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 […]
ASIC today released two consultation papers proposing guidance for public companies and intermediaries (i.e. crowd funding platform operators) to assist them in using the new crowd-sourced funding (CSF) regime commencing on 29 September 2017. Under the CSF regime, eligible public companies will be able to make offers of ordinary shares to a large number of […]
ASIC today released a consultation paper proposing to remake a class order in relation to mortgage schemes, which is currently due to expire (‘sunset’) on 1 October 2017. ASIC proposes to remake without significant changes the relief under Class Order [02/238] Mortgage Schemes: Chapter 5C and disclosure relief. Class Order [CO 02/238] provides five separate […]
ASIC has released its latest report outlining decisions on relief applications, highlighting ASIC’s efforts to reduce red-tape and achieve a practical, positive outcome for companies seeking some regulatory flexibility. The granting of relief which has a net regulatory benefit, or which facilitates business or cuts red tape without harming stakeholders, is an important part of […]
The Government has introduced an industry funding model for the Australian Securities and Investments Commission (ASIC), with the ASIC Supervisory Cost Recovery Levy Bill 2017 and related bills being passed through the Senate. It is hoped the industry funding model will improve consumer outcomes in the financial services sector, with possible benefits including: improving equity, […]
ASIC has reported on the findings of its’ proactive surveillance of responsible entities’ compliance with their legal obligations. These are entities that operate managed funds on behalf of retail investors. ASIC Commissioner John Price said, ‘While responsible entities demonstrated a broad commitment to complying with their obligations under the law, there were a number of […]
ASIC today released a consultation paper proposing to remake two ASIC instruments relating to mortgage offset accounts and factoring arrangements which are due to expire on 1 October 2017. The instruments ASIC proposes to remake without significant changes are: [CO 03/1048] Mortgage offset accounts [CO 04/239] Factoring arrangements: Licensing, hawking and disclosure relief ASIC considers […]