Where are we up to again? Insurance regulation over the horizon

By Philip Hopley The Australian regulatory financial services sector has certainly been giving props to Greek philosophy of late with its channelling of Heraclitus’ statement that “there is nothing permanent except change.” Now that the dedicated insurance hearings at the Royal Commission have finished, here is a snapshot of the current legislative and regulatory plans … Read more

Mixers, cold storage and onions…cocktail party or digital money laundering?

By Amy Ciolek and Julia Massarin With terminology such as mixers, cold storage, tumblers and Onions (Onion Routers) (TOR), one may be excused for overlooking the significance of money laundering the digital age. FATF Report to G20 Finance Ministers and Central Bank Governors In July 2018, the Financial Action Task Force (FATF) published its report to … Read more

Financial product design & intervention powers – updated draft legislation released

Written by Philip Hopley The federal government has just released for public consultation a second exposure draft of the legislation that will introduce financial product design and distribution obligations into the Corporations Act and give ASIC new enforcement powers, which includes the issuing of stop orders. Having considered the submissions provided on the first draft of … Read more

When utmost good faith is not good enough

Written by Philip Hopley There is just over a month left for stakeholders to provide views on a proposed model that will implement the government’s policy to apply unfair contract terms legislation to life and general insurance contracts for consumers and small businesses. To find out more, click here. Read more

Contrasting Regulatory Approaches to FinTech

The RBA has recently set out its views that “Most of the regulation set for financial institutions is aimed at the stability of financial institutions….If some of these companies get big enough there will be systemic issues." This is moderately inconsistent with APRA’s latest move, expanding its policy to restricted ADI licences to foster innovation and competition in the banking industry.  Australia needs clear guidance and regulatory support to avoid pushing away financial services innovation. Read more

ASIC updates its ICO guidance

What this means for you Initial Coin Offering (ICO) issuers have been placed on notice that from 19 April 2018, the Australian Competition and Consumer Commission (ACCC) has delegated powers to the Australian Securities and Investments Commission (ASIC) to enable ASIC to take action under the Australian Consumer Law (ACL) relating to crypto-assets. See ASIC’s … Read more