Downloads Amendments to the Design and Distribution Obligations 175.73 KB Amendments to the Design and Distribution Obligations 177.56 KB The Design and Distribution Obligations (DDO) regime was initially scheduled to commence on 5 April 2021, after the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 was passed in April 2019. However, commencement of the regime […]
Date: 06 August 2021 – 20 August 2021 Consultation Type: Proposals Paper Email: SDBconsultation@treasury.gov.au Key Documents Policy Paper 460.13 KB Policy Paper 1.24 MB Attachment 1: Disciplinary Process – ASIC and the FSCP 125.64 KB Recommendation 2.10 of the Financial Services Royal Commission Final Report recommended the establishment of a single disciplinary body for financial advisers and the requirement that all financial advisers […]
On Wednesday 28 July 2021 ASIC released a new regulatory guide and final customer information requirements as part of its work to implement the new deferred sales model for add-on insurance (RG 275). The deferred sales model introduces a mandatory four-day pause between the sale of a principal product or service and the sale of […]
On Wednesday 21 July 2021, ASIC announced that it is consulting on proposed updates to its guidance on the prohibition on the hawking of financial products. ASIC’s updated regulatory guide reflects the reforms to the anti-hawking regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, which is due to commence on 5 October 2021. […]
On 20 July 2021 ASIC made the ASIC reference checking and information sharing protocol (ASIC Protocol) that will give effect to the Financial Services Royal Commission’s recommendations to improve reference checking in the financial advice and mortgage broking industries. ASIC has also released guidance documents that will help Australian financial services (AFS) and credit licensees comply with […]
On 19 July 2021, ASIC released internal dispute resolution (IDR) reporting documents, which will be tested in a pilot involving financial firms from across relevant industry subsectors in late 2021. This release represents the next step in preparedness for ASIC’s implementation of the Government’s mandatory IDR data reporting framework, which came out of the Ramsay […]
ASIC is extending for 12 months – to 31 March 2023 – its transitional relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence, pending the outcome of the Australian Government’s consultation about the regulation of FFSPs. As part of the Federal Budget released on 11 May 2021, the […]
On 1 June 2021, ASIC published Information Sheet 255 Activist short selling campaigns in Australia (INFO 255), considering the practice of ‘activist short selling’ in Australia and outlining ASIC’s expectations to promote market integrity during these campaigns. Activist short selling involves a person taking a short position in a financial product and then publicly disseminating information directly […]
ASIC has released an information sheet for providers of debt management services that explains their new regulatory obligations, including the requirement to be licensed. The National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021 (Regulations), made on 29 April 2021, prescribe certain debt management services as a ‘credit activity’ for the purposes of the National Consumer Credit […]
On April 29, 2021 ASIC made changes to the financial requirements for some types of Australian financial services (AFS) licensees in relation to the treatment of leased assets. These changes will allow certain AFS licensees to include, where the licensee is a lessee, a right-of-use asset in the calculation of their net tangible assets and, […]