Entries by chris

Cross-border testing pilot for innovative firms open to applications

ASIC today announces the launch of the Global Financial Innovation Network (GFIN). As part of its launch, GFIN is inviting applications from firms to be part of a pilot to test innovative financial products, services or business models across more than one jurisdiction.  GFIN is a group of 28 international organisations including ASIC, committed to […]

ASIC releases consultation paper on reform of fees and costs disclosure for superannuation and managed investment schemes

ASIC has today released a consultation paper seeking feedback on proposed changes to the fees and costs disclosure regime for managed investment schemes and superannuation. To assist industry in understanding the proposals, the consultation paper includes a proposed updated Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements (RG 97), as well […]

ASIC Industry Funding Model and Registry Search Fees

The purpose of the draft Treasury Laws Amendment (ASIC Cost Recovery and Fees) Regulations 2019 is to give effect to Government announcements by amending the ASIC Supervisory Cost Recovery Levy Regulations 2017, the Business Names Registration (Fees) Regulations 2011, the Corporations (Fees) Regulations 2001, the National Consumer Credit Protection (Fees) Regulations 2010 and the Superannuation […]

Corporate Collective Investment Vehicle Bill

The Government has released for public consultation two bills that implement the tax and regulatory components of the Corporate Collective Investment Vehicle (CCIV) regime and their related explanatory materials. A CCIV is an investment vehicle with a corporate structure, with the additional consumer protection of an independent depositary for retail funds that is responsible for […]

ASIC advice to AFS licensees about upcoming changes to education and training requirements

From 1 January 2019, new professional standards requirements for financial advisers will progressively replace training standards in Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146). The professional standards reforms were introduced in March 2017 to raise the education, training and ethical standards of financial advisers providing personal advice to retail clients on […]

High Court decision on Prime Trust directors

The High Court has handed down judgment in the appeals brought by ASIC against the former directors (Mr Bill Lewski, Dr Michael Wooldridge, Mr Mark Butler and Mr Kim Jaques) of Australian Property Custodian Holdings Pty Ltd (APCHL). The Court unanimously allowed ASIC’s appeals in part, finding that ASIC had succeeded in two of its […]

ASIC to consult on measures to restrict offers to retail investors of stub-equity in proprietary companies

ASIC is concerned about recent control transactions where part or all of the consideration includes stub-equity in Australian proprietary companies. These offers of stub-equity have been made to a large and diverse group of target shareholders, including retail investors. Proprietary companies are required to be closely held and are prohibited from making broad public offers […]

ASIC extends transition period for some fees and costs disclosures

The Australian Securities and Investments Commission (ASIC) has extended the transition periods for certain fees and costs disclosures for superannuation funds and managed investment schemes. This is due to upcoming consultation on the proposals arising out of recommendations made in the review of the fees and costs disclosure regime in Report 581 Review of ASIC Regulatory […]

ASIC begins consultation on updated competence requirements for advice licensees

The Australian Securities and Investments Commission (ASIC) is inviting input on proposed updates to our organisational competence requirements for advice licensees through the release of a consultation paper today. ASIC has proposed updates to Regulatory Guide 105 Licensing: Organisational competence (RG 105) to support the professional standards reforms, which aim to lift the education, training […]

AFCA open for business: time for licensees to update ASIC with their AFCA membership details

ASIC has welcomed the achievement of a major milestone for Australian consumers and small business – the start of Australia’s new financial services dispute resolution scheme, the Australian Financial Complaints Authority (AFCA). More than 35,000 firms operating across financial services, credit and superannuation have joined AFCA, and from 1 November 2018 their customers will have […]