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 […]
Earlier this year the Government extended the terms of reference for the independent review conducted by Professor Ian Ramsey into external dispute resolution in the financial services sector. The new terms of reference enables the independent panel to make recommendations on the establishment, merits and potential design of a compensation scheme of last resort as […]
From 1 July 2017, many Australian financial services (AFS) licensees must commence collecting information about the tax residency of clients under the new Common Reporting Standard (CRS). Who does it apply to? The new obligations apply to entities including ‘Reporting Financial Institutions’ (RFIs) which will include most responsible entities, trustees of wholesale funds, investment managers, […]
On 2 February 2017 the Government amended the Terms of Reference of the review of the external dispute resolution and complaints framework to require the Panel to: make recommendations on the establishment, merits and potential design of a compensation scheme of last resort; and consider the merits and issues involved in providing access to redress […]
ASIC released a report today on its first survey of various participants in the marketplace lending industry and our broader activities relating to marketplace lending. Marketplace lending allows investors to invest in loans to consumers and small and medium enterprises (SMEs). It has the potential to provide another avenue of funding for business and consumers. […]
ASIC has today released a consultation paper proposing to remake ASIC Class Order [CO 04/899] Definition of ‘senior manager’–modification. This is due to expire (‘sunset’) on 1 October 2017. This Class Order provides disclosure relief for an offer of securities to a director or secretary. The Corporations Act contains exceptions to disclosure obligations for an […]
ASIC has published a new information sheet to explain the common issues we identify in the content of managed investment scheme (scheme) constitutions during the registration process, and how we address these issues. Since 1 October 2013, ASIC has considered the contents of over 700 constitutions as part of assessing whether to register a scheme. […]