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

In the wake of ASIC’s recent announcement on enforcement in this area, we thought that it would be timely to set out: some key points about how the client money provisions operate, particularly with respect to application money; the pitfalls to look out for; and how some of the more technical provisions interact with each … 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

Written by Michael Vrisakis, Tamanna Islam and Sky Kim COVID-19 has clearly had wide-ranging impacts on how financial services institutions conduct their businesses, ranging from the need for additional disclosure (dealt with in our previous disclosure module) to marketing and distribution, investment, valuation, administration and supply chain, and reporting in respect of financial products. This module looks at how … 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