The month of May saw a broad range of activities within the financial services industry. ASIC released the results of its review into compliance with the design and distribution obligations as well as updating the industry on their greenwashing actions. ASIC also commenced proceedings against an insurer, alleging unfair contract terms in an insurance contract
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
Today’s announcement of a review into managed investment schemes signals a potentially significant overhaul of the laws governing Australia’s main investment vehicle. In arguably the broadest review since that undertaken by the former Corporations and Markets Advisory Committee in 2012, the Assistant Treasurer announced that the Federal Government will undertake a review of “the regulatory
September saw a variety of regulatory changes from ASIC, APRA, AUSTRAC and ACCC in the financial services sector. Meanwhile, ASIC conducted a review into claims made by funds in their marketing material, finding that many did not adequately explain the risk profile of the investment. ASIC also exempted insurers from releasing a cash settlement fact
The month of August saw a broad array of regulatory updates from ASIC and APRA. Notably, ASIC announced an extension of the transitional relief for foreign financial services providers from the requirement to hold an Australian Financial Services licence. August also saw ASIC release its corporate plan illustrating its strategic priorities for the next four
The month of July saw a suite of regulatory and industry updates following the start of a new financial year. Notably, ASIC announced assistance for unlisted companies and issued its report on its enforcement and regulatory actions. It also announced that it will be taking new measures designed to strengthen the financial system by regular
The month of June saw an increase of material regulatory and industry updates following the Australian federal election. ASIC released further industry guidance for its expectations regarding sustainability disclosure and has released the remade instruments on disclosure relief for product disclosure statements, Financial Service Guides and superannuation dashboards. As we move towards the second superannuation
As we have previously reported (see here), the law on sustainability-related disclosures is an evolving area and increasingly a topic of concern in the face of regulatory enforcement and class action risk. Significant international developments have included the establishment of the International Sustainability Standards Board and the recent proposal by the US SEC for
The month of May brought a lower number of material regulatory and industry updates due to the Australian federal election. ASIC cancelled the registration of a number of SMSF auditors for failing to lodge their annual statements. In superannuation, APRA published its Quarterly Superannuation Performance publication and Quarterly MySuper Statistics Report, which provides material superannuation