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 […]
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 […]