Welcome to the Herbert Smith Freehills Funds Updates series, covering Australian financial services regulatory updates relevant to funds.

 

Funds Update –  9 October 2020

In this fortnightly update:

  • Federal Court orders a $10 million penalty for unconscionable conduct and breaches of AFSL obligations

 

Funds Update – 25 September 2020

In this fortnightly update:

  • Outcome of ASIC surveillance on ‘cash’ funds
  • ASIC releases enforcement update
  • Extension of temporary measures for electronic meetings and electronic signing and witnessing of documents

 

Funds Update – 11 September 2020

In this fortnightly update:

  • ASIC releases its Corporate Plan for 2020-24
  • ALRC considers simplification of financial services regulations
  • ASIC commences enforcement action on breach of ‘best interests’ obligation

 

Funds Update – 28 August 2020

In this fortnightly update:

  • Hardship relief to allow member withdrawals from frozen funds
  • Court challenge to cyber security systems of AFSL holder

 

Funds Update – 14 August 2020

In this fortnightly update:

  • ASIC consults on new proposed product intervention order
  • ASIC issues reminder on asset valuations of managed funds

 

Funds Update – 31 July 2020

In this fortnightly update:

  • ASIC updates RG 97 finalising deferral of PDS fee disclosure regime
  • ASIC releases regulatory guide on complaints handling
  • Changes to lodgement process of ASIC relief applications

 

Funds Update – 17 July 2020

In this fortnightly update:

  • ASIC consults on second product intervention order
  • ASX extends temporary emergency capital raising relief

 

Funds Update – 3 July 2020

In this fortnightly update:

  • ASIC releases report for prospective relief applicants
  • New law defers training requirements for existing financial advisers and amends ASIC Act
  • Increase in the penalty unit amount

 

Funds Update – 19 June 2020

In this fortnightly update:

  • Reminder to funds about clear, balanced and accurate information in advertising
  • Regulatory guide on product intervention power finalised
  • ASIC releases its Interim Corporate Plan

 

Funds Update – 5 June 2020

In this fortnightly update:

  • Deferral of PDS fee disclosure regime
  • Instrument deferring DDO regime to 5 October 2021 released
  • Temporary changes to liability for companies and officers under continuous disclosure provisions
  • Treasury consults on exposure draft of regulation banning stamping fees for LICs and LITs

 

Funds Update – 22 May 2020

In this fortnightly update:

  • Six months deferral to commencement of design and distribution obligations
  • Guidance on electronic execution of transaction documents
  • Ban on stamping fees for LICs and LITs
  • ASIC announces intention to extend consumer remediation guidance to all financial services licensees

 

Funds Update – 5 May 2020

In this fortnightly update:

  • Six months delay to implementation of Royal Commission reforms
  • Special leave to appeal to the High Court granted in relation to personal advice
  • Temporary changes allow for electronic meetings and electronic signing and witnessing of documents
  • FIRB publishes a new guidance note on the temporary changes to approval process
  • ASIC warns of monitoring the advertising of fixed-term investment products

 

Funds Update – 24 April 2020

In this fortnightly update:

  • Update re ASIC’s regulatory priorities in light of COVID-19
  • Injunction restricts advertising of debenture products
  • Changes for AFSL applicants and updates for foreign AFSL applicants, including guidance on the ‘fit and proper person’ test
  • First judicial challenge to ASIC’s use of its new product intervention power fails

 

Funds Update – 9 April 2020

In this fortnightly update:

  • Changes to the ASX Listing Rules during COVID-19
  • Temporary changes to the Foreign Investment Review Framework
  • ASIC announces relief to facilitate capital raisings during COVID-19
  • Treasury announces relief for financially distressed businesses during COVID-19
  • ASIC commences Federal Court proceedings for misleading advertising of debenture products

 

Funds Update – 30 March 2020

In this fortnightly update:

  • Statement by the Council of Financial Regulators on COVID-19
  • New ministerial power to exempt or modify obligations under the Corporations Act
  • ASIC announces measures in response to COVID-19
  • Guidance on fairness obligations in AFS licence case

 

Funds Update – 13 March 2020

In this fortnightly update:

  • Foreign financial service provider licensing reforms are confirmed
  • Changes to how AFS licensees report breaches
  • ASIC releases information on document production guidelines
  • ASIC proposes new guidance on ongoing fee arrangements

 

Funds Update – 28 February 2020

In this fortnightly update:

  • Important changes in the AFSL landscape
  • ASIC update on enforcement and regulatory work
  • Get ready for the foreign financial services provider reforms

 

Funds Update – 14 February 2020

In this fortnightly update:

  • Consultation on Royal Commission reform
  • ASIC succeeds in binary options case
  • Education and training standards for financial advisers to be deferred

 

Funds Update – 7 February 2020

In this fortnightly update:

  • Government releases draft legislation implementing Royal Commission recommendations
  • Treasury consults on stamping fee exemption
  • ASIC reports on decisions on relief applications – April 2019 to September 2019

 

Funds Update – 24 January 2020

In this fortnightly update:

  • Government proposes to extend BEAR with new Financial Accountability Regime