ASIC requires compliance with restrictions on use of ‘independent’

From

ASIC is continuing to monitor the financial advice industry’s use of restricted terms ‘independent’ and ‘independently owned’, taking steps to intervene when it identifies concerns. Following surveillance of industry websites,

continue reading
09 Jul 2018

ASIC consults on credit card responsible lending assessments

From

ASIC has issued a consultation paper (CP 303) which proposes responsible lending assessments for credit cards be based on whether the consumer can afford to repay the credit limit within

continue reading
05 Jul 2018

SMSF advice needs significant improvement

From

Around 90% of financial advice on setting up a self-managed super fund (SMSF) did not comply with relevant laws, a review by the Australian Securities and Investments Commission (ASIC) has

continue reading
29 Jun 2018

ASIC reports on proxy adviser engagement practices

From

ASIC has published a report on proxy adviser engagement practices during the 2017 annual general meeting season. The report covers conduct observed and suggests practices that can be adopted by

continue reading
29 Jun 2018

ASIC enhances its enforcement toolkit beyond Australia’s borders

From

ASIC has become one of the first signatories to the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU), an enhanced standard for cross-border enforcement

continue reading
25 Jun 2018

ASIC releases guidance for its oversight of the Australian Financial Complaints Authority (AFCA)

From

Ahead of the commencement of the Australian Financial Complaints Authority (AFCA) on 1 November 2018, ASIC has released new Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority (RG 267). ASIC

continue reading
22 Jun 2018

ASIC reports on decisions to cut red tape – October 2017 to March 2018

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

continue reading
18 Jun 2018

ASIC implements financial benchmark regulatory regime

From

ASIC has finalised and published benchmarks rules, a significant benchmarks declaration, and a regulatory guide in a further series of measures towards establishing a comprehensive regulatory regime for financial benchmarks.

continue reading
13 Jun 2018

ASIC warns consumers about paying high fees for credit repair and debt advice services

From

ASIC is warning consumers about companies that claim they can fix a poor credit rating. ASIC is running a month-long campaign, with other Commonwealth, state and territory agencies, to help

continue reading
06 Jun 2018

ASIC temporarily extends relief for managed investment and superannuation schemes for certain disclosure obligations

From

ASIC has extended two ASIC instruments to allow additional time to consider the policy position in relation to certain disclosure obligations of managed investment schemes and superannuation trustees. The relevant

continue reading
05 Jun 2018