Funds Update – 16 February 2024

In this Funds Update for 16 February 2024: ASIC uses PDS stop order powers ASIC accepts enforceable undertaking re DDO breaches ASIC consults on changes to OTC derivative transaction reporting rules FFSP AFSL exemption bill delays ASIC uses PDS stop order powers On 7 February 2024, ASIC announced that it had made interim stop orders … Read more

5 YEARS ON FROM THE ROYAL COMMISSION

It has been 5 years since Commissioner Hayne, in February 2019, released the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (FSRC). It was a watershed moment for the financial services sector, with the rippling effects still being felt 5 years on. It is safe to say … Read more

HSF advises AFMA in obtaining UCT relief from ASIC

The HSF Financial Services Regulatory team is pleased to have advised the Australian Financial Markets Association (AFMA) in obtaining welcome relief from ASIC in relation to the unfair contracts terms regime under the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act), which was recently expanded with effect from 9 November 2023. ASIC has adopted … Read more

Regulatory Rumbles: Can an issuer be held liable for a distributor’s conduct?

Increasingly, ASIC has sought to hold product issuers responsible for the conduct of other entities down the distribution chain. The recent case of ASIC v Diversa Trustees Limited [2023] FCA 1267 (Diversa) is an example of this. In this edition of Regulatory Rumbles, we explore this trend and examine the legal bases for holding product … Read more

Funds Update – 2 February 2024

In this Funds Update for 2 February 2024: Treasury releases exposure draft legislation on climate-related financial disclosure ASIC consults on 5 ‘sunsetting’ managed investment scheme class orders HSF’s global FSR outlook for 2024 Treasury releases exposure draft legislation on climate-related financial disclosure On 12 January 2024, Treasury released the Treasury Laws Amendment Bill 2024: Climate-related … Read more

BACK TO BASICS: INSURANCE CLAIMS HANDLING AND THE KEY CONDUCT OBLIGATIONS

Claims handling in insurance is currently a key focus of ASIC, with ASIC Deputy Chair Karen Chester recently calling for action from insurers to get the basics right and warning of the risks of enforcement action. ASIC has indicated it is closely monitoring claims handling processes and has already commenced several investigations across the insurance … Read more

Funds Update – 19 January 2024

In this Funds Update for 19 January 2024: ALRC publishes final report on corporations and financial services legislation reform ALRC publishes final report on corporations and financial services legislation reform On 18 January 2024, the Australian Law Reform Commission (ALRC) published Confronting Complexity: Reforming Corporations and Financial Services Legislation (Final Report), building on the three … Read more

HSF FSR Australia Notes – 2023 Wrapped

Welcome to HSF FSR Australia Notes – 2023 Wrapped! It has been another big year of regulatory change and enforcement action in the Australian financial services market, with DDO, unfair contract terms and breach reporting attracting a lot of attention and discussion among industry and the regulators. In our 2023 Wrapped, we take a look … Read more

FSR GPS Podcast Series – EP9: Understanding ASIC’s breach reporting relief

EP 9: Understanding ASIC’s breach reporting relief In this episode, join Senior Associates Tamanna Islam and Shan-Verne Liew and Solicitor Isabel Chong as they unpack the scope of ASIC’s relief from the mandatory breach reporting regime for Australian financial services licensees. Soundcloud | Spotify | Apple      About the FSR GPS Podcast Series Our “FSR GPS” podcast series explores topical … Read more