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 […]
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 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 […]
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 […]
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 […]
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 […]
The High Court has handed down judgment in the appeals brought by ASIC against the former directors (Mr Bill Lewski, Dr Michael Wooldridge, Mr Mark Butler and Mr Kim Jaques) of Australian Property Custodian Holdings Pty Ltd (APCHL). The Court unanimously allowed ASIC’s appeals in part, finding that ASIC had succeeded in two of its […]
ASIC is concerned about recent control transactions where part or all of the consideration includes stub-equity in Australian proprietary companies. These offers of stub-equity have been made to a large and diverse group of target shareholders, including retail investors. Proprietary companies are required to be closely held and are prohibited from making broad public offers […]
The Australian Securities and Investments Commission (ASIC) has extended the transition periods for certain fees and costs disclosures for superannuation funds and managed investment schemes. This is due to upcoming consultation on the proposals arising out of recommendations made in the review of the fees and costs disclosure regime in Report 581 Review of ASIC Regulatory […]
The Australian Securities and Investments Commission (ASIC) is inviting input on proposed updates to our organisational competence requirements for advice licensees through the release of a consultation paper today. ASIC has proposed updates to Regulatory Guide 105 Licensing: Organisational competence (RG 105) to support the professional standards reforms, which aim to lift the education, training […]