September continued to be a busy month in the funds, super and insurance sectors, as the industry is in the final stages of preparing for the anticipated breach-reporting, anti-hawking reforms and new customer complaints handling requirements which are effective from October. Notably, ASIC has provided further guidance on each of these topics to assist the

Laura Taylor
Financial services monthly wrap-up
The month of August 2021 saw a release of anticipated updates to the upcoming changes in the funds management, superannuation and insurance sectors. Notably, Treasury has released the draft updated Corporate Collective Investment Vehicle fund legislation and tax framework, the release of the first Your Future Your Super performance test results and APRA and ASIC…
Financial services monthly wrap-up July 2021
The month of July 2021 saw the release of various anticipated consultations for the financial services sector.
In this wrap-up, we feature:
- ASIC’s consultation on the Financial Accountability Regime (FAR) draft bill which is set to improve the risk and governance cultures of the banking, insurance and superannuation sectors.
- Guidance on hawking reforms
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Update: Treasury consultation on FFSP relief
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…
ASIC consults on crypto-asset based listed funds and other investment products
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…
Federal Budget 2021-22: Changes for foreign financial services providers relief and licensing
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.
Financial services monthly wrap-up – April 2021
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…
Financial services monthly wrap-up: December 2020 to January 2021
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…
Federal Budget 2020: Summary of superannuation measures
On 6 October 2020, Treasurer Josh Frydenberg handed down the 2020 Federal Budget, which contained a package of significant superannuation reforms. The primary superannuation measures in the Budget are captured in the “Your Future, Your Super” package.
The package is intended to address ‘structural flaws’ in the superannuation system. The reforms will apply from 1…
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
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