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

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

Funds Update – 1 December 2023

In this Funds Update for 1 December 2023: FFSP legislation tabled in Parliament and to take effect 31 March 2025 ASIC consults on remaking class order on Exchange Traded Funds FFSP legislation tabled in Parliament and to take effect 31 March 2025 On 30 November 2023, the Treasury Laws Amendment (Better Targeted Superannuation Concessions and … Read more

Funds Update – 17 November 2023

In this Funds Update for 17 November 2023: ASIC commences first civil penalty action re RG 271 compliance Exposure draft legislation to amend conflicted remuneration and ongoing fee provisions ASIC confirms its DDO focus is turning to reasonable steps Greenwashing continues to be an enforcement priority for ASIC Follow-on consultation on derivative transaction reporting rules … Read more

Funds Update – 3 November 2023

In this Funds Update for 3 November 2023: ASIC releases more insights re reportable situations regime HSF article on DDO developments ASIC releases more insights re reportable situations regime On 31 October 2023, ASIC released its second publication (REP 775) on information lodged under the reportable situations regime. ASIC has concluded that REP 775 shows … Read more

Funds Update – 20 October 2023

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