The commencement of Federal Court proceedings against Auditeo Australia Pty Ltd and two auditors is the latest enforcement action arising from the First Guardian Master Fund. While the allegations are directed at the auditors, the proceeding has broader significance for responsible entities, AFSL holders and other participants operating within Australia’s managed funds industry. The proceeding […]
ASIC has confirmed that the net tangible asset thresholds applying to responsible entities and certain other retail fund operators will increase from 1 July 2027. In our earlier article, ASIC set to increase capital requirements for fund managers, we outlined the options ASIC was considering under Consultation Paper 388. ASIC has now confirmed it has […]
Recent Federal Court decisions in Australian Securities and Investments Commission v HSBC Bank Australia Limited [2026] FCA 847 (the HSBC Decision) and Australian Securities and Investments Commission v Mercer Superannuation (Australia) Limited [2026] FCA 832 (the Mercer Decision) reinforce that the obligation under section 912A(1)(a) of the Corporations Act 2001 (Cth) (Corporations Act) extends well […]
The default position for the disclosure of fees and costs is that they must be disclosed in dollar terms unless ASIC has provided relief. This article explains what dollar disclosure means for the fees and costs section of your product disclosure statement (PDS) and periodic statements, when you can use alternatives like percentages or estimates, […]
ASIC’s Regulatory simplification progress report (REP 830) is mainly a progress update on simplification work already underway, but it contains two developments that AFS licensees and fund managers should watch closely: a clear signal of support for broader reportable situations reform, and active consultation on simplifying the substantial holding notice regime. The report also touches […]
Providers of financial services involving digital asset financial products should act quickly to determine whether they require an Australian Financial Services (AFS) licence, or a variation to an existing licence, and apply by 30 June 2026 before ASIC’s no-action position expires. Firms that require a licence or a variation to their existing authorisations, but do […]
ASIC has released its implementation roadmap for the digital assets framework (see Figure 1), outlining how the new licensing regime for digital asset platforms and custody providers will be introduced ahead of its commencement in April 2027. The roadmap sets out the implementation period during which ASIC will consult on and finalise regulatory guidance and […]
The Corporations Amendment (Digital Assets Framework) Act 2026 (Cth) (Act) has now received Royal Assent, confirming the introduction of a new regulatory framework for digital asset platforms and custody arrangements. As discussed in our previous articles on the introduction of the Digital Assets Bill and the Senate Committee’s endorsement of the framework, the reforms adopt […]
ASIC has remade its relief for low-risk non-cash payment (NCP) facilities, extending the existing framework while broader payments licensing reforms remain underway. The new instrument, ASIC Corporations (Non-cash Payment Facilities) Instrument 2026/167 (ASIC Instrument 2026/167), replaces the previous 2016 instrument, ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211, and continues the relief until April 2031. Following […]
On 1 April 2026, the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2026 (Bill) was passed by both houses of parliament. The Bill introduces a legislative framework for exemptions from the requirement to hold an Australian financial services licence (AFSL) for foreign financial services providers (FFSPs). Under section 911A […]