In a report released today, ASIC has identified serious, unacceptable delays in the time taken to identify, report and correct significant breaches of the law among Australia’s most important financial institutions. The report REP 594 Review of selected financial services groups’ compliance with the breach reporting obligation examined the breach reporting processes of 12 financial services […]

ASIC has taken action to stop several proposed initial coin offerings or token-generation events (together, ICOs), targeting retail investors. As well, ASIC recently stopped the issue of a Product Disclosure Statement for a crypto-asset managed investment scheme. Consistent problems identified by ASIC are: the use of misleading or deceptive statements in sales and marketing materials; […]

ASIC has released Regulatory Guide 192 Licensing: Wholesale equity schemes (RG 192) following public consultation. The updates to the guidance reflect: the changes made to the relief provided in ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849 to trustees of wholesale equity schemes that are operated by a manager holding an Australian financial services (AFS) licence; […]

Australia’s funds management industry has gained access to a far larger market thanks to the passage of legislation which will open the gateway to the Asia region’s financial services market. Australia has one of the world’s largest and most sophisticated funds management industries looking after $3 trillion of assets under management, but only around 4 […]

The Government has released for public consultation a revised exposure draft of the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 and explanatory materials. The revised exposure draft of the Bill has been developed in response to the feedback received during the Government’s previous round of consultation. Closing date for […]