ASIC has commenced civil penalty proceedings in the Federal Court of Australia against Commonwealth Bank of Australia (CBA) and CBA’s subsidiary, Colonial First State Investments Limited (CFSIL) in relation to alleged conflicted remuneration paid by CFSIL to CBA between 1 July 2013 and 30 June 2019. ASIC alleges that more than $22 million in conflicted […]
On 12 June 2020 ASIC published its draft Cost Recovery Implementation Statement (CRIS) 2019-2020. The CRIS details ASIC’s actual regulatory costs for 2018-2019 and provides an estimate of costs for 2019-2020. The estimated costs are published to give industry an indication of what levy costs to expect. They are a guide only. This CRIS was […]
On 12 June 2020 ASIC registered an amending instrument to specify an end date for three COVID-19 related instruments. The ASIC Corporations (Amendment) Instrument 2020/565 makes the following amendments: The earlier amendment to the ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 will be repealed on 2 October 2020 (six months after the amendment commenced). The ASIC […]
On 15 June 2020 ASIC put responsible entities (REs) of all managed investment schemes (MISs) ‘on notice’ that they must ensure their investment fund advertising provides clear, balanced and accurate information. This follows ASIC’s risk based surveillance of advertising material, website disclosure and product disclosure statements from managed funds during the COVID-19 pandemic. ASIC was concerned to […]
The Australian Government is ensuring that litigation funders are subject to greater regulatory oversight by requiring them to hold an Australian Financial Services Licence (AFSL) and comply with the managed investment scheme regime. Litigation funders are currently exempt from holding an AFSL and being categorised as a managed investment scheme. As a result, litigation funders […]
ASIC today announced it will defer the commencement date of the mortgage broker best interest duty and remuneration reforms and the design and distribution obligations for six months from their original commencement dates, given the significant impact of COVID-19 on the Australian economy, especially on the financial system and consumers. ASIC will defer the commencement […]
Effective 30 March 2020, Australian financial services licensees have been required to submit breach reports to ASIC via the ASIC Regulatory Portal. The email address (FSR.Breach.Reporting@asic.gov.au) previously used to lodge breach reports will be closed from 29 May 2020; and any emails sent to that email address will not be received. Any ‘breach’ notifications relating […]
On 16 April 2020, the Federal Court made interim orders restraining Mayfair Wealth Partners Pty Ltd (Mayfair Platinum) and Online Investments Pty Ltd (Mayfair 101) from promoting their debenture products and prohibiting the use of specific words and phrases in their advertising. This follows an application made by ASIC for an interim injunction on 3 […]
On 20 September 2019, Cigno Pty Ltd (Cigno) filed a judicial review application in the Federal Court of Australia seeking to challenge ASIC’s product intervention order in respect of short term credit. Cigno’s review application was dismissed by the Court and the product intervention order remains in force. The matter was heard on 30 March […]
ASIC has updated Information Sheet 230 Exchange traded products: Admission guidelines (INFO 230). INFO 230 provides additional guidance to firms, including licensed Australian exchanges, product issuers and market making execution agents, on better practices for internal market making in non-transparent, actively managed funds that are traded on exchange markets. The update outlines measures firms should take to manage market […]