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Following months of heightened scrutiny on target market determinations (TMDs) across the financial services sector, we are seeing signs that ASIC has shifted its focus on broader product and distribution governance under the DDO regime. In particular, ASIC has started issuing statutory notices and asking questions as part of a thematic review into how issuers and distributors are complying with their reasonable steps obligations. In this article, we focus on some of the key pressure points in DDO compliance as ASIC shifts its focus. Read more
The Australian Government has committed to introducing standardised, internationally aligned reporting requirements on company’s climate-related financial risks and opportunities. Representing the most significant change to corporate reporting in decades, on 23 October 2023, the Australian Accounting Standards Board (AASB) released Exposure Draft ED SR1 Australian Sustainability Reporting Standards – Disclosure of Climate-related Financial Information that is proposed to apply to … Read more
In this Funds Update for 20 October 2023: Amendments to the reportable situations regime ASIC releases 2022-2023 Annual Report ASIC makes Instrument 2023/673 Amendments to the reportable situations regime On 20 October 2023, ASIC Corporations and Credit (Amendment) Instrument 2023/589 (Instrument) took effect, providing welcome relief in relation to the reportable situations (breach reporting) regime … Read more
ASIC has registered the ASIC Corporations and Credit (Amendment) Instrument 2023/589 (Instrument), which provides welcome relief in relation to the ASIC breach reporting regime for Australian financial services licensees. The Instrument commences on 20 October 2023. The Instrument provides relief from the original position that a contravention of the misleading or deceptive conduct provisions are … Read more
EP 7: What to expect when ASIC joins the FAR enforcement beat In this episode, join Partner Andrew Eastwood, Senior Associate Ed Einfeld and Solicitor James Samartzis as they explore what ASIC will bring to the table as a co-regulator of the upcoming Financial Accountability Regime. Soundcloud | Spotify | Apple About the FSR GPS Podcast … Read more
On 9 October 2023, Herbert Smith Freehills published its 2023 Global Bank Review: Trust matters. This year, we’re diving deep into the very essence of the banking sector: trust. We explore trust in the context of scams, AI, funding net zero, digital assets, capital markets reform, and more. We also have exclusive insights from industry … Read more
In this Funds Update for 6 October 2023: ASIC calls on AFSL holders to strengthen their remediation procedures MIS Review consultation closes ASIC reissues Regulatory Guide 249 re derivative trade repositories Victorian tax changes for real estate and infrastructure funds ASIC calls on AFSL holders to strengthen their remediation procedures On 25 September 2023, ASIC … Read more
On 4 August 2023, Treasury published a Consultation Paper on its review of the regulatory framework for managed investment schemes. This Consultation Paper seeks feedback on the appropriateness of the existing regulatory settings for managed investment schemes, including: the thresholds that determine whether an investor is a wholesale client; whether certain managed investment schemes should … Read more
In this Funds Update for 22 September 2023: ASIC remakes three class orders for managed fund issues and withdrawals 2023–24 NSW Budget Update: Key stamp duty changes ASIC commences civil penalty provisions against crypto exchange provider for alleged DDO failures ASIC remakes three class orders for managed fund issues and withdrawals On 15 September 2023, … Read more
