Welcome to the Herbert Smith Freehills FSR Fortnightly Update series, covering Australian regulatory developments in financial advice, insurance and superannuation.

 

FSR Fortnightly Update – 29 June 2020

In this fortnightly update:

  • Parliament passes a wide-ranging Bill;
  • ASIC reminds funds that they must ensure their advertising provides clear, balanced and accurate information;
  • ASIC finalises its regulatory guide on the product intervention power;
  • ASIC amends financial advice and capital raisings COVID 19 instruments;
  • ASIC releases information sheet on board oversight and discretion in executive variable pay schemes (INFO 245); and
  • APRA publishes a letter to superannuation trustees on COVID-19 data collection.

 

FSR Fortnightly Update – 15 June 2020

In this fortnightly update:

  • the Treasurer announces significant reforms to Australia’s foreign investment review framework;
  • ASIC releases its 2020/21 timetable;
  • we publish an article on with a particular focus on how institutions can overcome or mitigate the additional burdens caused by COVID-19;
  • the Financial Services Council (FSC) releases a report, titled Accelerating Australia’s Economic Recovery; and
  • the Government introduces regulations to clarify that certain payments relating to the JobKeeper scheme will not count as ‘salary or wages’ for the purposes of the Superannuation Guarantee (Administration) Act 1992 (Cth).

 

FSR Fortnightly Update – 1 June 2020

In this fortnightly update:

  • the Government announces removal of the exemption for litigation funds from the Australian financial services licensing and managed investment scheme regimes;
  • the Government provides temporary relief from continuous disclosure obligations;
  • the Financial Services Council announces new Covid Total and Permanent Disability Claims Initiative; and
  • APRA publishes article encouraging super consolidation during COVID-19.

 

FSR Fortnightly Update – 18 May 2020

In this fortnightly update:

  • the Royal Commission reforms and the Design and Distribution obligations (DDO) are delayed by six months;
  • ASIC announces an upcoming review of Regulatory Guide 256 Client review and remediation conducted by advice licensees;
  • we provide an overview of new articles on financial product disclosure in the age of COVID-19, and on executing documents electronically;
  • APRA publishes data on the superannuation early release scheme; and
  • we provide an overview of new Bills that are introduced to the House of Representatives.