FSR GPS: ‘BECOMING AWARE’ OF A SIGNIFICANT DEALING UNDER DDO

This edition of our ‘FSR GPS’ (Guidelines, Principles and Strategies) series provides some insights on the requirement to report significant dealings to ASIC under the upcoming DDO regime, which is due to come into effect on 5 October 2021. Under the DDO regime, a product issuer has an obligation to report a ‘significant dealing’ to … Read more

LIF commissions under review in 2021-2022

The Final Report of the Financial Services Royal Commission called for a follow-up review into the ethics and standards in the financial services sector. In response to this, on 21 April 2021 at the FSC Life Insurance Summit, Financial Services Minister Jane Hume announced that the Government will commission a review of the financial advice … Read more

FSR GPS: Anti-hawking reforms for financial products

This edition of our ‘FSR GPS’ (Guidelines, Principles and Strategies) series covers the upcoming changes to the anti-hawking regime for financial products in the Corporations Act, with the new regime coming into effect on 5 October 2021. In this article, we outline: our 12 legal principles which go to the heart of the new anti-hawking … Read more

Best interests duty when selling specific financial products

Written by Michael Vrisakis General issue The issue has been raised as to if and how advisers can satisfy the best interests duty (BID) when selling annuity products, particularly in a low interest rate environment and in the context of intra-fund advice. As noted below, the general issue here is the extent to which selling single … Read more

International developments in outsourcing point to future direction in Australia

As a body for securities regulators globally, the International Organization of Securities Commissions is an important standard setter for compliance, including in respect to the work of the Australian Securities and Investments Commission (ASIC). Given policy development in respect to outsourcing in Australia in recent times, IOSCO’s recent consultation in this area is a valuable … Read more

Regulatory “Rinkles” – Spotlight on Transitional Issues for Grandfathered Conflicted Remuneration

This edition of Regulatory Rinkles follows on from our previous edition on Spotlight on Conflicted Remuneration and focuses on the transitional issues facing product issuers and advice licensees who are looking to end or deal with their existing grandfathered arrangements before the grandfathering exemption is removed from 1 January 2021. LEGISLATIVE BACKGROUND – THE END … Read more