ASIC facilitates crowd-sourced funding by public companies

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The Australian Securities and Investments Commission (ASIC) has released guidance for public companies and crowd-funding platform operators to support them in using the new crowd-sourced funding (CSF) regime, which commences on 29 September 2017. ASIC Commissioner John Price said, ‘Crowd-sourced funding provides an opportunity for small to medium-sized businesses to access an alternate source of […]

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ASIC’s 2017-20 data strategy launched

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The Australian Securities and Investments Commission has launched its data strategy for 2017-20. The strategy, which outlines how ASIC will capture, share and use data, will transition ASIC into a more data-driven and intelligence-led organisation. ASIC’s data strategy outlines a number of data initiatives that have been completed or will be put in place over the […]

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Response to feedback on REP 523 ASIC’s Innovation Hub and our approach to regulatory technology

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ASIC last week released its response to industry feedback on ASIC’s Innovation Hub and its approach to regulatory technology. In May ASIC released for consultation Report 523 ASIC’s Innovation Hub and our approach to regulatory technology (REP 523). ASIC sought feedback on: its overall approach to innovation setting up a new regtech liaison group its continued use of […]

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Recruitment choices can affect your compliance

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Employing someone with a conviction or bankruptcy can jeopardise compliance with an Australian Financial Services (AFS) licensee’s obligations. ASIC can ban any person it considers to not be of ‘good fame and character’. It can suspend an AFS licence if a significant representative of a licensee is banned, or if ASIC believes the licensee will […]

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Applications for crowd-funding licences open 29 September 2017

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From 29 September 2017, the new crowd-sourced funding (CSF) regime will come into effect and ASIC will begin accepting licence applications from CSF intermediaries. Under the CSF regime, eligible public companies will be able to make offers of fully paid ordinary shares to a large number of investors via the online platform of a licensed […]

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ASIC releases market integrity report

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ASIC has released its latest report on market integrity for the period 1 January to 30 June 2017. The report covers ASIC’s work to help ensure Australia’s financial markets operate fairly and efficiently. Key outcomes during the six-month period include:     The report looks at ASIC’s focus on cyber resilience, sell-side research and listing […]

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ASIC extends time for expressions of interest for membership of Financial Services and Credit Panel

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The Australian Securities and Investments Commission has extended, to 14 September 2017, the time for expressions of interest from financial services and consumer credit industry participants who are interested in becoming members of the new ASIC Financial Services and Credit Panel. Applications will now close at 10am (AEST) on 14 September 2017 (extended from the original closing […]

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ASIC reports on how investors decide to invest in IPOs

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Based on recent research, ASIC reports that prospectuses are important for investors in considering an investment in an IPO  but there is scope for improvement in the usability and credibility of these documents. ASIC aims to support confidence in our capital markets by proactively regulating IPOs. To ensure that ASIC is regulating IPOs in an […]

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The danger of a knee-jerk reaction to regulatory reform

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The hot issue for many advisers right now is what they need to do to adjust for incoming regulatory reform…again…and the focus is almost always upon the short term.  Knee-jerk reactions become the norm as advisers grapple with the burning questions, such as: What process do I have to change?   What course do I […]

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Professional indemnity insurance review completed

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A targeted review of professional indemnity (PI) insurance by ASIC has found that most small companies holding Australian financial services (AFS) licences had PI insurance that met regulatory requirements. We found, generally, the small AFS licensees that we reviewed had policies with an overall indemnity limit that complied with requirements. The review focused on the adequacy […]

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