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 […]
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 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 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; […]
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 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 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 […]
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 the second tranche of the Treasury Laws Amendment (Corporate Collective Investment Vehicle) Bill 2018 and explanatory materials. The Corporate Collective Investment Vehicle (CCIV) will offer an internationally recognisable investment vehicle which can be readily marketed to foreign investors, including through the Asia Region Funds Passport. The Government previously […]
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 […]