On 31 October 2023, the Financial Action Task Force (FATF) published a public consultation on FATF Risk-Based Guidance to Recommendation 25.
At the February 2023 Plenary, the FATF agreed on enhancements to Recommendation 25 on legal arrangements to bring its requirements broadly in line with those for Recommendation 24 on legal persons
On 16 October 2023 the Australian Federal Treasury released its public consultation paper regarding the proposed regulatory regime for digital asset platforms. The proposed framework highlights the Australian Government’s intention to ensure consistent oversight and safeguards for consumers by regulating digital asset platforms and other intermediaries within the existing Australian Financial Services Licence (AFSL
On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution.
This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency.
The compendium looks at
This article was co-authored with Abhi Ravishankar and Joel McKay
In a much anticipated development, Treasury has released for consultation its exposure draft on Australian financial service (AFS) license exemptions for foreign financial services providers (FFSPs) (the exposure draft Bill and explanatory memorandum can be found here). This consultation comes
On 5 July 2023, the Financial Markets Standards Board (FMSB) published a spotlight review on data and transparency in precious metals markets.
This review is the third in a series of spotlight reviews by FMSB members that also cover precious metals market structure and post-trade.
This review focuses on:
April was another fast moving month in the financial services sector. ASIC released updates to the breach reporting requirements to introduce new guidance and clarify existing guidance regarding reportable situations. The regulator also provided further communications surrounding the superannuation performance test, as well as commenced proceedings against an insurance company alleging unfair contract terms in
The month March was a busy month which saw some significant developments in the financial services sector. Notably, ASIC is currently consulting on class orders about financial requirements in considering whether to remake certain class orders. The regulator is also consulting on ‘sunsetting’ class orders changing responsible entities and equal treatment. ASIC also granted conditional
In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions
On 24 November 2022, following an application from an insurer and further consultation with industry, consumers and government stakeholders, ASIC introduced the ASIC Corporations (Financial Services Guides) Instrument 2022/910 (Instrument) to provide relief to certain Authorised Representatives of Australian financial services licensees (ARs) from complying with the requirement to provide a
In the latest instalment of our Regulation Around the World series, financial services partners in 15 jurisdictions provide an update on regulatory developments concerning operational resilience. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast