Last year innovative and landmark reforms were introduced that gave companies limited by guarantee the ability to raise capital by issuing mutual capital instruments ( MCIs) without risking their status as a mutual. Now 12 months on, we share our top 3 tips for any mutual looking to streamline the process. Tip 1: Make sure your... Read more continue reading
07
Sep
2020
ASIC have announced new relief measures for operators of managed funds to facilitate withdrawals by members facing financial hardship (hardship relief) during the COVID-19 pandemic. The conditional relief is available through a legislative instrument, which applies to all responsible entities (REs) of registered managed investment schemes (schemes) that have become ‘frozen funds’. The relief measures... Read more continue reading
28
Aug
2020
On 10 September 2019, ASIC filed an appeal with the Federal Court of Australia against the decision of the Honourable Justice Perram regarding ASIC’s allegations against Westpac Banking Corporation (Westpac) for contraventions of responsible lending provisions of the National Consumer Credit Protection Act 2009 (Cth) (Credit Act). The matter was heard in February 2020 and yesterday... Read more continue reading
30
Jun
2020
ASIC has approved a variation of the Banking Code of Practice (Code). The variation, as proposed by the Australian Banking Association (ABA), involves the insertion of a ‘Special Note’ into the Code to allow for special application of specified Code provisions until 1 March 2021. The ABA has proposed the variation due to the extraordinary... Read more continue reading
29
Jun
2020
ASIC has published regulatory guidance to assist in the application of the new best interests duty for mortgage brokers, which comes into effect in 2021. The new obligations were legislated by the Parliament in response to Recommendation 1.2 of the Financial Services Royal Commission. From 1 January 2021, mortgage brokers will be required to act in... Read more continue reading
25
Jun
2020
ASIC has put responsible entities (REs) of all managed investment schemes (MISs) ‘on notice’ that they must ensure their investment fund advertising provides clear, balanced and accurate information. This follows ASIC’s risk based surveillance of advertising material, website disclosure and product disclosure statements from managed funds during the COVID-19 pandemic. ASIC was concerned to find... Read more continue reading
17
Jun
2020
ASIC has registered an amending instrument to specify an end date for three COVID-19 related instruments. The ASIC Corporations (Amendment) Instrument 2020/565 makes the following amendments: The earlier amendment to the ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 will be repealed on 2 October 2020 (six months after the amendment commenced). The ASIC Corporations (Trading Suspensions Relief) Instrument... Read more continue reading
15
Jun
2020
ASIC has published its Interim Corporate Plan, which sets out five priorities to tackle the challenges presented by the COVID-19 pandemic: protecting consumers from harm at a time of heightened vulnerability maintaining financial system resilience and stability supporting Australian businesses to respond to the effects of COVID-19 continuing to identify, disrupt and take enforcement action... Read more continue reading
12
Jun
2020
With the ongoing COVID-19 pandemic, it’s fair to say that regulators and businesses have shifted their priorities. Timelines for legislative reforms driven by the Hayne Royal Commission and licence applications for wealth businesses have changed. APRA and ASIC licences may be delayed APRA has announced that it will not issue any new insurance or banking licences for... Read more continue reading
28
May
2020
ASIC has outlined its expectations for all market participants to act appropriately to ensure Australia’s equity markets remain resilient. In a letter published last week [14 May, 2020], all equity market participants are requested to take reasonable steps to ensure the number of trades matched from their orders: are capable of being handled by their internal processing and... Read more continue reading
18
May
2020
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