As anticipated in our previous update, today Treasury released a consultation paper on options to restore previously well-established regulatory relief for Foreign Financial Services Providers (FFSPs), and options to create a fast-tracked licensing process for those that wish to establish a more permanent operation in Australia. Stakeholder feedback is sought on the following three options … Continue Reading
On 30 June 2021, ASIC released its consultation paper 343: Crypto-assets as underlying assets for ETPs and other investment products (CP343). The consultation has a broad remit and potentially significant consequences for trading in and investment exposure to crypto-assets. ASIC is seeking feedback on proposals about exchange-traded products (ETPs) and other investment products that provide … Continue Reading
In May 2021, the Federal Budget for the 2021-2022 financial year was handed down which included a number of proposed legislative reforms which will affect the Australian funds management and superannuation industries. Most notably, the Budget Papers included a commitment to the implementation of the Corporate Collective Investment Vehicle regime and also flagged changes to … Continue Reading
On Tuesday 11 May 2021, Treasurer Josh Frydenberg delivered the Australian Federal Budget 2021-2022, which contained an announcement as to future changes to the licensing and relief regime for foreign financial service providers (FFSPs). Find out what this means for FFSPs here.… Continue Reading
During April 2021, ASIC has used its product intervention powers to ban the sale of binary options to retail clients, as well as to extend temporary relief instruments amidst COVID-19. ASIC has also urged claims handling firms to lodge licences by next month. The superannuation sector has seen the release of exposure draft regulations to … Continue Reading
March 2021 has seen the release of legislative reforms to advice fee consent and lack of independence disclosure by financial advisers. ASIC has clarified its position on virtual AGMs and released an interim report on competition in the managed funds industry. APRA has urged life insurers and superannuation funds to ensure their insurance offerings and … Continue Reading
The month of February 2021 has seen continued momentum for a raft of changes affecting financial services providers from various industries. APRA has released its new policies and priorities for 2021, which have a particular focus on the impacts of COVID-19 and seek to strengthen the financial services sector in dealing with future crises. The ‘Your … Continue Reading
The months of December 2020 and January 2021 have been a busy time in the funds management, superannuation and insurance sector. In particular, ASIC has released its final Regulatory Guide 274 Product design and distribution obligations, which will bring industry-wide changes to how financial products are formed, promoted and marketed. The impact of COVID-19 has … Continue Reading
To help licensees design and execute consumer-centred remediation programs, ASIC has recently released a practical field guide titled ‘Making it right: How to run a consumer-centred remediation’ (the Field Guide). A consumer-centred remediation is one that puts the interests of consumers at the heart of every stage of the remediation. The Field Guide outlines the … Continue Reading
Webinar on 2 September 2020 at 8:45am to 10:00am (BST) We are evolving our successful 40 minute briefings into webinars for financial services professionals. This includes senior management and those in legal, compliance and risk teams who have or are developing financial services expertise. The webinars will be led by senior members of our financial … Continue Reading
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
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
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
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
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
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
At Norton Rose Fulbright, we have commented on a number of occasions that we expect the Banking Executive Accountability Regime (BEAR) to be extended beyond just authorised deposit-taking institutions (ADIs) and so as to cover other areas of the financial services sector. Such move, which we have previously informally nicknamed “FEAR” (Financial Executive Accountability Regime), … Continue Reading
Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulator, AUSTRAC, has released its guidance with respect to new laws that require digital currency exchange (DCE) providers to register and comply with AML/CTF obligations. AUSTRAC takes a broad approach in interpreting what is covered within the legal definition of a DCE. Essentially, any operation that converts fiat … Continue Reading
As the financial sector waits for the Australian Prudential Regulation Authority (APRA) to fully awaken the Banking Executive Accountability Regime (BEAR) through the provision of further guidelines, there is already a lot of chatter as to whether BEAR should be extended beyond its initial coverage of APRA-regulated Authorised Deposit-taking Institutions (ADIs). The Parliamentary Joint Committee … Continue Reading
Increasingly, clients are coming to us for regulatory advice surrounding the mining of cryptocurrency tokens, operating digital currency exchanges, raising funds through Initial Coin Offerings, and investments involving cryptocurrencies. On the heels of such heightened interest in investing in cryptocurrencies, the Australian Securities Exchange (ASX) has released their guidance with respect to Listed Investment Companies … Continue Reading
After a much long and at times unbearable wait, Federal Parliament has yesterday passed the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2018 (BEAR Legislation). The BEAR Legislation amends the Banking Act 1959 to impose accountability, remuneration and notification obligations on authorised deposit-taking institutions (ADIs) and those in directorship and senior management … Continue Reading
The Treasurer, the Hon Scott Morrison MP, has given his Second Reading Speech in the Parliament with respect to the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017 (BEAR Legislation) that introduces the Banking Executive Accountability Regime (BEAR). In his speech, the Treasurer made no surprises except that his Government still intends … Continue Reading
In April 2016, the Australian Bankers’ Association (ABA) initiated the Banking Reform Program – Better Banking (Program).[1] The Program was developed to protect consumer interests, increase transparency and accountability, and to build consumer trust and confidence in banks through a range of initiatives. Edelman Intelligence has conducted two rounds of consumer research studies to track … Continue Reading
In light of today’s geo-political climate and public concerns over the threat of terrorist attacks, we see a trend of governments placing greater focus on countering the funding of terrorist groups. Indeed, the United Nation’s International Convention for the Suppression of the Financing of Terrorism, which Australia has ratified, has been in force since 2002 … Continue Reading