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
This article continues the analysis from Part 1 of Spotlight on efficiently, honestly and fairly by looking at how financial institutions can respond to the efficiently, honestly and fairly duty, particularly at a practical level and also given the increased regulatory sanctions with the obligation now being transformed into a civil penalty provision. Read more
This edition will examine how the standards, procedures and processes in regulatory compliance and governance that are being affected by Covid-19 are reflective of the particularly unique circumstances that prevail under Covid-19. Read more
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
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
Reforms proposed by the Government this week will impose significant obligations on registrable superannuation entity licensees and insurers. These reforms will also have implications for banks that are already subject to the Banking Executive Accountability Regime (BEAR). Read more
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
