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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Global Money Week: ASIC offers practical tips and resources to teach kids about money

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To mark Global Money Week (27 March – 2 April 2017), ASIC’s MoneySmart offers practical tips and resources for parents to help them teach children about money to establish good money habits for life. ‘The dynamic development of mobile banking and online shopping money reinforces the importance of teaching children and young people about money […]

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CommInsure notes ASIC report

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CommInsure notes the Report on ASIC’s Investigation into The Colonial Mutual Life Assurance Society Limited released yesterday by the Australian Securities and Investments Commission (ASIC). The report established that various improvements have been made in the CommInsure business over the past year. We will be examining the findings closely as we always know we can […]

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ASIC reports on how large financial advice firms have dealt with poor advisers

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ASIC has released the findings of its review of how Australia’s largest financial advice firms have dealt with past poor advice and non-compliant advisers, including how these firms have dealt with affected customers. The review—which forms part of ASIC’s broader Wealth Management Project—was focussed on the conduct of the financial advice arms of AMP, ANZ, […]

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ASIC consults on ‘sunsetting’ class order about licensing relief for trustees of wholesale equity schemes

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ASIC yesterday released a consultation paper proposing to either remake or repeal ASIC Class Order [CO 07/74] Wholesale equity schemes: Licensing relief for trustees. This is due to expire (‘sunset’) on 1 October 2017. This instrument grants relief to trustees of wholesale equity schemes from the requirement to obtain an Australian financial services (AFS) licence […]

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ASIC’s Enforcement Report highlights key outcomes from the second half of 2016

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ASIC yesterday released its enforcement report for the period 1 July 2016 to 31 December 2016. ASIC’s enforcement results over the six-month period include: The report also covers ASIC’s key priorities and long-term challenges going forward, including: aligning conduct in a market-based system with investor and consumer trust and confidence; digital disruption and cyber resilience […]

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