regulatory requirements, which can differ between investors and jurisdictions. Our global financial services regulatory team have launched an on-demand webinar series exploring the key issues and requirements … Continue Reading

Updated briefing slides: Doing business in the EU

By Simon Lovegrove (UK) on October 3, 2019 Posted in Africa, Australia, Brexit, Canada, France, Germany, Italy, Regulation, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulatory Compliance, The Netherlands, United Kingdom, United States

We have recently updated our briefing slides on the measures that Member States are implementing for a no-deal Brexit. In particular, the slides include a new section on Luxembourg and updates to the following jurisdictions: Germany, France, Italy, Poland, Finland and Spain. The briefing slides can be accessed here. Our Brexit Pathfinder hub is a … Continue Reading

New webinar recording – Brexit: the final countdown?

The recording from our latest 40 minute briefing webinar is now available. In this webinar our London team discuss what they are seeing in the market as firms make their preparations for a no deal Brexit. They also cover the PRA and FCA temporary transitional relief powers and ask the question of what legal and … Continue Reading

German regulator updates its guidance on the EU-US Covered Agreement

By Andreas Börner (DE) on September 20, 2019 Posted in Financial Services, Germany, Insurance, United States

The German regulator BaFin has updated its guidance on the conduct of reinsurance business by US insurers in Germany under the provisions of the 2017 EU-US Covered Agreement (“Bilateral Agreement between the European Union and the United States of America on prudential measures regarding insurance and reinsurance”). An English language version has also been published, … Continue Reading

Financial services monthly wrap up – August 2019

By Jon Ireland, Charlotte Henry and Matthew Farnsworth (AU) on September 4, 2019 Posted in ASIC, Australia, Financial advice, Financial Services, funds management

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

By Jon Ireland, Charlotte Henry, Matthew Farnsworth (AU) and Cate Shirley (AU) on August 5, 2019 Posted in ASIC, Australia, Financial advice, Financial Services, funds management

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

Global Asset Management Quarterly

The latest issue of Global Asset Management Quarterly is now available here. In this issue we cover: Sustainable finance is a trend set to stay Brexit: latest developments Luxemburg update Ireland update The proposed Australian corporate collective investment vehicle SFC raises disclosure requirements for Green or ESG funds Mutual recognition of funds: Netherland – Hong … Continue Reading

What do ASIC’s proposals mean for foreign financial services providers?

By Matthew Farnsworth (AU), Cate Shirley (AU), Jon Ireland and Charlotte Henry on July 12, 2019 Posted in Asia, Australia, Financial advice, Funds management, General, Germany, Investment, Regulators, Regulatory Compliance

Introduction As noted in our earlier update, ASIC has released its updated proposals for the licensing relief available to foreign financial services providers (FFSPs) servicing wholesale clients in Australia, with the release of Consultation Paper 315. In summary, ASIC has proposed to: extend the expiry of the sufficient equivalence relief and limited connection relief until … Continue Reading

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

By Cate Shirley (AU) and Matthew Farnsworth (AU) on July 3, 2019 Posted in ASIC, Australia, Financial advice

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

Financial services monthly wrap up – June 2019

By Jon Ireland, Charlotte Henry, Matthew Farnsworth (AU) and Cate Shirley (AU) on July 2, 2019 Posted in Australia, Banking, Banking, Banking, Financial Services, Regulation, Superannuation

In June 2019 ASIC released its estimates for the Industry Funding levy for the 2018-19 financial year. Further, ASIC and APRA have formally commenced consultation on product intervention powers and product responsibility under the Banking Executive Accountability Regime respectively. 1 July 2019 also marks the commencement date of a variety of new and updated legislation … Continue Reading

Open Banking around the world | A global comparative guide

By Simon Lovegrove (UK) and Alan Bainbridge (UK) on June 20, 2019 Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, Germany, Italy, The Netherlands, United Kingdom, United States

The UK continues to be the global pioneer in open banking through the implementation of the EU PSD2 and the CMA open banking initiative. However, through regulatory reforms and/or market-led initiatives, many jurisdictions are now catching up. Working with our colleagues across the globe, we have produced a comparative guide to open banking as part … Continue Reading

Financial services monthly wrap up – May 2019

By Jon Ireland, Matthew Farnsworth (AU), Charlotte Henry and Cate Shirley (AU) on June 4, 2019 Posted in Australia, Regulatory Compliance

The May issue of the financial services monthly wrap up is now available. In this issue we report on: ASIC releases market integrity report for 1 July to 31 December 2018; ASIC releases guidance on ICOs and crypto-assets; ASIC invites public consultation in relation to complaints handling standards of financial institutions; ASIC Annual Forum 2019; … Continue Reading

Consensus New York & Blockchain week – key takeaways

By Hannah Meakin (UK) and Etelka Bogardi (HK) on May 21, 2019 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom, United States

