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ASIC has today started a four week consultation on draft guidance about the new best interests duty for mortgage brokers.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 […]
ASIC today initiated consultation on draft guidance for the new financial product design and distribution obligations. The new obligations come into effect in April 2021. The obligations require financial product firms to develop products that meet the needs of the consumers in their intended target market. Announcing the consultation, ASIC Deputy Chair Karen Chester said, ‘The […]
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that the handling and settlement of insurance claims, or potential insurance claims, should no longer be excluded from the definition of ‘financial service’ (see recommendation 4.8). Consistent with the Government’s response to this Royal Commission recommendation, the Government has released for […]
ASIC today released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products. The updated version of Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic Statements (RG 97) explains how product issuers and platform operators should disclose fees and costs. ASIC Commissioner Danielle Press said, ‘Consistent and […]
ASIC has imposed additional licence conditions on the Australian financial services (AFS) licence of IOOF Investment Services Ltd (IISL) as part of an application by IISL to vary its licence. IISL sought a variation to its licence to facilitate the transfer of managed investment scheme, investor directed portfolio services (IDPS) and advice activities from IOOF […]
In a joint report published today, ASIC and the Dutch Authority for the Financial Markets (AFM) looked at the effectiveness of disclosure for financial products on consumer outcomes. The report covers a decade of case studies across a broad range of financial products and services in Australia, the Netherlands, the UK and the US. It […]
ASIC has extended to 31 March 2020 licensing relief for foreign financial services providers (FFSPs) to allow them to provide certain financial services to Australian wholesale clients without needing to hold an Australian financial services licence. The licensing relief that has been extended by ASIC is: ASIC Corporations (Repeal and Transitional) Instrument 2016/396 and ASIC […]