Funds Update – 12 April 2024

In this Funds Update for 12 April 2024: AFSL duty breaches found in CAR business Parliament introduces conflicted remuneration changes ASIC appeals decision that crypto asset is not a financial product Parliament introduces sustainability reporting bill Treasury releases draft legislation encouraging BTR investment AFSL duty breaches found in CAR business On 11 April 2024, the … Read more

Funds Update – 28 March 2024

In this Funds Update for 28 March 2024: Inquiry into the wholesale investor and wholesale client tests ASIC wins first greenwashing civil penalty action ASIC remakes five ‘sunsetting’ class orders for managed funds, including [CO 13/1409] and [CO 13/1410] First ASIC action for failing to have a director identification number Federal Court rejects ASIC’s first … Read more

Funds Update – 15 March 2024

In this Funds Update for 15 March 2024: Court decision on reasonable steps re conflicted remuneration Crypto-asset found to not be a financial product ASIC publishes enforcement and regulatory update for October to December 2023 Court decision on reasonable steps re conflicted remuneration On 29 February 2024, the Federal Court handed down its decision on … Read more

Funds Update – 1 March 2024

In this Funds Update for 1 March 2024: ASIC reissues Regulatory Guide 148 on platforms Treasury announces financial services misconduct compensation scheme ASIC reissues Regulatory Guide 148 on platforms On 19 February 2024, ASIC reissued Regulatory Guide 148: Platforms that are managed investment schemes and nominee and custody services (RG 148). The reissued RG 148, … Read more

FFSP AFSL Exemptions Bill referred to Senate Economics Legislation Committee

Background On 30 November 2023, the Treasury Laws Amendment (Better Targeted Superannuation Concessions) Imposition Bill (Bill) was tabled in the House of Representatives, which included new exemptions from holding an Australian financial service licence (AFSL) for foreign financial service providers (FFSPs). The tabled Bill was slightly different to the exposure draft which was published by Treasury for … 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

5 YEARS ON FROM THE ROYAL COMMISSION

It has been 5 years since Commissioner Hayne, in February 2019, released the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (FSRC). It was a watershed moment for the financial services sector, with the rippling effects still being felt 5 years on. It is safe to say … Read more

Funds Update – 2 February 2024

In this Funds Update for 2 February 2024: Treasury releases exposure draft legislation on climate-related financial disclosure ASIC consults on 5 ‘sunsetting’ managed investment scheme class orders HSF’s global FSR outlook for 2024 Treasury releases exposure draft legislation on climate-related financial disclosure On 12 January 2024, Treasury released the Treasury Laws Amendment Bill 2024: Climate-related … Read more

Funds Update – 19 January 2024

In this Funds Update for 19 January 2024: ALRC publishes final report on corporations and financial services legislation reform ALRC publishes final report on corporations and financial services legislation reform On 18 January 2024, the Australian Law Reform Commission (ALRC) published Confronting Complexity: Reforming Corporations and Financial Services Legislation (Final Report), building on the three … Read more