State of Play: Taking ‘reasonable steps’ under financial services law

On 29 February, Jackson J handed down the decision in Australian Securities and Investments Commission v R M Capital Pty Ltd [2024] FCA 151 (ASIC v RM Capital). The case concerned whether RM Capital Pty Ltd (RM Capital), a financial services licensee, took reasonable steps to ensure its authorised representative, The SMSF Club Pty Ltd … Read more

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

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