Our Financial Services Regulatory team surveys the regulatory landscape for 2022 and identifies themes that we expect to be at the core of regulatory priorities globally over the next 12 months.  On 7 December 2021, HSF published its annual Financial Services Regulatory Outlook report surveying the global regulatory landscape for 2022 which addressed the following … Read more

As recently recognised by our financial services partner Michael Vrisakis, understanding the Corporations law is much like unpacking Russian dolls. Put simply, complying with the Corporations law is more difficult than it needs to be. But we don’t need to tell you that. In its first (interim) Financial Services Legislation Report published yesterday, the ALRC … Read more

On 17 November 2021, ASIC released draft updated guidance on consumer remediation for all AFS licensees, Australian credit licensees and retirement savings account providers. The draft guidance is attached to Consultation Paper 350 Consumer remediation: Further consultation (CP 350). This article considers the key features of the draft guidance with a particular focus on significant … Read more

In this article, we look at how ASIC is reacquainting itself with one of the oldest tools in its enforcement toolkit: the court enforceable undertaking (CEU). ASIC’s new Chair Joe Longo has long signalled since commencing with the regulator in June that the “why not litigate?” enforcement mantra of predecessor James Shipton is a thing … Read more

The Financial Accountability Regime Bill 2021 (FAR Bill) was introduced in the House of Representatives on 28 October 2021. This legislation will replace and extend the Banking Executive Accountability Regime (BEAR) (which currently only applies to authorised deposit-taking institutions (ADIs)) to all APRA-regulated entities – with some key changes, including: the Financial Accountability Regime (FAR) … Read more

It goes without saying that the new Best Financial Interests Duty (BFID) obligations are central to not just a superannuation trustee’s governance framework, but also its operational framework. As readers will be aware from our previous articles on this subject (see here and here), we are seeking to assist superannuation trustees to understand the duty … Read more

Our last article on this topic canvassed the new best financial interests duty (BFID) in some detail (link here), particularly the breadth of the duty and how it impacts on delegations. We touched on the reach of the new duty in terms of whether it is a subjective test, an objective test and/or an outcomes-based test. … Read more

By Ruth Stringer and Preeta Seshachari After a long gestation period, the Federal Government’s proposed retirement income covenant (RIC) for superannuation trustees has finally been revealed with the publication of Exposure Draft legislation (available here). The new covenant will require superannuation trustees to develop a retirement income strategy for the benefit of beneficiaries who are retired … Read more