Recent regulatory surveillance conducted by ASIC has exposed significant deficiencies in how auditors across firms of all sizes demonstrate compliance with independence and conflict of interest obligations. The findings underscore that auditor independence is not merely a procedural requirement but that it is fundamental to the integrity of financial reporting and the maintenance of stakeholder […]
ASIC’s civil proceedings against Fiducian Investment Management Services Limited (Fiducian) over the now-closed Diversified Social Aspirations Fund (Fund), appear to be less about alleged greenwashing and more about Fiducian’s alleged failure to implement its own compliance controls to ensure that representations it made about the Fund’s investment strategy in disclosure documents were actually true. Alleged […]
Understanding the regulatory requirements for the nomination of a responsible manager (RM) for an application for an Australian financial services (AFS) licensee is critical in streamlining the application process. The greatest delays we see in applications (or variations) generally revolve around a failure to nominate the right person for the job. The following guidance addresses […]
The Treasury has released exposure draft legislation to establish a new regulatory framework for payment service providers (PSPs), marking a significant step in modernising Australia’s payments regulation. The exposure draft forms part of the Government’s broader payments system modernisation agenda and follows the passage of the Treasury Laws Amendment (Payments System Modernisation) Act 2025 (Cth) […]
The Australian Securities and Investments Commission (ASIC) has commenced proceedings against Fortnum Private Wealth Ltd (Fortnum), alleging multiple breaches of its general licensee obligations under section 912A of the Corporations Act 2001 (Cth) (Corporations Act). The proceedings serve as a timely reminder of the evolving regulatory expectations around cybersecurity governance and the supervisory responsibilities of […]
ASIC is suing CashnGo for misconduct in the provision of small amount credit contracts. The action highlights ASIC’s regulatory focus on high-volume consumer lenders, particularly where systemic practices may contribute to financial hardship among vulnerable consumers. ASIC alleges that CashnGo engaged in a range of harmful practices including: conducting unscheduled direct debits from borrower bank […]
ASIC has commenced enforcement action against a responsible entity for failing to comply with its obligations under the design and distribution obligations (DDO) regime in Part 7.8A of the Corporations Act 2001 (Cth). The case centres on the issuer’s retail product distribution conduct in relation to a contributory mortgage fund offered to retail clients. Under […]
Companies planning to list on the ASX may soon benefit from a faster and more flexible IPO process, thanks to a new two-year trial aimed at reducing execution risk and expediting timetables. The proposed changes are designed to help issuers navigate volatile market conditions while maintaining strong disclosure and governance standards. The trial introduces the […]
ASIC has forced Australian financial services (AFS) licensee Kalkine Pty Limited to appoint an independent compliance consultant to address concerns regarding customer service representatives providing unlicensed advice. Kalkine is a Sydney-based financial services group that provides equity research reports using a subscription service available on their website. Kalkine has held an AFS licence (licence number […]