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 […]
ASIC has announced three temporary relief measures that will assist industry in providing consumers with affordable and timely advice during the COVID-19 pandemic. Relief to facilitate advice about early access to superannuation As part of its COVID-19 economic response, the Government introduced measures to allow individuals facing particular financial hardship due to the COVID-19 pandemic […]
ASIC has commenced proceedings in the Federal Court of Australia against companies in the Mayfair 101 group, alleging that its advertisements, promoted on Mayfair’s websites and in online media, are misleading or deceptive. Mayfair Wealth Partners Pty Ltd, trading as Mayfair Platinum, and Online Investments Pty Ltd, trading as Mayfair 101, promote two debenture products […]
ASIC has issued an information sheet for providers of funeral expenses facilities. Recent changes to the Corporations Regulations mean that entities who sell funeral expenses facilities will generally be required to hold an Australian financial services licence from 1 April 2020. A funeral expenses facility is a scheme or arrangement for the payment of money […]
Effective from 30 March 2020, Australian financial services (AFS) licensees will need to submit breach reports to ASIC via the ASIC Regulatory Portal. The portal is where ASIC’s regulated community can undertake a growing number of regulatory transactions with ASIC. More information about the AFS licensee breach report transaction and how it works in the portal […]
ASIC has released its new regulatory framework for foreign financial services providers (FFSPs) providing financial services to Australian wholesale clients. ‘Our new regulatory framework facilitates Australian wholesale access to foreign investment opportunities, preserves market integrity against misconduct in wholesale markets, and strengthens ASIC’s ability to take effective regulatory and supervisory action,’ said ASIC Commissioner Cathie […]
ASIC has announced it will shortly be making changes to how Australian financial services (AFS) licensees submit breach reports. Key points: From 30 March 2020, AFS licensees will need to submit breach reports to ASIC via the ASIC Regulatory Portal. AFS licensees should already be registered on the portal for their annual industry funding obligations. […]
ASIC has today started a four week consultation on draft guidance about the new best interests duty for mortgage brokers. The new obligations were legislated by the Parliament in response to Recommendation 1.2 of the Royal Commission. From 1 July, the obligations will require mortgage brokers to act in the best interests of consumers and […]