Chris Mee

About Chris Mee

Chris Mee is a leading lawyer in funds management and financial services in Australia.

Entries by Chris Mee

ASIC welcomes approval of new laws to protect financial service consumers

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ASIC has welcomed the passage of key financial services reforms contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) legislation introducing: a design and distribution obligations regime for financial services firms; and a product intervention power for ASIC The design and distribution obligations will bring accountability for issuers and distributors to design, […]

ASIC winds up illegal land banking investment scheme and associated entities

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ASIC has successfully sought orders from the Federal Court to wind up Melbourne-based company Aviation 3030 Pty Ltd (Aviation) on the basis that there is a justifiable lack of confidence in the management of Aviation by its directors. In ordering that Aviation be wound up, Justice O’Callaghan stated: ‘The case that ASIC makes to wind […]

ASIC to appeal Westpac subsidiaries Federal Court decision

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ASIC has filed an appeal with the Federal Court of Australia against the decision of the Honourable Justice Gleeson regarding Westpac subsidiaries; Westpac Securities Administration Limited (WSAL) and BT Funds Management Limited (BT Funds). On 21 December 2018, the Federal Court found WSAL and BT Funds breached the Corporations Act (section 912A(1)(a)) but that ASIC […]

ASIC to pursue harsher penalties after laws passed by Senate

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ASIC will shortly be able to pursue harsher civil penalties and criminal sanctions against banks, their executives and others who have breached corporate and financial services law, after a significant bill passed the Senate last night. The Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018 implements recommendations of the ASIC Enforcement Review […]

Cross-border testing pilot for innovative firms open to applications

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ASIC today announces the launch of the Global Financial Innovation Network (GFIN). As part of its launch, GFIN is inviting applications from firms to be part of a pilot to test innovative financial products, services or business models across more than one jurisdiction.  GFIN is a group of 28 international organisations including ASIC, committed to […]

ASIC releases consultation paper on reform of fees and costs disclosure for superannuation and managed investment schemes

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ASIC has today released a consultation paper seeking feedback on proposed changes to the fees and costs disclosure regime for managed investment schemes and superannuation. To assist industry in understanding the proposals, the consultation paper includes a proposed updated Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements (RG 97), as well […]

ASIC Industry Funding Model and Registry Search Fees

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The purpose of the draft Treasury Laws Amendment (ASIC Cost Recovery and Fees) Regulations 2019 is to give effect to Government announcements by amending the ASIC Supervisory Cost Recovery Levy Regulations 2017, the Business Names Registration (Fees) Regulations 2011, the Corporations (Fees) Regulations 2001, the National Consumer Credit Protection (Fees) Regulations 2010 and the Superannuation […]

Corporate Collective Investment Vehicle Bill

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The Government has released for public consultation two bills that implement the tax and regulatory components of the Corporate Collective Investment Vehicle (CCIV) regime and their related explanatory materials. A CCIV is an investment vehicle with a corporate structure, with the additional consumer protection of an independent depositary for retail funds that is responsible for […]

ASIC advice to AFS licensees about upcoming changes to education and training requirements

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From 1 January 2019, new professional standards requirements for financial advisers will progressively replace training standards in Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146). The professional standards reforms were introduced in March 2017 to raise the education, training and ethical standards of financial advisers providing personal advice to retail clients on […]