Friday, 8 November 2019
In early August, Justice Perram of the Federal Court dealt ASIC a significant blow by dismissing its case that Westpac had breached responsible lending laws.
Tuesday, 8 October 2019
When I was in my second or third year of law school, I remember having to read some EDR scheme decisions to answer the following question: “What role do considerations of fairness play in the EDR decision making process?”. In short, my answer was that it was hard to tell. The legal factors were neatly set out, but the discussion on fairness was vague. So how, I wondered, could financial services providers know what to expect?
Monday, 30 September 2019
In the wake of the Royal Commission and with recent changes in legislation to facilitate ASIC’s ability to take court proceedings, increased regulator resources and lofty potential penalties, the consequences of not hitting the targets could be truly shattering.
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.