FSR GPS: Misleading or deceptive conduct – A disclaimer antidote?

In this edition of the FSR GPS, we explore key principles for financial services businesses to consider when considering the use of a disclaimer to mitigate false, misleading or deceptive conduct. As noted in our previous article about where an unintentional error may not constitute misleading or deceptive conduct, the key test for misleading or … Read more

FSR GPS Podcast Series – EP10: Impact of quantum computing in financial services

EP 10: Impact of quantum computing in financial services In this episode, join Partner Peter Jones, Regional Head of Emerging Technology (APAC) Susannah Wilkinson, Senior Associate Anjelica Balis and Solicitor Nayan Bhathela as they explore the impact of quantum computing on the financial services sector. Soundcloud | Spotify | Apple      About the FSR GPS Podcast Series Our “FSR GPS” podcast … 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

GLOBAL FSR OUTLOOK 2024: FINDING SOLID GROUND AS THE BEDROCK SHIFTS

In 2024, the character of change is more foundational – or fundamental – in nature than ever before. From ESG to AI, the shape of the world we live in is changing in a radical way. In this, our annual Global Outlook, we look at the paths through the shifting landscape for firms seeking solid … 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

ASIC doubles down – DDO pressure points

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

HSF PUBLISHES GLOBAL BANK REVIEW 2023: TRUST MATTERS

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

ASIC ‘lifts its game’ on DDO

The Design and Distribution Obligations (DDO) regime is increasingly becoming a cornerstone in ASIC’s supervision and enforcement arsenal. In the latest, on 18 May 2023, ASIC announced that it had made 8 new interim stop orders preventing the issue of derivatives including contracts for difference (CFDs) to retail clients because of deficiencies in their target … Read more

ASSESSING CRIMINAL OFFENCE PROVISIONS FOR ASIC BREACH REPORTING

The breach reporting regime continues to give rise to ambiguity for licensees. As we have commented previously, there continues to be a mismatch in breach reporting practices across the industry and ASIC expectations, as well as a divergence of breach reporting practices between licensees. A common area of over-reporting is in the context of reporting … Read more