ASIC provides information on funeral expenses reform

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ASIC has issued an information sheet for providers of funeral expenses facilities. Recent changes to the Corporations Regulations mean that entities who sell funeral expenses facilities will generally be required to hold an Australian financial services licence from 1 April 2020. A funeral expenses facility is a scheme or arrangement for the payment of money

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02 Apr 2020

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ASIC recalibrates its regulatory priorities to focus on COVID-19 challenges

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In coordination with the Council of Financial Regulators, ASIC will focus its regulatory efforts on challenges created by the COVID-19 pandemic. Until at least 30 September 2020, the other matters that ASIC will afford priority are where there is the risk of significant consumer harm, serious breaches of the law, risks to market integrity and

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24 Mar 2020

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Guidelines for meeting upcoming AGM and financial reporting requirements

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Annual General Meetings Coronavirus (COVID-19) may temporarily impact on companies’ ability to hold an annual general meeting (AGM). This issue is most immediately relevant for listed and unlisted public companies with 31 December balance dates that are required to hold an AGM by 31 May 2020. For these entities, ASIC: Confirms it will take no

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24 Mar 2020

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ASIC takes steps to ensure equity market resiliency

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As part of the Australian Government’s response to the novel coronavirus (COVID-19), ASIC has taken steps to ensure Australian equity markets remain resilient. Australian equity markets have seen record trading volumes in the last two weeks. ASIC, along with the other Council of Financial Regulators agencies, have been closely monitoring financial markets to ensure they

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17 Mar 2020

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ASIC Annual Forum and Annual Dinner postponed

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Due to the uncertain availability of international and interstate speakers and delegates and the evolving situation surrounding the novel coronavirus (COVID-19), we have made the difficult decision to postpone the ASIC Annual Forum and Annual Dinner 2020. We understand the difficulties some people may face in travelling to Sydney for this event. Like previous years,

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13 Mar 2020

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Following consultation, ASIC releases new regulatory framework for foreign financial services providers

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ASIC has released its new regulatory framework for foreign financial services providers (FFSPs) providing financial services to Australian wholesale clients. ‘Our new regulatory framework facilitates Australian wholesale access to foreign investment opportunities, preserves market integrity against misconduct in wholesale markets, and strengthens ASIC’s ability to take effective regulatory and supervisory action,’ said ASIC Commissioner Cathie

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12 Mar 2020

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ASIC consults on proposals about advice fee consents and independence disclosure

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ASIC has issued Consultation Paper 329 Implementing the Royal Commission recommendations: Advice fee consents and independence disclosure (CP 329). CP 329 seeks feedback on: draft legislative instruments that deal with advice fee consents and independence disclosure; and a proposal to issue more guidance in Regulatory Guide 245 Fee Disclosure Statements (RG 245) to help industry meet obligations around

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11 Mar 2020

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ASIC update on enforcement and regulatory work

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ASIC has provided the latest six monthly update on its enforcement and regulatory work since September 2019. The update covers our implementation of the recommendations of the Financial Services Royal Commission (FSRC), our enhanced supervision program and how we are using our new regulatory tools and powers in identifying and addressing misconduct and poor consumer outcomes.

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28 Feb 2020

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ASIC and APRA welcome law reform on superannuation regulator roles

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The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation. In response to recommendations from the Financial Services Royal Commission (FSRC), on 31 January the Treasurer released exposure draft legislation for consultation. The draft legislation introduces important reforms

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18 Feb 2020

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ASIC and APRA welcome law reform on superannuation regulator roles

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The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation. In response to recommendations from the Financial Services Royal Commission (FSRC), on 31 January the Treasurer released exposure draft legislation for consultation. The draft legislation introduces important reforms

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17 Feb 2020

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