Regional identification regime important for efficient Asia Regional Fund Passport operating model

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The release of draft legislation and launch of a pilot program for the Asia Region Funds Passport (ARFP) is a positive step in the initiative to facilitate cross-border distribution of funds... Read more continue reading

ASIC warns financial services licensees against ‘cutting corners’ on death nomination forms

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The Australian Securities and Investments Commission (ASIC) is putting the financial advice sector on notice about meeting requirements for witnessing signatures, after finding issues with advisers failing to correctly witness... Read more continue reading

ASIC’s regulatory sandbox proposal to remain unchanged

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ASIC has released a review of its regulatory sandbox, introduced in December 2016. In the review ASIC proposes to retain class waivers known as the fintech licensing exemption, that allow... Read more continue reading

ASIC releases new example Statement of Advice for life insurance

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ASIC has released a new example Statement of Advice (SOA) for life insurance as part of updates to Regulatory Guide 90 Example Statement of Advice: Scaled advice for a new client (RG 90).... Read more continue reading

ASIC overview of licensing and professional registration – July 2016 to June 2017

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ASIC has reported on its approach to and assessment of licence applications and professional registrations for the period July 2016 to June 2017. Report 553 Overview of licensing and professional registration applications:... Read more continue reading

ASIC reports on cyber resilience assessments of financial markets firms

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An ASIC report on the cyber resilience of over 100 firms operating across Australia’s financial markets has shown a growing understanding of cyber risks, but there is still some progress... Read more continue reading

Outlook for wealth management advice business in 2018

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The Australian wealth management industry is expected to transform even more next year as the work-out from the Future of Financial Advice (FOFA) reform couples with the recent enforcement of... Read more continue reading

ASIC appoints expert to review fees and costs disclosure settings

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The Australian Securities and Investments Commission (ASIC) has appointed Darren McShane to conduct an expert review of fees and costs disclosure in superannuation and management investments. This follows ASIC’s announcement... Read more continue reading

ASIC delivers on commitment to help limited AFS licensees understand their obligations

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The Australian Securities and Investments Commission (ASIC) has released new webpage guidance and information sheets to help limited Australian Financial Services (AFS) licensees and their representatives understand their key obligations.... Read more continue reading

ASIC confirms restricted use of ‘independently owned’ in financial services

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ASIC has updated regulatory guidance to confirm restrictions, that were announced in June 2017, on the use of terminology that implies independence. ASIC has updated Regulatory Guide 175 Licensing: Financial product advisers –... Read more continue reading