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. […]
ASIC will establish a new regtech industry liaison network, conduct a number of new technology trials using regtech applications and establish a ‘hackathon’ later this year to help identify roadblocks to the successful and rapid take-up of the sector. The initiatives are among a range of proposals covered in Report 523 ASIC’s Innovation Hub and […]
ASIC released Report 525 Promoting better behaviour: Spot FX today. This report sets out ASIC’s observations on key behavioural drivers of conduct arising from recent ASIC investigations into the wholesale spot foreign exchange (FX) businesses of the major Australian financial institutions. The spot FX market is a key global market and is of systemic importance […]
On 9 May the Government accepted all 11 recommendations of the Review of the financial system external dispute resolution and complaints framework (the Ramsay Review). These recommendations include the establishment of a one-stop shop for all financial disputes, including superannuation disputes. The Government’s response can be found on the Treasurers website and the Final report […]
The Government has released for public consultation draft legislation and associated explanatory materials to extend Crowd-sourced Equity Funding (CSEF) to proprietary companies. These changes are being progressed as part of the 2017-2018 Budget. CSEF is an innovative type of fundraising that allows a large number of individuals to make small financial investments in exchange for […]