On Thursday 25 March 2021, ASIC has made three legislative instruments that deal with advice fee consents and independence disclosure following Royal Assent of the Financial Sector Reform (Hayne Royal Commission Response No.2) Act 2021 (the Act) earlier this month. The Act was passed by the Parliament to give effect to recommendations by the Financial Services Royal […]
Treasury is seeking submissions on the draft regulation amendments and explanatory materials for changes to regulations that support the breach reporting rules in Schedule 11 of the Financial Sector Reform (Hayne Royal Commission Response) Act 2020. Schedule 11 to the Act implements the Government’s response to recommendations 1.6, 2.8 and 7.2 of the Royal Commission into Misconduct […]
ASIC has released an immunity policy for certain contraventions of the Corporations Act, which includes serious offences such as market manipulation, insider trading and dishonest conduct in the course of carrying on a financial services business. Under the new policy, an individual who has engaged with others to manipulate the market, commit insider trading or engage in […]
ASIC has revised the duration of relief relating to litigation funding schemes. ASIC Corporations (Amendment) Instrument 2021/116 (amending instrument) amends ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787 (primary instrument) by changing the sunset date of the primary instrument. The primary instrument will now sunset on 22 August 2025. The primary instrument commenced on 22 August 2020 and provided exemptions from certain […]
ASIC is seeking further feedback on proposed requirements for internal dispute resolution data reporting. This ASIC media release (MR20-327) follows ASIC’s earlier consultation through Consultation Paper 311 Internal dispute resolution: Update to RG 165 (CP 311) which was published on 15 March 2019. Among other matters, CP 311 outlined ASIC’s approach to implementing the internal dispute resolution data […]
ASIC has released a new regulatory guide on the product design and distribution obligations (RG 274), following extensive consultation. The design and distribution obligations require firms to design financial products to meet the needs of consumers, and to distribute their products in a more targeted manner. The obligations were passed by Parliament in 2019 following […]
ASIC has released technical updates to Regulatory Guide 246 Conflicted and other banned remuneration (RG 246) to reflect recent changes to the law. The updates to RG 246 reflect: the end of the grandfathering of conflicted remuneration for financial product advice from 1 January 2021; and the extension of the ban on conflicted remuneration to stamping fees […]
ASIC has released an updated Regulatory Guide 160 Time-sharing schemes (RG 160). The updated RG 160 contains guidance on the existing regulation of time-sharing schemes, as well as some new requirements, and is accompanied by an updated legislative instrument. ASIC’s media release (MR20-321) follows an extensive consultation process involving numerous meetings with industry and consumer representatives as […]
On November 27, 2020 ASIC released a draft information sheet on insurance claims handling and settling. This follows the introduction of the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 (‘the Bill’) into Parliament on 12 November 2020. On passage of the Bill, persons providing claims handling and settling services will need to be […]
On Thursday 19 November 2020, ASIC released a consultation paper seeking feedback on a new reference checking and information sharing protocol for financial advisers and mortgage brokers. Mandating reference checking for financial advisers and mortgage brokers was a recommendation of the Financial Services Royal Commission (Royal Commission)(see Background). The Government accepted the Royal Commission recommendations on […]