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Ban on conflicted remuneration for mortgage brokers and intermediaries – here to stay
21 Jul 2025In February 2020, the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures) Act 2020 (Act) passed both Houses of Parliament and received Royal Assent. Th
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Avoiding a successful Unfair Dismissal claim – Some hints and tips
15 Dec 2020It is said that the most valuable asset of a business can be its employees. Whilst that is usually true, from time to time it becomes necessary, for the good of the business or the harmony of the wo
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Australia Provides Relief for GST Treatment of Digital Currencies
22 Nov 2017The 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 pu
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ASIC’s enforcement priorities in design and distribution: What we know from recent stop orders and Federal Court decisions
12 Nov 2024Receiving a stop order or Federal Court claim relating to a licensee’s product design is extremely stressful for licensees. We should know! We have helped numerous licensees lift interim stop orde
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ASIC’s Product Intervention Power – How does it work?
01 Dec 2020Since 6 April 2019, ASIC has had the power to proactively intervene in relation to a financial or credit product (“product”) or class of products to reduce the risk of significant detriment to con
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ASIC v HSBC: Is “adequacy” enough to manage cybersecurity risk?
20 Dec 2024While Optus and Medibank come to mind when we think of cyber incidents, ASIC is increasingly enforcing its regulatory priority of licensee failures to have adequate cyber-security protections. Think R
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ASIC cracks down on financial advisers and licensees
09 Aug 2022Financial advisers and their licensees, take note! ASIC is following up on advisers who haven’t yet completed the financial adviser exam. For most advisers, the thought of the financi
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As a credit licensee, can you sign the Annual Compliance Certificate?
18 Dec 2019If you are a credit licensee, you must lodge an annual compliance certificate with ASIC within 45 days of your licensing anniversary each year. Your licensing anniversary is the anniversary of the d
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Are you paying too much for your ASIC Industry Funding Levy?
04 Apr 2019ASIC 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 an
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Are you ‘fit and proper’ or only of ‘good fame and character’?
30 Jun 2020In March 2020, the requirements for obtaining and maintaining an Australian Financial Services Licence (AFSL) were amended by the Financial Sector Reform (Hayne Royal Commission Response—Stronger Re