Spotlight on Regulatory Risk in Financial Services

This edition of our FSR Australia Notes focuses on the concept and dimensions of regulatory risk. We see this as an increasingly important area of financial services regulation, as following the Financial Services Royal Commission, a financial institution’s relationship with the regulators is particularly paramount. There are many factors underpinning this observation, including the more … Read more

Regulatory “Rinkles”: Spotlight on efficiently, honestly and fairly

By Michael Vrisakis This edition of Regulatory Rinkles deals with the scope of the concept of “financial services” for the purposes of assessing the obligations of an Australian financial services licensee under Division 3 of Part 7.6 of the Corporations Act, primarily section 912A. The issue is of particular relevance in the context of the obligation … Read more

Important changes in the AFSL landscape

By Fiona Smedley, Ewan MacDonald and Nick Alexander   The Australian financial services license (AFSL) landscape has just shifted under your feet. The Australian Securities & Investments Commission (ASIC) now requires all new and current applicants for the grant or variation of an AFSL to satisfy a ‘fit and proper person test’ in relation to the applicant’s officers, all … Read more

New legislation encourages employers to address historic SG shortfalls

Legal Briefings – By Sarah Yu and Amber Kennedy The Minister for Revenue and Financial Services has announced a proposed 12 month Superannuation Guarantee (SG) amnesty to incentivise employers to voluntarily address past SG non-compliance Employers should be proactive in disclosing and rectifying historic SG non-compliance during the proposed 12 month SG amnesty period under … Read more