Topic: Financial Services

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Regulation Tomorrow Podcast – Episode 1 now on Apple Podcasts

We are pleased to announce that the Regulation Tomorrow Podcast is now available on the Apple Podcasts app (and also on iTunes). Please click here to listen and subscribe to the podcast. Episode 1 focusses on Brexit, featuring interviews with Jonathan Herbst, Imogen Garner and Hannah Meakin.… Continue Reading

Financial services monthly wrap-up: July 2020

The month of July 2020 has seen a number of regulatory updates, guides and reminders to the financial services industry addressing the continuing challenges due to the impact of COVID-19. In particular, ASIC has released an update to its Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements amending transitional arrangements due to COVID-19, … Continue Reading

Financial services monthly wrap-up: June 2020

In June 2020, the Australian regulators continued to recalibrate their priorities and responses due to the ongoing impact of the COVID-19 pandemic. In particular, ASIC released reports putting investment funds ‘on notice’ to correct advertising and disclosure, as well as warning consumers and investors on the rise of scams during COVID-19. ASIC has also published … Continue Reading

Italy simplifies online conclusion of contracts

Amid emergency initiatives aimed at coping with the Covid-19 emergency, Italy has taken two steps aimed at easing the modalities for concluding contracts online, both of which are particularly significant for the financial services sector. It is worth reminding that banking and financial contracts under Italian law are valid only if entered in writing. Furthermore, … Continue Reading

Financial services monthly wrap-up: March 2020

March 2020 has seen a number of responses from the Government, regulators, associations and industry generally addressing issues and risks from the outbreak of the coronavirus (COVID-19). This update includes key regulatory responses in the wake of COVID-19 for the funds and financial services sector. Of the notable developments outside COVID-19, on 10 March 2020 … Continue Reading

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 financial services business into … Continue Reading

ASIC releases new regulatory framework for foreign financial service providers

On 10 March 2020, ASIC published its media release announcing the new regulatory framework for foreign financial services providers (FFSPs) providing financial services to wholesale clients in Australia. Existing licensing relief has been extended as follows: ASIC has provided a 2 year transition period until 31 March 2022 for FFSPs relying on the sufficient equivalence … Continue Reading

Financial services monthly wrap up – February 2020

The month of February 2020 has seen the passing of a number of bills implementing recommendations from the financial services Royal Commission, including measures strengthening the Australian Securities and Investments Commission’s (ASIC) licensing, search warrant and banning powers as well as reforms to protect consumers. February has also seen the welcoming of proposals from both … Continue Reading

Financial services monthly wrap up – November 2019

The month of November 2019 saw the much-anticipated updates to Regulatory Guide 97 ‘Disclosing fees and costs in PDSs and periodic statements’ released by ASIC, providing further reforms and guidance in relation to fees and costs disclosure requirements. In addition, APRA has released updated information sheets and prudential standards addressing concerns such as governance, culture, … Continue Reading

MAS Consultation Paper on Proposed Regulatory Approach for Derivatives Contracts on Payment Tokens

The Monetary Authority of Singapore (MAS) recently issued a consultation paper setting out its proposed regulatory approach for derivatives contracts that reference payment tokens as underlying assets (Payment Token Derivatives). What is this approach meant to address? A well-regulated market for derivatives – particularly one anchored by institutional investors with sophisticated risk management and investment … Continue Reading

Insurance claims handling soon to be a financial service

Following the release of the Royal Commission final report earlier this year, the Treasury has now released draft legislation that will make insurance claims handling a financial service under the Corporations Act 2001 (Cth). This will give the Australian Securities and Investments Commission (ASIC) greater supervisory responsibility over claims handling and require that these activities … Continue Reading

The SFC issues guidance on the use of external electronic data storage

The Securities and Futures Commission (the SFC) has issued a circular (the Circular) to licensed corporations (LCs) on the use of external electronic data storage providers[1] (EDSPs) and updated the frequently asked questions on the premises for business and record keeping in light of the Circular. In addition to setting out the SFC’s expectations for … Continue Reading

Financial services monthly wrap up – August 2019

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

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

Financial services monthly wrap up – June 2019

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

Consob suspends ICO

The Italian financial services regulator, the Commissione Nazionale per le Società e la Borsa (Consob), has recently been in the news for suspending an initial coin offering (ICO) to the Italian public. The full text of the Consob resolution (no. 20660 dated 31 October 2018) is available in Italian here. Essentially, Consob held that the … Continue Reading

Draft EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018

On 24 July 2018, HM Treasury published a draft version of the EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018. Among other objectives, the draft Regulations aim to: Remove references to passporting set out in the Financial Services and Markets Act 2000 and in other UK legislation, in preparation for Brexit; … Continue Reading

Covered bonds in Canada – an increased regulatory stance

The Office of the Superintendent of Financial Institutions (OSFI), the federal financial institutions prudential regulator, recently addressed the issue of a cap on issuance of covered bonds which presently stands at 4% of a bank’s total assets. OSFI is now taking a hard look at this limit and is doing so in the context of … Continue Reading
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