From 29 September 2017, the new crowd-sourced funding (CSF) regime will come into effect and ASIC will begin accepting licence applications from CSF intermediaries. Under the CSF regime, eligible public companies will be able to make offers of fully paid ordinary shares to a large number of investors via the online platform of a licensed […]
The ASIC Enforcement Review Taskforce has issued a position paper titled ‘ASIC’s power to ban senior officials in the financial sector’. In its final report, the Financial System (Murray) Inquiry concluded that ASIC’s banning powers against individuals needed to be enhanced to improve accountability of managers and the culture of firms in the financial services […]
The Government is seeking public comment on the proposed core legislative frameworks to give effect to the Asia Region Funds Passport (Passport) and introduce the Corporate Collective Investment Vehicle (CCIV) regime. This legislation seeks to implement arrangements set out in the Passport’s Memorandum of Cooperation between signatories Australia, Japan, Korea, New Zealand and Thailand. The […]
ASIC has remade Class Order [CO 04/899] Definition of ‘senior manager’—modification which was due to expire (‘sunset’) on 1 October 2017. The new instrument, ASIC Corporations (Disclosure Relief—Offers to Associates) Instrument 2017/737, continues to provide disclosure relief for an offer of securities to a director or secretary. The relief was remade following public consultation via […]
In March 2017, ASIC conducted a review of various mobile app stores focusing on apps associated with binary options trading. The review highlighted over 330 apps which were offered to Australians by entities and individuals that appeared to be unlicensed. 63% were offered by binary option issuers and facilitated trading, 25% were from various signal […]
The Government is continuing to overhaul the dispute resolution framework for financial services in Australia with the creation of a transition team to lead the establishment of the Australian Financial Complaints Authority (AFCA). The transition team has been tasked with ensuring that AFCA, the new one-stop-shop for all financial and superannuation disputes, is operational by […]
ASIC has today released a consultation paper proposing to make new client money reporting rules (client money rules) for Australian financial services (AFS) licensees that hold ‘derivative retail client money’ within the meaning of the Corporations Act. The client money rules will impose record keeping, reconciliation and reporting requirements on AFS licensees that hold derivative […]
ASIC’s cost recovery framework has been finalised, incorporating changes made after broad industry consultation. The framework, outlined in Report 535 ASIC cost recovery arrangements: 2017-18, identifies industry sectors and provides a methodology for how the levies will be calculated. As a result of legislation passed on 15 June 2017, industry funding will see regulated entities […]
ASIC has extended Class Order [CO 12/749] Relief from the Shorter PDS regime for one year. The class order relief was due to expire on 30 June 2017. The class order provides interim relief, until 30 June 2018, to exclude multifunds, superannuation platforms and hedge funds from the disclosure requirements of the shorter Product Disclosure […]
ASIC has clarified its position on the use of restricted terms relating to the independence of financial advisers after seeking external legal advice on whether phrases such as ‘independently owned’ are restricted terms under s923A of the Corporations Act (the Act). Section 923A provides that financial service providers can only use certain restricted words and […]