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).
Wednesday, 18 July 2018
With digital currencies having cemented themselves in daily finance updates, they have begun to attract the wider market. Due to the returns that have been made in cryptocurrencies, and the regulatory roadblocks in countries outside Australia, it is no surprise that many people are planning on setting up digital currency exchanges in Australia. This article addresses the most Frequently Asked Questions we receive about exchange setups, and prepares you for talking to lawyers if you’re serious about setting up in the highly regulated Australian jurisdiction.
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.