On 12 September 2018, the Australian Competition and Consumer Commission (ACCC) released for public consultation the Consumer Data Right (CDR) Rules Framework (Rules Framework) following the release of the exposure draft Treasury Laws Amendment (Consumer Data Right) Bill 2018 (the Bill) which proposes amendments to the Competition and Consumer Act 2010 (Cth), the Australian Information Commissioner Act 2010 (Cth), and the Privacy Act 1988 (Cth). Continue reading
As community expectations and the nature of crime changes, so too does the role of the regulator.
The ABC news reports today that “for the first time, the Australian Securities and Investments Commission will have enhanced powers to place dedicated staff within the big four banks and wealth manager AMP to directly monitor governance and compliance and fight white-collar crime.” Continue reading
With terminology such as mixers, cold storage, tumblers and Onions (Onion Routers) (TOR), one may be excused for overlooking the significance of money laundering the digital age.
FATF Report to G20 Finance Ministers and Central Bank Governors
In July 2018, the Financial Action Task Force (FATF) published its report to the G20 Ministers and Central Bank Governors on digital currency, which reports that:
- the link between virtual currencies/crypto-assets and other predicate crimes appears to be growing;
- countries have regulated crypto in various ways, from implementing a blanket ban against dealing, use, issue and settling, to regulating crypto exchanges; and
- FATF will review its 2015 guidance about crypto currency, and will meet again in September 2018 to discuss crypto related money laundering in more detail.
The Court of Appeal has emphatically confirmed that “the function of the trustees is to manage and administer the scheme; not to design it” in a recent judgement handed down in the UK.
Written by Philip Hopley
The federal government has just released for public consultation a second exposure draft of the legislation that will introduce financial product design and distribution obligations into the Corporations Act and give ASIC new enforcement powers, which includes the issuing of stop orders.
Having considered the submissions provided on the first draft of exposure legislation that was published last year, the government’s updated draft legislation contains a number of qualifications, clarifications and enhancements to the proposed product design and distribution regime. This includes extending the transitional period from one to two years.
For those wanting a snapshot of what has changed there is a helpful Information Note. A more detailed comparison between the current and proposed laws can be found at page 7 of the Explanatory Memorandum. More committed readers can access the full updated draft bill here.
This consultation is open for comments until Wednesday, 15 August 2018. Details of how to do so are here.
Written by Philip Hopley
There is just over a month left for stakeholders to provide views on a proposed model that will implement the government’s policy to apply unfair contract terms legislation to life and general insurance contracts for consumers and small businesses. To find out more, click here.
Written by the one and only Michael Vrisakis
Yesterday’s Financial Review contained an article by James Eyers (page 22) which touched on what we will call “Cyborg Advice”; that is hybrid advice involving man and machine.
The article notes that developments such as open banking and broader “customer data rights” are likely to push advice to be focused on the specific and not the general. Continue reading