Why ASIC is stopping ICOs

From

ASIC has recently stopped a number of retail initial coin offerings and token generation events (ICOs), has taken action in respect of a completed ICO and has even issued a stop order on a PDS for a crypto fund. ASIC’s two key concerns – misleading and deceptive information in the materials used to market the […]

continue reading

ASIC updates guidance as crowd-sourced funding regime extends to proprietary companies

From

ASIC has released updated regulatory guides to coincide with the extension of the crowd-sourced funding (CSF) framework to eligible proprietary companies. This starts on 19 October 2018. ASIC has amended its guidance to include proprietary companies and updated requirements for public companies after consulting with those parties that made submissions to Consultation Paper 288 Crowd-sourced funding: […]

continue reading

ASIC announces review of school banking

From

As the lead Australian Government agency for financial capability, ASIC has announced that it will commence a review of school banking programs in primary schools. Across the country young people are learning about money at school. Financial literacy education is embedded in the Australian Curriculum and teachers draw on a range of materials and programs […]

continue reading

ASIC action on compliance breaches with fees disclosure and renewal notices

From

ASIC has announced a review of compliance with requirements for Fee Disclosure Statements and Renewal Notices in the financial advice sector. ASIC has received a number of breach reports from licensees which indicate they may have failed to comply with the Fee Disclosure Statement (FDS) and Renewal Notice requirements that were implemented as part of […]

continue reading

FPA Conduct Review Commission hands down determination for Sam Henderson case

From

The Financial Planning Association of Australia (FPA) independent disciplinary body, the Conduct Review Commission (CRC), has found Sam Henderson breached the FPA’s Code of Professional Practice (FPA Code). The CRC’s Determination was published yesterday. The CRC found that nine out of the ten alleged breaches of the FPA Code were proven. Information in relation to […]

continue reading

CFTC and ASIC sign fintech cooperation arrangement

From

The US Commodity Futures Trading Commission (CFTC) and the Australian Securities and Investments Commission (ASIC) today signed an arrangement to cooperate and support innovation through each other’s financial technology (fintech) initiatives – CFTC’s LabCFTC and ASIC’s Innovation Hub. ‘The signing of this arrangement with ASIC advances our mutual interest in facilitating technological innovation and development to enhance our […]

continue reading

Historic reforms to spur real competition in banking

From

Release yesterday of a draft bill to lower barriers to capital raising by mutual banks, credit unions and building societies is a significant step forward in promoting competition in banking. “We welcome this draft bill to amend the Corporations Act to increase our sector’s capacity to expand and take opportunities while staying true to our […]

continue reading

ASIC continues small business focus for 2018-19

From

ASIC has released its Corporate Plan for 2018-19 to 2021-22 and small business continues to be an important stakeholder for ASIC, reflected in the plan’s action items for 2018-19. ASIC Commissioner John Price said, ‘As Australia’s regulator for companies, financial markets and providers of financial services and consumer credit, ASIC works to help small business succeed as […]

continue reading

FOS / AFCA transition involves much work for AFL licensees

From

By now, all credit and financial services licensees, and superannuation trustees must have joined AFCA. But don’t overlook the additional work required to effectively transition from your existing external dispute body to AFCA by 1 November 2018. The two key things you need to do are: 1. Update documents and your website to refer to […]

continue reading

ASIC releases guidance on code of ethics compliance schemes for financial advisers

From

ASIC has released guidance on its proposed approach to approving and overseeing compliance schemes for financial advisers (RG 269). The financial advice professional standards reforms include obligations for financial advisers to, from 1 January 2020, comply with a code of ethics and be covered by an ASIC-approved compliance scheme under which their compliance with the […]

continue reading