ASIC today published its third report on its approach to licence applications. Report 478 Overview of licensing and professional registration applications: July to December 2015 (REP 478) sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications, company auditor and approved SMSF auditor registration […]
Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP, today announced the release of the Government’s response to the Senate Economics References Committee’s report on the Inquiry into Digital Currency – Digital currency — game changer or bit player. “The Turnbull Government is committed to fostering innovation in the financial sector and […]
ASIC has today released a consultation paper proposing to update guidance in Regulatory Guide 228 Prospectuses: Effective disclosure for retail investors (RG 228). The updated guidance aims to assist companies and their advisers to better understand their disclosure obligations and to improve the quality of historical financial information disclosure in prospectuses. It responds to ASIC’s assessment […]
Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP today signed the Asia Region Funds Passport’s Memorandum of Co-operation (MoC) with Japan, Korea and New Zealand. The Passport is an international initiative that facilitates the crossborder offering of eligible collective investment schemes while ensuring investor protection in economies participating in the Passport. […]
ASIC today provided a further update on its Innovation Hub (see 15-211MR for our previous update). ASIC’s Innovation Hub has now been operating for just over a year and is continuing to assist financial technology (fintech) start-ups navigate the regulatory framework. See the Background section of this release for an overview of the Innovation Hub activity, […]
The Turnbull Government today announced a $127.2 million reform package to better protect Australian consumers by strengthening the Australian Securities and Investments Commission (ASIC). The broad reform measures will equip ASIC with stronger powers and funding to enhance surveillance capabilities better enabling our corporate watchdog to combat misconduct in Australia’s financial services industry and bolster […]
The Government’s package of Bills to implement the Managed Investment Trusts reforms was passed by Parliament yesterday, Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer MP said. “These reforms were promised by Labor but never delivered,” Minister O’Dwyer said. “The reforms modernise and enhance the competitiveness of Australia’s funds management industry, one of the […]
The Federal Government has released a policy paper seeking feedback on proposed changes to the Australian client money rules. A copy of the policy paper can be found here. Under current legislation, money given to an AFS licensee for a financial product or service by a client that is not remuneration or payment for the product or service must […]
The Federal Government has announced the new complying investment framework for the Significant Investor Visa (SIV) and Premium Investor Visa (PIV) programme. The new framework will be implemented from 1 July 2015. Under the new arrangements, SIV applicants will be required to invest at least $5 million over four years in complying investments, which must now […]