International developments in outsourcing point to future direction in Australia

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

Regulatory “Rinkles” – Spotlight on Transitional Issues for Grandfathered Conflicted Remuneration

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

Financial services distribution & future sales models

There are several tectonic forces at play which are all converging to impact on sales and distribution of financial products. The key forces are: general law developments affecting general advice and personal advice; the new anti-hawking changes; the evolution of the efficiently, honestly and fairly obligation (click here to read our detailed discussion in previous … Read more

Spotlight on Regulatory Risk in Financial Services

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

Regulatory “Rinkles”: Spotlight on conflicted remuneration

This edition of Regulatory Rinkles focuses on certain aspects of the conflicted remuneration regime under Part 7.7A of the Corporations Act 2001 (Cth) (Act), which are often ill understood. This focus is timely following the Royal Commission and the proposed end of the grandfathering regime. While the grandfathering of conflicted remuneration is coming to an … Read more

UK Tough Legacy Taskforce recommends LIBOR legislative fix: key risks and next steps

This article was originally published on Banking Litigation Notes. The UK’s Tough Legacy Taskforce (Taskforce) has issued a paper on “tough legacy” issues in the transition from LIBOR. In an important intervention, it has recommended a legislative fix for all asset classes and possibly all LIBOR currencies. The scope of the recommendation from the Taskforce … Read more