Welcome to the Herbert Smith Freehills Funds Updates series, covering Australian financial services regulatory updates relevant to funds.
Funds Update – 5 March 2021
In this fortnightly update:
- Federal Government passes Financial Services Royal Commission Bill No.2
- ASIC releases new immunity policy for market misconduct offences
Funds Update – 19 February 2021
In this fortnightly update:
- Federal Government tables new bill regarding virtual meetings and electronic documents
Funds Update – 5 February 2021
In this fortnightly update:
- High Court of Australia clarifies the meaning of ‘personal advice’ under the Corporations Act
- Consultation on changes for SIV funds
Funds Update – 18 December 2020
In this fortnightly update:
- ASIC releases final regulatory guide on design and distribution obligations (DDO)
- Federal Government passes Financial Services Royal Commission Bill
- ASIC releases technical update to RG 246
- Federal Government tables new bill in response to Financial Services Royal Commission
- ASIC releases new consultation paper on the treatment of lease assets
- ASIC seeks feedback on internal dispute resolution data reporting requirements
Funds Update – 4 December 2020
In this fortnightly update:
- ASIC releases consultation paper and guide on remediation
- Supreme Court of NSW limits AFCA’s jurisdiction re AFSL holders
- ASIC releases a licensing update for trustees of unregistered MISs
- Stop order re advertising a fixed income fund
Funds Update – 16 November 2020
In this fortnightly update:
- Bill in response to Financial Services Royal Commission tabled and read in the House of Representatives
Funds Update – 26 October 2020
In this fortnightly update:
- ASIC makes product intervention order on CFDs
- Regulators urge Australian institutions to adhere to the ISDA IBOR Fallbacks Protocol and Supplement
- ASIC suspends AFS license of financial advice provider after failing to obtain professional indemnity insurance
- Federal Court orders a $75 million penalty for OTC derivative issuer and former authorised representatives for systematic unconscionable conduct
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