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 […]
ASIC has released a consultation paper Product intervention: OTC binary options and CFDs (CP 322) on proposals to use its product intervention power to address significant detriment to retail clients resulting from over-the-counter (OTC) binary options and CFDs. A binary option is an ‘all or nothing’ bet on the outcome of an event. A CFD […]
ASIC is calling for public input on its proposed guidance on the new legal obligation on companies to implement a whistleblower policy. Public companies, large proprietary companies and corporate trustees of registrable superannuation entities must implement a whistleblower policy and make it available to their officers and employees by 1 January 2020. This requirement was introduced […]
The Government has asked the House of Representatives Standing Committee on Economics to inquire into progress made by relevant financial institutions in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The inquiry’s remit has also been expanded to include other major relevant financial institutions and leading […]
The Government will introduce legislation to ban the grandfathering of conflicted remuneration paid to financial advisers. Conflicted remuneration is where the payment of a benefit to a financial adviser may incentivise them to recommend to a consumer a financial product that may not be in their best interests. Grandfathered conflicted remuneration can entrench clients in […]
ASIC has released Information Sheet 240 AFS licensing – Requirements for certain applicants to provide further information (INFO 240) to provide guidance to applicants on recent changes to ASIC’s Australian financial services (AFS) licensing assessment procedures. These changes apply to: applicants that are a body corporate; applicants that are Australian Prudential Regulation Authority-regulated bodies; and applicants […]
ASIC has today released a consultation paper proposing to provide licensing relief for foreign financial services providers of funds management services in Australia to professional investors. Consultation Paper 315 Foreign financial services providers: Further consultation (CP 315) sets out our proposal to: Provide funds management relief – foreign providers will be exempt from the requirement to […]
Today ASIC initiated consultation on the proposed administration of its new product intervention power. The product intervention power allows ASIC to intervene and take temporary action where financial and credit products have resulted in or are likely to result in, significant consumer detriment. The regulatory guide sets out the scope of the power, when and […]