There are several tectonic forces at play which are all converging to impact on sales and distribution of financial products. The key forces are: general law developments affecting general advice and personal advice; the new anti-hawking changes; the evolution of the efficiently, honestly and fairly obligation (click here to read our detailed discussion in previous … Read more

This edition of Regulatory Rinkles focuses on certain aspects of the conflicted remuneration regime under Part 7.7A of the Corporations Act 2001 (Cth) (Act), which are often ill understood. This focus is timely following the Royal Commission and the proposed end of the grandfathering regime. While the grandfathering of conflicted remuneration is coming to an … 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

Yesterday, ASIC provided an update on its surveillance activity on advertising and disclosure by investment funds, emphasising the importance of investment fund disclosure not being misleading and adequately addressing risk. It is important for licensees to bear in mind that the stance and views taken by ASIC can be applied equally to other products, such … Read more

Today, ASIC published its Interim Corporate Plan for the 2020–2021 financial year and an updated timetable of its ongoing work up to the second quarter of 2021. Key dates with respect to legal and regulatory reform in the financial and credit services industries are set out in the table below: Project Indicative timing Product intervention … 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

ASIC has (again) flagged that it will be amending the transitional arrangements in the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 (Instrument) on its superannuation fund COVID-19 FAQ page: ASIC will be amending the transitional arrangements for Product Disclosure Statements (PDSs) shortly to allow entities to come into the new disclosure regime from … Read more