ASIC extends relief excluding multifunds, superannuation platforms and hedge funds from the shorter PDS regime

From

ASIC has extended Class Order [CO 12/749] Relief from the Shorter PDS regime for one year. The class order relief was due to expire on 30 June 2017. The class order provides interim relief, until 30 June 2018, to exclude multifunds, superannuation platforms and hedge funds from the disclosure requirements of the shorter Product Disclosure […]

continue reading

ASIC clarifies its position on the use of ‘independently owned’

From

ASIC has clarified its position on the use of restricted terms relating to the independence of financial advisers after seeking external legal advice on whether phrases such as ‘independently owned’ are restricted terms under s923A of the Corporations Act (the Act). Section 923A provides that financial service providers can only use certain restricted words and […]

continue reading

ASIC temporarily extends time to provide Statements of Advice for urgent superannuation advice

From

ASIC has issued ASIC Corporations (Urgent Superannuation Advice) Instrument 17-530 (the Instrument) to temporarily extend the time financial advisers have to provide retail clients with a Statement of Advice (SoA). The Instrument provides temporary and conditional relief from the requirement under s946C of the Corporations Actto provide a SoA when or as soon as practicable […]

continue reading

Japan and Australia cooperate on fintech

From

The Japan Financial Services Agency (‘JFSA’) and Australian Securities and Investments Commission (‘ASIC’) last week announced the completion of a framework for co-operation to promote innovation in financial services in Japan and Australia. This Co-operation Framework recognises the global nature of innovation in financial services. In this environment, this Framework enables the JFSA and ASIC to […]

continue reading

ASIC commences consultation on proposed guidance on crowd-sourced funding

From

ASIC yesterday released two consultation papers proposing guidance for public companies and intermediaries (i.e. crowd funding platform operators) to assist them in using the new crowd-sourced funding (CSF) regime commencing on 29 September 2017. Under the CSF regime, eligible public companies will be able to make offers of ordinary shares to a large number of investors, […]

continue reading

ASIC reports on decisions to cut red tape – October 2016 to March 2017

From

ASIC has released its latest report outlining decisions on relief applications, highlighting ASIC’s efforts to reduce red-tape and achieve a practical, positive outcome for companies seeking some regulatory flexibility. The granting of relief which has a net regulatory benefit, or which facilitates business or cuts red tape without harming stakeholders, is an important part of […]

continue reading

ASIC welcomes the dawn of a new regulatory era

From

The Australian Securities and Investments Commission (ASIC) has welcomed the passage of legislation enabling a more secure and accountable funding of the model for regulation of the Australian corporate sector. Effective from 1 July 2017, ASIC’s regulatory costs will be recovered from all industry sectors regulated by ASIC through annual levies. ASIC Chairman Greg Medcraft welcomed […]

continue reading

ASIC releases instrument setting the commission caps and clawback amounts as part of the life insurance advice reforms

From

ASIC has made ASIC Corporations (Life Insurance Commissions) Instrument 2017/510 (Life Insurance Commissions Instrument), as part of the life insurance reform package which was announced by the Government on 6 November 2015. The Life Insurance Commissions Instrument gives effect to the Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017, which allows commissions to be paid […]

continue reading

ASIC calls on preparers to focus on the quality of financial report information

From

ASIC has continued to call on companies to focus on giving information for users of financial reports that is useful and meaningful. Announcing its focus areas for 30 June 2017 financial reports of listed entities and other entities of public interest with many stakeholders, ASIC highlighted key areas to address. ASIC Commissioner John Price said, […]

continue reading

ASIC consults on new example Statement of Advice for life insurance

From

ASIC has released a consultation paper on a new example Statement of Advice (SOA) for life insurance. Consultation Paper 284 Example Statement of Advice for life insurance: Update to RG 90 (CP 284) seeks feedback on the new example SOA and related updates to the guidance in Regulatory Guide 90 Example Statement of Advice: Scaled […]

continue reading