Chris Mee

About Chris Mee

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

Entries by Chris Mee

Financial adviser professional standards reforms – ASIC releases new instrument delaying reporting dates and making minor amendments

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ASIC has released a new legislative instrument relating to the professional standards reforms for financial advisers, as announced on 1 August 2018 (refer: 18-225MR). The instrument makes changes to the reporting dates for a number of disclosure obligations in the transition to the new financial adviser professional standards reforms. It also makes minor technical amendments […]

ASIC provides relief and updates guidance on short selling

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ASIC has issued a new legislative instrument that provides various relief and modifications to the laws in relation to short selling (the Short Selling Instrument). ASIC has also updated its existing guidance in Regulatory Guide 196 Short selling to reflect the legislative instrument. In addition to providing new relief and modifications, the Short Selling Instrument […]

All managed discretionary account providers now required to be licensed

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All managed discretionary account (MDA) providers must now have an Australian financial services (AFS) licence, with an MDA-specific ‘dealing by issue’ licence authorisation. From today, MDA providers who do not have the required AFS licence authorisations must cease providing MDAs until they have obtained those authorisations. An MDA is a facility where client portfolio assets […]

ASIC review finds unacceptable delays by financial institutions in reporting, addressing and remediating significant breaches

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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 extends relief for foreign financial services providers

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ASIC has extended to 30 September 2019 licensing relief for foreign financial services providers (FFSPs) to allow them to provide financial services to Australian wholesale clients without needing to hold an Australian financial services licence. The licensing relief that is extended by ASIC is in the following instruments: ASIC Corporations (Repeal and Transitional) Instrument 2016/396 […]

ASIC acts against misleading Initial Coin Offerings and crypto-asset funds targeted at retail investors

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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 approves Australian Financial Complaints Authority rules

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The Australian Securities and Investments Commission (ASIC) has approved the Australian Financial Complaints Authority (AFCA) Complaint Resolution Scheme Rules and the Terms of Reference of the AFCA Independent Assessor (IA). ASIC is required to approve material changes to the AFCA scheme under the Corporations Act, 2001.  This is a key part of ASIC’s role in […]

ASIC updates guidance for trustees of wholesale equity schemes

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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; […]

ASIC’s review of exchange traded products identifies areas for improvement

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ASIC has completed a review of the exchange traded products (ETP) market in Australia, including exchange traded funds, aimed at ensuring the market is delivering on promises to investors. The review found that the market is generally performing well, and ETPs are meeting the relatively low cost and liquidity expectations of investors.  However, the review […]

Development of Asia Region Funds Passport

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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 […]