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Key dates and supporting material on the HN Hub
| Change | Commences | What you need to know - The highlights | Supporting Policy Templates | Supporting Training Webinar |
|---|---|---|---|---|
| Breach Reporting | 1 October 2021 | - The legislation is much broader and now includes ‘reportable situations’. - Some reportable situations are “deemed” reportable – you will be reporting more frequently to ASIC. - The regime will also apply to Australian Credit Licensees - You have 30 days to decide if a situation is reportable, or you need to report it anyway | Yes | Yes |
| Updated reference checking and information sharing | 1 October 2021 | - There are new requirements on recruiting licensees and referee licensees, which dictate how reference checks are to be conducted. | Yes Updated appointments policy | No |
| Internal Dispute Resolution (Complaints) Procedures | 5 October 2021 | - Response times have changed - Definition of a complaint is much broader - You must have a public complaints policy - Parts of ASIC’s regulatory guide 271 are enforceable. | Yes | Yes |
| Design & distribution obligations | 5 October 2021 | - This obligation is in addition to Best Interest Duty - Become familiar with relevant issuer Target Market Determinations (TMDs) and how they fit into the advice process, and what you need to do | Yes | Yes |
| Hawking prohibitions consolidated and broadened | 5 October 2021 | - Outbound promotions may need to be pared back in light of the new restrictions | Yes Updated Promotional Material Policy | Yes |
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From one-off Alerts through to our monthly Tailored Regulatory Newsletter (T-REX), let us help you navigate the ever-changing regulatory landscape.
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