ASIC extends partnership for digital investigation and analytics software

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The Australian Securities and Investments Commission has extended its partnership with Australian software company Nuix following a competitive tender process. The new contract forms part of ASIC’s expanding analytics and e-discovery platforms. ASIC is investing around $60 million on data analytics, IT systems as well as its surveillance and enforcement capabilities to be a more […]

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ASIC targets unlicensed binary option mobile apps

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In March 2017, ASIC conducted a review of various mobile app stores focusing on apps associated with binary options trading. The review highlighted over 330 apps which were offered to Australians by entities and individuals that appeared to be unlicensed. 63% were offered by binary option issuers and facilitated trading, 25% were from various signal […]

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ASIC reports on Australian bank audits following Wells Fargo misconduct

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ASIC yesterday outlined the results of audits conducted by eight banks in Australia following the regulatory action taken in the United States against Wells Fargo Bank, N.A. (Wells Fargo) in late 2016. Overall, the audits did not find evidence of systemic misconduct involving illegal opening of accounts as seen at Wells Fargo. While not identifying […]

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Abu Dhabi and Australia seal agreement on fintech cooperation

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The Abu Dhabi Global Market (‘ADGM’) Financial Services Regulatory Authority (‘FSRA’) and ASIC today signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction. This Agreement expands ASIC’s fintech cooperation network to a dynamic region with enormous potential. The Middle East and North Africa (MENA) are […]

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ASIC consults on revised licence regime for domestic and overseas market operators

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ASIC is consulting on proposals to refine and update ASIC’s regulatory guidance on the licensing regime for financial markets. Consultation Paper 293 Revising the market licence regime for domestic and overseas operators (CP 293) proposes introducing a two-tiered market licence regime, based on a risk-based assessment. The second tier of licence will be able to facilitate a […]

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ASIC checks on limited AFS licence experience

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ASIC visited twenty limited Australian Financial Services (AFS) licensees during 2016 – 2017 to assess how they were operating under their new licences and to discuss and promote compliance with their AFS licensee obligations. This program followed the removal from 1 July 2016 of the exemption from holding an AFS licence that accountants previously relied […]

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ASIC consults on proposed financial benchmark regulatory regime

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ASIC is seeking feedback on proposed ASIC rules for the administration of licensed financial benchmarks and regulatory guidance on how we would administer the proposed financial benchmark regulatory regime. The Government is currently consulting on draft legislation to implement financial benchmark regulatory reform. ASIC’s consultation is about the licensing regime for administrators of significant benchmarks […]

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ASIC consults on new client money reporting rules

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ASIC has released a consultation paper proposing to make new client money reporting rules (client money rules) for Australian financial services (AFS) licensees that hold ‘derivative retail client money’ within the meaning of the Corporations Act. The client money rules will impose record keeping, reconciliation and reporting requirements on AFS licensees that hold derivative retail […]

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ASIC takes action over misuse of ‘sophisticated investor’ certificates

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ASIC is concerned that some accountants may be harming retail investors by inappropriately providing ‘sophisticated investor’ certificates. In general, companies raising money by offering shares to retail investors must give the investors sufficient information by providing a prospectus or other regulated disclosure document. This helps investors in making a decision whether to invest in the […]

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ASIC acts to improve transparency of super websites

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ASIC has intervened in relation to 21 superannuation trustees, representing 15 per cent of the trustee population, to improve ‘Transparency Information’ (TI) on their super fund websites. Under s29QB of the Superannuation Industry (Supervision) Act 1993(SIS Act), each superannuation fund must disclose TI on a website and keep it up to date at all times. TI […]

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