The bill to implement the foreign financial service provider (FFSP) exemptions to the requirement to hold an Australian financial services licence (AFSL) has lapsed on the dissolution of Parliament following the calling of the federal election yesterday. For more information on the final form of the bill (the Treasury Laws Amendment (Streamlining and Improving Economic Outcomes … Read more

By Scott Donald PhD CFA (External Consultant and Associate Professor – UNSW) Rob Kardashian, Emilio Estevez, Luke Hemsworth, Dannii Minogue, Trevor Chappell.  Sometimes it is hard to avoid being overshadowed by more famous, more glamorous siblings. The covenant in section 52(12) of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) must be feeling that … Read more

During the COVID-19 pandemic, a record number of first-time traders flocked to the market, which propelled financial influencers (‘finfluencers’) into ASIC’s spotlight and squarely placed them within ASIC’s enforcement remit. The rise of finfluencers is unsurprising in the social media and digital age. As financial services and financial product distribution become more challenging and complex … Read more

We have previously written about the doctrine of unconscionable conduct, where we follow the developing law of both statutory and equitable unconscionable conduct. The yo-yo starts its first play with the 2019 High Court decision in ASIC v Kobelt, which created significant uncertainty in the doctrine of unconscionable conduct (see our article here).[1] Five separate … Read more

In November 2021, the ALRC published its first (interim) Financial Services Legislation Report setting out a range of proposals for the simplification of financial services law. In this context, the ALRC recommended reform to the definition of “retail client”; namely: the removal of the product value and the income/asset tests; and the removal of exemptions in … Read more

In November 2021, the ALRC published its first (interim) Financial Services Legislation Report setting out a range of proposals for the simplification of financial services law. As part of this, the ALRC proposed to clarify the “efficiently, honestly and fairly” cornerstone obligation for AFS licensees under section 912A(1)(a) of the Corporations Act. In particular, the ALRC … Read more

On 17 February 2022, the Treasury Laws Amendment (Streamlining and Improving Economic Outcomes for Australians) Bill 2022 (Bill) was introduced into Parliament with a first reading in the House of Representatives. Schedule 1 to this Bill gives effect to legislative reforms to the exemptions for foreign financial service providers (FFSPs) from the need to hold an … Read more

The eagerly awaited detail of the proposed new foreign financial service provider (FFSP) exemptions from the need to hold an Australian financial services licence (AFSL) was released on 20 December 2021. Earlier in 2021, Treasury consulted on restoring the ‘previously well-established regulatory exemptions’, and to create a fast-track licensing process for FFSPs wishing to establish … Read more