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THE STARTING POINT This edition of HSF FSR Australia Notes delves into a phenomenon which we see as increasingly prevalent in the Australian financial services market; namely, the over-reporting or under-reporting of significant breaches under section 912D of the Corporations Act. In this sense, the burning question becomes just what is the right compass setting … Read more
The Federal Court has recently reaffirmed that the phrase “in relation to” a financial service is necessarily of wide import. In this context, it is timely to reiterate the practical consequences of this broad interpretation in the context of financial services. “in relation to” In Australian Securities and Investments Commission v Hutchison [2020] FCA 978, … Read more
Written by Michael Vrisakis, Hartley Spring, Shan Verne-Liew and Nathan Hauser Introduction This month we expect to read the written submission filed by ASIC in respect of the High Court case of Westpac Securities Administration Limited v ASIC (High Court of Australia, S29/2020, commenced 7 May 2020). The case concerns whether certain call centre scripts contained general … Read more
CONTEXT This is an area where it is probably fair to say that close enough is not good enough. There is a central regulatory pre-condition that regulates the ability to claim retail regulatory treatment in relation to cash. This is set out in APRA Prudential Standard APS 210 Liquidity. The requirement is expressed is APS … Read more
As a body for securities regulators globally, the International Organization of Securities Commissions is an important standard setter for compliance, including in respect to the work of the Australian Securities and Investments Commission (ASIC). Given policy development in respect to outsourcing in Australia in recent times, IOSCO’s recent consultation in this area is a valuable … Read more
This edition of Regulatory Rinkles follows on from our previous edition on Spotlight on Conflicted Remuneration and focuses on the transitional issues facing product issuers and advice licensees who are looking to end or deal with their existing grandfathered arrangements before the grandfathering exemption is removed from 1 January 2021. LEGISLATIVE BACKGROUND – THE END … Read more
This edition of our FSR Australia Notes focuses on the concept and dimensions of regulatory risk. We see this as an increasingly important area of financial services regulation, as following the Financial Services Royal Commission, a financial institution’s relationship with the regulators is particularly paramount. There are many factors underpinning this observation, including the more … Read more
