ASIC has today released a consultation paper proposing to repeal three class orders due to expire (‘sunset’) in 2017. These are: Class Order [CO 03/1110] Prime brokerage: Relief from holding client property on trust; Class Order [CO 03/1111] Prime brokerage: Relief from holding scheme property separately; and Class Order [CO 03/1112] Relief from obligation to […]
The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today introduced legislation into Parliament to mandate professional standards for financial advisers. The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 includes: Compulsory education requirements for both new and existing financial advisers; Supervision requirements for new advisers; A code of ethics for […]
ASIC has clarified financial advisers’ record-keeping obligations by way of an amendment to Class Order [CO 14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice. The amendments to the record-keeping obligations: place beyond doubt that Australian financial services (AFS) licensees must have access to records for the period of time in which […]
Following public consultation, ASIC has continued the relief available to operators, promoters and developers of strata schemes and management rights schemes from certain managed investment, licensing, hawking and disclosure provisions. ASIC has also continued the relief available to real estate agents who are engaged by investors to let out their strata unit for residential or […]
ASIC has issued a revised policy and regulatory framework for charities that raise investment funds. The framework removes regulatory barriers to the issue of financial products while strengthening protection for public investors. The changes follow an ASIC review of the operation of exemptions available to charities from certain managed investment, debenture, fundraising and licensing provisions […]
ASIC has extended for two years seven class orders giving relief to foreign financial service providers (FFSPs) providing financial services to wholesale clients. These class orders were due to expire (‘sunset’) between 1 October 2016 and 1 April 2017. At the same time, ASIC has released Consultation Paper 268 Licensing relief for foreign financial services […]
The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2016 (No. 1) has been registered on the Federal Register of Legislation and is available here. These Rules amend the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) in relation to customer identification, share sales for charitable purposes and update references within the Rules. […]
Overview On 20 April 2016, the Australian Government announced a review of the financial system’s external dispute resolution and complaints framework. An expert panel comprised of Professor Ian Ramsay, Ms Julie Abramson and Mr Alan Kirkland is undertaking the review. The review is being conducted to ensure that Australia’s external dispute resolution framework effectively meets […]
ASIC has made a new legislative instrument to replace three class orders on dollar disclosure that were due to expire (‘sunset’) on 1 October 2016 and 1 April 2017 respectively The new legislative instrument is ASIC Corporations (Disclosure in Dollars) Instrument 2016/767. The instrument has the same effect as relief that ASIC had granted by […]
ASIC has today released its guidance on providing digital financial product advice for retail investors: Providing digital financial product advice to retail clients (RG 255). The guide brings together some of the issues that digital advice providers need to consider when operating in Australia – from the licensing stage through to the actual provision of […]