Partners from our global FinTech team flew in from Hong Kong, Vancouver, London and Dallas to join our New York team to attend Consensus and Blockchain week in NYC (13-15 May). Consensus is an annual global conference which brings together the world’s most innovative minds to explore and debate the future of blockchain and crypto. … Continue Reading

Consumer Data Right and Open Banking: Government moves forward on legislation

By Ivan Yau (AU) on November 12, 2018 Posted in Australia, Banking, data, FinTech, Privacy, Regulators, Regulatory Compliance

The Australian Treasury has recently released draft legislation[1] with respect to Consumer Data Right (CDR) for a second round of public consultation. Under the proposed CDR regime, businesses in certain sectors of the economy will be compelled to provide consumers (individuals and business customers) with access to particular data, including their transactions, usage and product … Continue Reading

New AUSTRAC Compliance Report format for 2018

By Ivan Yau (AU) on November 4, 2018 Posted in Anti-money laundering, Australia, General, Regulators, Regulatory Compliance

AUSTRAC has released a new format for reporting entities to submit their annual compliance report (Compliance Report). This new compliance reporting format comes as a result of AUSTRAC’s reforms to their previous Compliance Report requirements which were suspended for the 2017 reporting period, and is designed so that reporting entities are required to provide more … Continue Reading

APRA’s review of the superannuation prudential framework

By Jon Ireland and Cate Shirley (AU) on October 7, 2018 Posted in Australia, FinTech, General, Public Submissions, Regulators, Superannuation, Uncategorized

On 23 May 2018 APRA announced that it would conduct a review of the superannuation prudential framework that was introduced in 2013 as part of the Stronger Super reforms.[1] The consultation is scheduled to take place over a four-month period and involve both formal and informal feedback from stakeholders across the superannuation industry. The structure … Continue Reading

Australian financial services and sanctions law

By Ivan Yau (AU) and Hazel Brasington (AU) on July 19, 2018 Posted in Australia, Regulators, Sanctions

“Sanctions” have been in the news quite often lately. The United Nations has adopted, and many of its member-states have imposed, trade and economic sanctions against North Korea to pressure its regime to give up nuclear weapons. Similarly, recent political developments surrounding the so-called “Iran Nuclear Deal” have been all about re-imposing sanctions in relation … Continue Reading

In the age of disruption, ASIC is a pioneer for cross-border regulation

By Claudine Salameh on June 28, 2018 Posted in Australia, FinTech, Investigations, Regulators

In an attempt to respond swiftly to some of the risks and challenges that have arisen from technological developments and information sharing, ASIC has become one of the first signatories to the newest standards for cross-border enforcement. The latest Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU) builds … Continue Reading

ASIC calls on retail OTC derivatives issuers to lift standards and address regulatory concerns

By Jon Ireland on June 28, 2018 Posted in Australia, Regulators

ASIC recently undertook a surveillance of the retail OTC derivatives sector, which has an estimated annual turnover of $11 trillion and over 450,000 investors in Australia. ASIC has released Report 579 here in which it identifies sector-wide issues with certain practices, including: misleading marketing materials unclear pricing methodologies, particularly around cryptocurrency CFDs inadequate risk management … Continue Reading

ASIC consults on its proposal to repeal and replace the ASIC class orders for Foreign Financial Services Providers with modified licensing regime

By Nikki Bentley (AU) and Matthew Farnsworth (AU) on June 7, 2018 Posted in Australia, Financial advice, Financial advice, FinTech, Funds management, General, Regulators

ASIC has released CP 301, a consultation paper which proposes a modified licensing regime (in place of the current FFSP relief available for FFSPs in certain jurisdictions) for foreign financial services providers carrying on a financial services business in Australia, with submissions due by 31 July 2018. Background In 2003, ASIC issued class order relief … Continue Reading

What Australian financial institutions need to know about cybersecurity and responding to cyber-attacks

By Ivan Yau (AU) on May 28, 2018 Posted in Australia, cyber security, Cybersecurity, data, FinTech, General, Regulators

It has been 3 months since Australia’s Notifiable Data Breach Scheme (NDB Scheme)[1] came into force and, already, the Office of the Australian Information Commissioner (OAIC) is receiving many notifications of cyber-attacks and other data breaches – both voluntarily and under the NDB Scheme. We will see even greater awareness of cybersecurity and data protection … Continue Reading

Sizing up the 3 BEARs

By Ivan Yau (AU) and Zein El Hassan (AU) on May 7, 2018 Posted in Australia, Banking, BEAR, Market integrity and misconduct, Regulators

The Australian Treasury has released and completed its consultation process on its Exposure Draft and accompanying Explanatory Material for the Banking Executive Accountability Regime (Size of an Authorised Deposit-taking Institution) Determination 2018. This draft legislative instrument defines what small, medium and large Authorised Deposit-Taking Institutions (ADIs) under the Banking Executive Accountability Regime (BEAR) are: a … Continue Reading