Regulation/Reform

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Five reasons ASIC will reject your licence application

ASIC rejects 30% of AFS licence applications and 24% of credit licence applications. In this article, we explain why it rejects applications and give you tips on how to avoid becoming a statistic. In 2017/2018, ASIC approved just 40% of all Australian financial services licence (AFSL) applications and 49% of credit licence applications. Many licence […]

05 Jul 2019

ASIC publishes submissions and announces public hearings on responsible lending guidance

From ASIC - Australian Securities & Investments Commission

ASIC will hold public hearings as part of the wider public consultation on its guidance on the responsible lending obligations. This consultation commenced in February 2019, and ASIC has received 72 submissions. The hearings, which will be live streamed online, are aimed at testing the views of stakeholders and providing greater understanding of business operations. […]

02 Jul 2019

APRA and ASIC publish latest data on life insurance claims and disputes

From ASIC - Australian Securities & Investments Commission

The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2018 to 31 December 2018. The data is the product of a world-leading joint project between APRA and the Australian Securities and Investments Commission (ASIC), aimed at making it easier to compare life insurers’ performance […]

01 Jul 2019

ASIC: Major financial reporting changes and other focuses

From ASIC - Australian Securities & Investments Commission

Announcing its focus areas for 30 June 2019 financial reports of listed entities and other entities of public interest with many stakeholders, ASIC has called on companies to focus on new requirements that can materially affect reported assets, liabilities and profits. New accounting standards Major new accounting standards will have the greatest impact on financial […]

20 Jun 2019

ASIC approves AFCA Rules change for legacy complaints

From ASIC - Australian Securities & Investments Commission

ASIC has approved changes to the Australian Financial Complaints Authority (AFCA) Rules which give effect to the AFCA authorisation condition introduced by Government on 19 February 2019. Under the Government’s additional condition, AFCA is required to give expanded access to the AFCA scheme for consumers and small businesses that were harmed by financial misconduct, dating […]

19 Jun 2019

Response to APRA directions and conditions on AMP Super licensees

From AMP Capital

AMP notes this morning’s announcement by the Australian Prudential Regulation Authority (APRA) regarding the imposing of directions and additional conditions on the Registrable Superannuation Entity (RSE) licences of our superannuation trustees: AMP Superannuation Limited and NM Superannuation Proprietary Limited. AMP will fully implement the directions and additional conditions. We have been working constructively with APRA […]

17 Jun 2019

ASIC releases market integrity report

From ASIC - Australian Securities & Investments Commission

ASIC has released its latest report on market integrity for the period 1 July to 31 December 2018. The report highlights some of the activities undertaken to safeguard Australia’s financial markets, so investors can continue to participate with confidence. Key outcomes during the six-month period include: The report looks at ASIC’s recent focus on […]

04 Jun 2019

ASIC updates information for businesses on ICOs and crypto-assets

From ASIC - Australian Securities & Investments Commission

ASIC has released new information to help businesses involved with initial coin offerings (ICOs) and crypto-assets to consider their legal obligations and satisfy themselves they are operating lawfully. ASIC has updated Information Sheet 225 Initial coin offerings and crypto-assets (INFO 225) based on our recent experiences with ICOs and crypto-assets, which indicate that ICOs and crypto-assets will often […]

03 Jun 2019

Royal Commission response: Design and distribution obligations

From Finity & The Fold

In the last sitting week of parliament, the first piece of legislation responding to the Hayne Report was passed. New product design and distribution obligations will apply to insurers (and underwriting agencies) from 5 April 2021 requiring them to develop and document a target market determination for each retail client product. New obligations will ensure that product […]

31 May 2019

Can’t get mandatory PI cover? Here’s what to do

From The Fold Legal

Some financial services and credit licence applications are being delayed because licensees simply cannot buy professional indemnity (PI) insurance. We outline what to do if this is happening to you. The Royal Commission has made it more difficult for licensees to get PI insurance The insurance market has hardened following the Royal Commission. This is […]

29 May 2019