Friday, 23 August 2019
After years of speculation, product intervention in the CFDs sector has come to Australia. This article sets out the 8 conditions proposed by ASIC, and some of our commentary.
Thursday, 4 April 2019
ASIC has now issued levies for the 2017 – 2018 financial year. These invoices were due to be paid by 15 March 2019. Late payment penalties apply from 1 April 2019 and these are as 20% per annum of the overdue levy amount. This is the first year of the new regime where ASIC will recover most of its regulatory costs from regulated industries. Many AFS Licensees and Credit Licensees have been surprised by the levies received.
Thursday, 14 February 2019
The continuing increase in retail client regulation over recent years (such as the FOFA reforms) and the increasing ease with which clients can meet the wholesale client eligibility tests has led many financial services businesses to adopt, or consider moving to, wholesale only business models. This means that clients using the services of these businesses do not receive the regulatory protections (such as in relation to disclosure, conduct, complaints and compensation) which apply to retail clients
Tuesday, 18 December 2018
In the wake of the Royal Commission and the criticisms of ASIC being a soft regulator, ASIC Commissioner James Shipton has unequivocally said that ASIC will adopt a much tougher and more aggressive stance in its monitoring and enforcement of compliance with the financial services laws.
Thursday, 13 December 2018
Your organisation can now budget for its industry funding levy. On 5 December 2018, ASIC published the exact levies payable by regulated entities in 2019 under the new industry funding arrangements.
Friday, 16 November 2018
Licensees who have joined AFCA but have yet to notify ASIC must do so prior to 30 November, or be prepared to face late fees.
Monday, 12 November 2018
Being able to sever ties with an adviser who is breaching your AFS licence obligations is an important consideration for licensees.
You should be sure that your authorised representative agreements provide you with sufficient ability to terminate advisers at short notice for material compliance breaches.
Monday, 29 October 2018
On 12 September, Parliament passed the Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 (‘the Bill’). The new provisions commenced on 19 October 2018, extending the availability of crowd-sourced funding (‘CSF’) opportunities to proprietary companies. Until then, CSF had only been available to public companies, following the Corporations Amendment (Crowd-sourced Funding) Act 2017. The Bill’s amendments come as welcome news to proprietary companies, which make up the vast majority of registered companies in Australia.
Monday, 22 October 2018
The distinction between wholesale and retail clients is a fundamental part of the financial services laws. The continuing increase in retail client regulation over recent years (such as the FOFA reforms) and the increasing ease with which clients can meet the wholesale client eligibility tests has led many financial services businesses to adopt wholesale only business models.
Thursday, 4 October 2018
If you are operating a cryptocurrency / digital currency exchange (DCE) which exchanges fiat (Australian or foreign currency) for digital currency and/or vice versa, you would be aware that from 3 April 2018, you have had obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).