Financial Services Law

  • By Jesse Vermiglio

    It's time to dust off your conflicts of interest policy

    Wednesday, 27 June 2018
    Earlier this year, ASIC launched a crusade against poor financial advice. ASIC looked at how some of Australia’s larger banking and financial services institutions dealt with conflict of interest between selling its in-house products and looking after a client’s best interest. These issues were also raised by the Banking Royal Commission, and have left the larger banking institutions reconsidering its separate divisions.

    Keep Reading

  • By David Court

    Deadline is Fast Approaching for MDA Service Providers!

    Monday, 16 April 2018
    If your business operates a Managed Discretionary Account service through a regulated platform and has been relying on the “no-action” letter, this is a reminder that changes are happening and with little time remaining.

    Keep Reading

  • By Fiona McCord

    You’ve just suffered a ‘cyber’ incident – What Are the Legal Risks?

    Monday, 19 February 2018
    While it is natural to focus on restoring internal systems and security processes if a cyber incident arises, consideration must be given to the potential legal ramifications. Here are our top four cyber incident legal risks that should be considered by every business.

    Keep Reading

  • By Terence Wong

    Enhanced Regulatory Sandbox - Fintech 2.0 or Fintech 1.1?

    Monday, 15 January 2018
    Australian Fintech businesses would be aware of ASIC's existing Fintech Regulatory Sandbox. In this blog, we refer to this as the “Existing Sandbox” - see a previous blog we wrote defining ASIC's Existing Sandbox. The Existing Sandbox was designed for certain Fintech startup businesses to avoid AFS licensing requirements for one year subject to retail client caps, notification requirements and client exposure limits.

    Keep Reading

  • By Zoe Higgins

    Proposed Internal Dispute Resolution (IDR) Reporting Requirements

    Friday, 24 November 2017
    Since the Ramsay Review commenced in 2016, there has been significant progress toward a new framework for External Dispute Resolution (EDR) in Australia. The new framework will include the establishment of the Australian Financial Complaints Authority (AFCA), which will become a ‘one stop shop’ for the resolution of financial complaints.

    Keep Reading

  • By Mark Sneddon

    Australia Provides Relief for GST Treatment of Digital Currencies

    Wednesday, 22 November 2017
    The recent changes to the law in Australia align the GST treatment of digital currency with the GST treatment of money (particularly foreign currency). However, it will be important for purchasers and users to ensure that the particular tokens they are using come within the definition of “digital currency” in the GST legislation.

    Keep Reading

  • By Fiona McCord

    Why Australian Financial Services Licensees absolutely MUST prioritise cyber-resilience

    Friday, 17 November 2017
    12-18 November is fraud awareness week, and once again, Cyber-Resilience is a hot topic. As a licensee, do you wonder what you legally have to do? Before we tell you, let’s start, as Simon Sinek recommends, with Why…

    Keep Reading

  • By Alexa Freeman

    Room to improve AML/CTF Systems and Controls - Our take on AUSTRAC’s Risk Assessment

    Wednesday, 25 October 2017
    In July this year, AUSTRAC released its latest money laundering and terrorism financing (ML/TF) risk assessment which focuses on the securities and derivatives sector. Similar to past risk assessments released by AUSTRAC, this risk assessment has a broader application to the financial services industry as a whole.

    Keep Reading

  • By Terence Wong and David Court

    CCIVs in Australia – Worth the Wait?

    Monday, 16 October 2017
    Australia's funds management industry has been measured as the sixth largest in the world (behind the USA (by a very long way), Luxembourg (by about half), Ireland, Germany and France and ahead of Singapore, the UK, Japan and China) and the largest in the Asia-Pacific region, largely as a result of Australia's pool of superannuation assets. However, the Government thinks that we can do even better...

    Keep Reading

  • By David Court

    Part II: Certified Wholesale - SMSFs and Accountant's Certificates

    Monday, 9 October 2017
    In Part I of this blog series, we left off at What are the wholesale client eligibility tests? In Part 2 of this blog series, we will continue from there and answer the remaining four questions: 4. What are the wholesale client eligibility tests? 5. What is individual wealth? 6. How are controlled entities included? 7. Who can control an SMSF?

    Keep Reading

RSS RSS Feed

Legal Updates