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ASIC calls for cyber uplift: What AI-enabled cyber risk means for licensees
14 Jul 2026On 8 May 2026, ASIC issued an open letter[1] to Australian financial services licensees and market participants calling for an urgent uplift in cyber resilience measures (the Letter). Issued against t
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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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Artificial Intelligence and Financial Services: What 2025 taught us
12 Jan 2026Whether you describe it as the ‘AI revolution’,[1] ‘AI bubble’,[2] or an ‘industry reshape’,[3] 2025 has seen artificial intelligence affect industries across Australia, including financia
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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
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Are changes coming to the wholesale client eligibility rules?
01 Feb 2022In a previous article we looked at various regulatory issues and concerns which have arisen with the current legal definitions of wholesale and retail clients under the Corporations Act 2001 (the "A
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APRA regulatory reporting for general insurance providers
17 Oct 2019Are you an AFSL holder and authorised to deal in general insurance? If so, you should be aware of your obligations to provide data to APRA every six months by lodging a Form 701. What is a Form 701?
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Anybody home? The importance of checking whether your corporate clients have been deregistered
17 Oct 2023There is no express obligation for a financial services provider to monitor its client lists for deregistered companies. However, the recent case of ASIC v Westpac [2022] FCA 515 has demon
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Annual Compliance Trends Survey Results Released
06 May 2025Holley Nethercote is excited to present our third Compliance Trends Survey Report. This survey was conducted in February 2025 across over 200 Australian financial services and Australian credit licenc
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And the record greenwashing penalty goes to…
03 Mar 2026Greenwashing is a term often used across the financial services industry, yet is frequently misunderstood. At its core, it refers to the misrepresentation of a financial product or investment strategy