Abu Dhabi and Australia seal agreement on fintech cooperation

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The Abu Dhabi Global Market (‘ADGM’) Financial Services Regulatory Authority (‘FSRA’) and ASIC today signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction. This Agreement expands ASIC’s fintech cooperation network to a dynamic region with enormous potential. The Middle East and North Africa (MENA) are […]

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ASIC consults on revised licence regime for domestic and overseas market operators

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ASIC is consulting on proposals to refine and update ASIC’s regulatory guidance on the licensing regime for financial markets. Consultation Paper 293 Revising the market licence regime for domestic and overseas operators (CP 293) proposes introducing a two-tiered market licence regime, based on a risk-based assessment. The second tier of licence will be able to facilitate a […]

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ASIC checks on limited AFS licence experience

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ASIC visited twenty limited Australian Financial Services (AFS) licensees during 2016 – 2017 to assess how they were operating under their new licences and to discuss and promote compliance with their AFS licensee obligations. This program followed the removal from 1 July 2016 of the exemption from holding an AFS licence that accountants previously relied […]

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ASIC consults on proposed financial benchmark regulatory regime

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ASIC is seeking feedback on proposed ASIC rules for the administration of licensed financial benchmarks and regulatory guidance on how we would administer the proposed financial benchmark regulatory regime. The Government is currently consulting on draft legislation to implement financial benchmark regulatory reform. ASIC’s consultation is about the licensing regime for administrators of significant benchmarks […]

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ASIC consults on new client money reporting rules

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ASIC has released a consultation paper proposing to make new client money reporting rules (client money rules) for Australian financial services (AFS) licensees that hold ‘derivative retail client money’ within the meaning of the Corporations Act. The client money rules will impose record keeping, reconciliation and reporting requirements on AFS licensees that hold derivative retail […]

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ASIC takes action over misuse of ‘sophisticated investor’ certificates

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ASIC is concerned that some accountants may be harming retail investors by inappropriately providing ‘sophisticated investor’ certificates. In general, companies raising money by offering shares to retail investors must give the investors sufficient information by providing a prospectus or other regulated disclosure document. This helps investors in making a decision whether to invest in the […]

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ASIC acts to improve transparency of super websites

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ASIC has intervened in relation to 21 superannuation trustees, representing 15 per cent of the trustee population, to improve ‘Transparency Information’ (TI) on their super fund websites. Under s29QB of the Superannuation Industry (Supervision) Act 1993(SIS Act), each superannuation fund must disclose TI on a website and keep it up to date at all times. TI […]

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ASIC releases superannuation member experience report

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ASIC has released a report about our review of key aspects of consumer engagement with their super funds, focusing on the experience of less-engaged superannuation fund members. The review sets out key principles that can help improve member experience of superannuation. It also points to some areas for improvement, including in relation to the provision […]

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ASIC extends relief excluding multifunds, superannuation platforms and hedge funds from the shorter PDS regime

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ASIC has extended Class Order [CO 12/749] Relief from the Shorter PDS regime for one year. The class order relief was due to expire on 30 June 2017. The class order provides interim relief, until 30 June 2018, to exclude multifunds, superannuation platforms and hedge funds from the disclosure requirements of the shorter Product Disclosure […]

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ASIC clarifies its position on the use of ‘independently owned’

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ASIC has clarified its position on the use of restricted terms relating to the independence of financial advisers after seeking external legal advice on whether phrases such as ‘independently owned’ are restricted terms under s923A of the Corporations Act (the Act). Section 923A provides that financial service providers can only use certain restricted words and […]

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