ASIC provides guidance on common issues in registration of managed investment schemes

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ASIC has published a new information sheet to explain the common issues we identify in the content of managed investment scheme (scheme) constitutions during the registration process, and how we address these issues. Since 1 October 2013, ASIC has considered the contents of over 700 constitutions as part of assessing whether to register a scheme. […]

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Compensation update: major financial advisory institutions continue refund programs for fees-for-no-service

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AMP, ANZ, CBA, NAB and Westpac have so far repaid more than $60 million of an expected $200 million-plus total in refunds and interest for failing to provide general or personal financial advice to customers while charging them ongoing advice fees. These institutions’ total compensation estimates for these advice delivery failures now stand at more […]

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ASIC warns consumers about investment scams

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During Consumer Fraud Week 2017, ASIC is reminding consumers to protect themselves against investment scams. ASIC Deputy Chairman Peter Kell said, ‘The Targeting Scams report published yesterday by the Australian Competition and Consumer Commission (ACCC) shows reports to Scamwatch on investment scams increased in 2016. ASIC is alerting the public to ways to stay informed and protect themselves […]

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Acquiring property via a trust or company involving a foreign person has got more expensive

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The NSW Office of State Revenue levies additional stamp duty on acquisitions of land by foreign persons and additional land tax in relation to foreign landholders. As trusts and companies can also be considered ‘foreign persons’, these entities could potentially be hit with an extra tax bill to pay. What is surcharge purchaser duty and […]

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Consumers warned about investment scams promising to assist access to trust funds

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ASIC urges the public to be wary of cold callers claiming that their investment proceeds have been stopped by ASIC and are being held for them in a trust. These calls are being made by individuals based overseas and are scams. ASIC warns anyone who receives unexpected contact in this way or a similar manner […]

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ASIC signs fintech Cooperation Agreement with OJK to promote innovation in financial services

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The Australian Securities and Investments Commission (ASIC) and Indonesia’s Otoritas Jasa Keuangan (OJK) have entered a Cooperation Agreement to promote innovation in financial services in their respective markets. The agreement, signed last week in Melbourne, establishes a framework for cooperation between OJK and ASIC in the expanding space of innovation in financial services, agreeing to share […]

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ASIC consults on establishing a Financial Services Panel

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ASIC has  released a consultation paper on its proposal to develop and implement a Financial Services Panel (the Panel). The Panel would add a strong element of peer review to ASIC’s administrative decision making processes. ASIC Chairman Greg Medcraft said, ‘ASIC’s aim in establishing a Panel is to enhance the impact of ASIC’s administrative decisions. […]

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ASIC releases further report on emerging market issuers

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ASIC published Report 521 Further review of emerging market issuers (REP 521) yesterday, which discusses ASIC’s views on emerging market issuer activity and highlights how ASIC has responded to the key challenges identified in Report 368, some of which we continue to see in our market. Report 521 describes some of the regulatory initiatives that we have […]

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ASIC cancels suspended Australian Financial Services licence for failing to lodge annual statements

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ASIC has cancelled the Australian Financial Services (AFS) licence of Parramatta-based company Rural & General Insurance Broking Pty Limited (RGIB) for failing to comply with their legal obligations and licence conditions. In particular, ASIC has found that RGIB failed to lodge annual financial statements and auditor’s reports for the financial years ending 30 June 2014 […]

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ASIC establishes Financial Advisers Consultative Committee

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ASIC yesterday announced the establishment of the Financial Advisers Consultative Committee, designed to improve industry engagement with its regulator, and revealed its initial membership. ‘ASIC has extensive engagement with participants in the financial advice sector as well as financial advice industry bodies and consumer organisations. We saw benefit in extending our interaction with this sector […]

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