ASIC has updated Regulatory Guide 140 Strata schemes and management rights schemes (RG 140). This update follows ASIC issuing two legislative instruments in September 2016 to replace several class orders that dealt with relief for property, strata and management rights schemes. The legislative instruments are the ASIC Corporations (Serviced apartment and like schemes) Instrument 2016/869 […]
ASIC has today released a consultation paper on its proposal to develop and implement a Financial Services Panel (the Panel). The Panel would add a strong element of peer review to ASIC’s administrative decision making processes. ASIC Chairman Greg Medcraft said, ‘ASIC’s aim in establishing a Panel is to enhance the impact of ASIC’s administrative […]
The self-reporting regime for Australian Financial Services licensees (AFS licensees) has come under scrutiny over the last decade or so in the media and in a series of inquiries into banking or banking and financial services related misconduct. Concurrently, ASIC has publicly outlined concerns with the effectiveness of some aspects of the existing regime. Closing […]
AUSTRAC has released draft AML/CTF Rules relating to customers which are custodians for public consultation. Draft Rules relating to custodians These amendments exempt reporting entities from certain identification requirements in Chapter 4 and Chapter 15 of the AML/CTF Rules for corporate customers who are ‘custodians’. A public consultation period is open from 3 April to […]
ASIC today released Regulatory Guide RG 259 Risk Management systems of responsible entities to provide additional guidance to responsible entities on our expectations for compliance with their existing obligation under the Corporations Act 2001 (Corporations Act) to maintain adequate risk management systems. The guide is aimed at ensuring that the risk management systems of responsible entities, including minimum […]
ASIC has extended Class Order [CO 04/526] Foreign collective investment schemes ([CO 04/526]) for two years. This class order was due to expire (sunset) on 1 April 2017. [CO 04/526] provides relief for collective investment schemes from the requirement to register as a managed investment scheme or obtain an Australian financial services licence where the […]
The Federal Government has issued a consultation paper seeking stakeholder views on potential policy options in relation to stapled structures, the taxation of real property investments and the re-characterisation of trading income. Interested parties are invited to comment on the consultation paper. To view a full copy of the consultation paper, please click here. Closing date […]
ASIC has today remade six class orders on application form requirements that are due to expire (‘sunset’) in 2017. A new instrument, ASIC Corporations (Application Form Requirements) Instrument 2017/241, consolidates and replaces the following class orders and instruments: [CO 02/260] Product Disclosure Statements: Application forms created by a licensee; [CO 14/26] Personalised or Australian financial […]
ASIC has commenced proceedings in the Federal Court of Australia against Wealth and Risk Management Pty Ltd (WRM), and related companies Yes FP Pty Ltd (Yes FP) and Jeca Pty Ltd (trading as Yes FS) (Yes FS), in relation to various alleged breaches of the Corporations Act 2001 and the Australian Securities and Investments Commission […]
The Turnbull Government today released the Australian Securities and Investment Commission’s (ASIC) ‘Review of Mortgage Broker Remuneration’ for public consultation. The Government requested ASIC undertake an industry-wide review in November 2015 as part of its response to the Financial System Inquiry. The Review found that some aspects of the current mortgage broker remuneration and ownership […]