The Federal Court has found fintech company Block Earner engaged in unlicensed financial services conduct when offering its crypto-backed Earner product. From March 2022 to November 2022, Block Earner offered consumers the Earner product which allowed them to earn fixed yield returns from different crypto-assets. In one of the first decisions on the application of […]
ASIC has made interim stop orders on four product disclosure statements (PDSs) for classes of units of the Shield Master Fund (ARSN 650112057) (Fund), a registered managed fund promoted by Keystone Asset Management Ltd (Keystone). The interim orders stop Keystone from offering, issuing, selling or transferring interests in the Balanced class, Growth class, High […]
The Australian Law Reform Commission Final Report, Confronting Complexity: Reforming Corporations and Financial Services Legislation (Report 141, 2023), was tabled in Parliament by the Attorney-General, the Hon Mark Dreyfus KC MP. The report found that the legislation governing Australia’s financial services industry is a tangled mess — difficult to navigate, costly to comply with, and unnecessarily difficult […]
Published 21 November 2023 ASIC has announced its enforcement priorities for 2024, indicating its enforcement focus for the coming year and communicating its intent to industry and stakeholders. In 2024, two new priorities have been added in relation to the superannuation industry, including a focus on member services failures and misconduct relating to the erosion of superannuation […]
The Albanese Government is outlining the next steps in its approach to regulating crypto and digital assets to protect consumers, support innovation and provide industry certainty. We are releasing a proposal paper on 16 October 2023 that recommends making crypto exchanges and digital asset platforms subject to existing Australian financial services laws and requiring platform operators to […]
ASIC has remade three class orders that were due to expire (‘sunset’) on 1 October 2023 under the Legislation Act 2003. The class orders are: The new legislative instruments that replace these class orders will sunset on 1 October 2028. A summary of our consultation process is outlined below. ASIC will also update Regulatory Guide 134 Funds Management: […]
The Albanese Government is taking another step towards making financial advice more available and affordable for Australians. Parliament has passed legislation to deliver on the Government’s election commitment to make it easier for experienced advisers to stay in the industry. Without these measures, thousands of advisers would be forced to leave the industry. The new […]
ASIC is taking aim at the broad distribution of over-the-counter (OTC) derivatives and other high-risk retail products after a recent targeted review found significant room for improvement in how they meet their design and distribution obligations (DDO). ASIC Deputy Chair Karen Chester said, ‘ASIC is disappointed that some high-risk retail product issuers have changed little […]
Unfortunately, the hard work does not stop after you complete your AFSL application. If you want to keep the AFSL you’ve just worked so hard to obtain, there are strict AFSL requirements you must abide by. So go ahead and pop those champagne corks to celebrate getting your AFSL —it’s a big moment! But then […]
There are many reasons you may wish to cancel your AFSL or apply for an AFSL variation. Before you proceed with varying or cancelling your AFS Licence it is important to get the right AFSL legal advice. In this article, we’re going to run through some reasons why you might wish to cancel or vary […]