ASIC updates information for businesses on ICOs and crypto-assets

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ASIC has released new information to help businesses involved with initial coin offerings (ICOs) and crypto-assets to consider their legal obligations and satisfy themselves they are operating lawfully. ASIC has updated Information Sheet 225 Initial coin offerings and crypto-assets (INFO 225) based on our recent experiences with ICOs and crypto-assets, which indicate that ICOs and crypto-assets will often […]

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ASIC Chair issues ‘fairness challenge’ at Annual Forum

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The 24th ASIC Annual Forum in Sydney on 16-17 May 2019 saw more than 950 delegates attend 13 sessions on how financial market participants can meet community expectations when dealing with other people’s money. In his introductory comments, ASIC Chair James Shipton said the theme of this year’s forum, ‘Other people’s money’, was to remind […]

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Doing the right thing by your customers: ASIC consults on lifting standards and transparency of complaints handling

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ASIC has initiated public consultation on new standards about how financial firms handle consumer and small business complaints. The proposed standards, which include new mandatory data reporting, will improve the way that consumer complaints are dealt with across the financial system and make firms’ complaints handling performance transparent. Financial firms will be required by ASIC […]

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Industry funding reminder for financial services licensees

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ASIC has reminded Australian financial services and Australian credit licensees who have industry funding obligations to factor in the time it may take ASIC to assess applications to cancel or vary their licence, as part of any measures by licensees to reduce the industry levy they are charged for the 2019-20 financial year. ASIC Commissioner […]

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ASIC announces problem-solving regtech events for financial services industry

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ASIC has launched three regulatory technology (regtech) events in conjunction with industry and other stakeholders to promote regtech adoption among Australian financial services organisations. These events are an opportunity for regtech startups, scaleups and financial services organisations’ in‑house development teams to demonstrate how their solutions can: Monitor, identify and analyse financial advertising promotions to determine […]

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Regulators urge financial institutions to plan for LIBOR transition

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The Australian Securities and Investments Commission (ASIC) has written to the CEOs of several major Australian financial institutions regarding their preparations for the end of LIBOR. This initiative is strongly supported by the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA). LIBOR (London Interbank Offered Rate) is deeply embedded in financial […]

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ASIC warns trustees about Protecting Your Super laws and provides guidance for consumers

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ASIC has called on superannuation trustees to provide helpful and balanced communications to their members regarding the Protecting Your Super package (PYSP) of reforms, which are due to take effect on 1 July 2019. The PYSP reforms are designed to protect the superannuation savings of Australians from erosion due to inappropriate fees and insurance premiums […]

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Some AFS licensees may be breaking overseas laws

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Australian financial service (AFS) licensees that offer OTC derivatives to retail investors located in some overseas jurisdictions may be providing unlicensed or unauthorised services in those jurisdictions. Retail OTC derivatives are highly risky. Regulators in many jurisdictions (such as Europe, Japan, North America and China) have restricted or prohibited the provision to retail investors of […]

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ASIC surveys highlight continued growth in innovative funding platforms

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Recent surveys of market sectors supported through ASIC’s Innovation Hub shows fintech businesses are continuing to see growth in demand for alternative funding sources. ASIC’s Innovation Hub exists to foster innovation that could benefit consumers by helping Australian fintech startups navigate our regulatory system.  Marketplace lending (also known as peer-to-peer lending) and crowd-sourced funding (CSF) are two […]

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UK Financial Conduct Authority and Australian Securities and Investments Commission agree to strengthen cooperation post-Brexit

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The UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) yesterday announced they have agreed two Memoranda of Understanding to ensure there is continuity once the UK leaves the European Union.  The MoUs cover trade repositories and alternative investment funds (AIFs). These agreements will provide reassurance by ensuring arrangements are in […]

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