ASIC has today announced new financial reporting requirements for Australian financial services (AFS) licensees, following changes to the accounting standards. Under the new reporting requirements, AFS licensees’ financial reports must contain disclosures consistent with the financial reports of other for-profit entities, prepared under standards set by the Australian Accounting Standards Board (AASB). ASIC Commissioner Sean […]
ASIC has extended its product intervention order imposing conditions on the issue and distribution of contracts for difference (CFDs) for a further five years to 23 May 2027. Since 29 March 2021, the product intervention order has strengthened protections by reducing CFD leverage available to retail clients and by targeting product features and sales practices […]
ASIC has extended the existing relief for business introduction services until 1 October 2022. The extended relief is subject to a new requirement that persons who rely on the relief from 1 April 2022 must provide notice to ASIC. From 1 October 2022, the relief will be further amended to: extend the relief for interests […]
ASIC has published an information sheet about discussing financial products and services online. It outlines how the law applies to social media influencers, and the licensees who use them. ASIC Commissioner Cathie Armour said, ‘The way investors access information is changing. It is crucial that influencers who discuss financial products and services online comply with […]
ASIC has released a consultation paper seeking industry feedback on its proposed licensing requirements for corporate collective investment vehicles (CCIVs). The licensing requirements will come into effect on 1 July 2022 when the CCIV regime commences. Consultation Paper 360 Corporate collective investment vehicles: Preparing for the commencement of the new regime (CP 360) contains proposals on a […]
ASIC has today released information for product issuers and market operators on how they can meet their regulatory obligations in relation to crypto-asset exchange traded products (ETPs) and other investment products. The information covers good practices for market operators in how they admit and supervise these products, and good practices for product issuers in how […]
On Thursday 18 November 2021, ASIC released Consultation Paper 351 Superannuation forecasts: Update to superannuation calculators and estimates relief (CP 351) to seek stakeholder feedback on proposed updates to relief and guidance for superannuation forecasting tools. Superannuation calculators and retirement estimates are low-cost forecasting tools that are intended to be a helpful prompt for consumers to review […]
One Wednesday 17 November 2021, ASIC released a draft updated and expanded regulatory guide to consult on the way licensees should conduct remediations to return money owed to consumers.The draft guidance is an important step to improving remediation across the financial services industry. Proactive remediation upon discovery of misconduct or other failures is necessary for […]
On Friday 5 November 2021, ASIC released an information sheet on records of advice (ROA) and three ROA examples to provide clarity to financial advisers and advice licensees on their obligations when using ROAs to provide personal advice to retail clients. INFO 266 FAQs: Records of Advice answers frequently asked questions (FAQs) about ROAs, including questions about […]
On Wednesday 13 October 2021, ASIC released the following statement: Whistleblowers are an essential part of an organisation’s ability to detect misconduct and identify, escalate and address issues. ASIC has written to CEOs of public companies, large proprietary companies and trustees of registrable superannuation entities (RSEs) urging them to review their whistleblower policies to ensure […]