ASIC acts against SMSF auditor misconduct

From

ASIC has moved to disqualify or add conditions to the registration of three auditors of self-managed superannuation funds (SMSFs). The actions arose following ASIC concerns about failures to meet requirements, including independence standards and auditing standards, or failing to comply with further conditions on the approved SMSF auditor’s registration. SMSF auditors disqualified ASIC disqualified the

continue reading

ASIC warns trustees on new rules for Putting Members’ Interests First

From

ASIC has called on superannuation trustees to improve the standard of communication to fund members about important reforms impacting member insurance arrangements. As a result of the recent Putting Members’ Interests First (PMIF) reforms, by 1 December 2019 superannuation trustees are required to write to members with a balance of less than $6,000. These members

continue reading

European Securities and Markets Authority and ASIC to co-operate on benchmarks

From

The European Securities and Markets Authority (ESMA) and the Australian Securities and Investments Commission (ASIC) are pleased to announce that they have signed a Memorandum of Understanding (MoU) setting out cooperation arrangements in respect of Australian benchmarks[1]. The EU Benchmarks Regulation (BMR) prescribes a European common framework to ensure the integrity and accuracy of benchmarks

continue reading

ASIC to provide relief from financial adviser compliance scheme obligations

From

ASIC has announced that it will make a legislative instrument to provide relief to Australian financial services (AFS) licensees from financial adviser compliance scheme obligations, following a Government announcement last week. On Friday, the Hon. Josh Frydenberg MP, Treasurer, and the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator the Hon. Jane Hume, jointly

continue reading

ASIC urges consumers to question whether SMSFs are right for them

From

ASIC has warned Australian investors considering establishing their own self-managed superannuation fund (SMSF) to be particularly aware of the potential downside to such a strategy, and that many Australians set up SMSFs that are inappropriate for their circumstances. ASIC has identified eight ‘red flag’ situations which, together or in part, would make it extremely unlikely

continue reading

ASIC warns AFS licensees to meet financial reporting obligations on time

From

ASIC is reminding all Australian Financial Services (AFS) licensees to lodge their annual financial statements and auditor reports by the due date as required under the Corporations Act 2001. ASIC expects all AFS licensees to comply with the financial reporting requirements within the specified timeframe. Body corporate AFS licensees that are not disclosing entities, and have a

continue reading

ASIC reports on corporate finance regulation – January to June 2019

From

ASIC’s latest report on its oversight of corporate finance activity between January to June 2019 has been published today and includes an update on specific focus areas for the next six months. Report 630 ASIC regulation of corporate finance: January to June 2019 (REP 630) provides statistical data, and includes relevant guidance, about ASIC’s regulation of: fundraising

continue reading

ASIC extends relief for foreign financial services providers

From

ASIC has extended to 31 March 2020 licensing relief for foreign financial services providers (FFSPs) to allow them to provide certain financial services to Australian wholesale clients without needing to hold an Australian financial services licence. The licensing relief that has been extended by ASIC is: ASIC Corporations (Repeal and Transitional) Instrument 2016/396 and ASIC Corporations (CSSF-Regulated

continue reading

ASIC update on Royal Commission implementation

From

ASIC has provided its second update on its actions in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). The Update outlines a number of measures across the organisation by which ASIC is implementing the seven priorities highlighted in its Corporate Plan 2019-23, one of which is

continue reading

ASIC makes product intervention order banning short term lending model to protect consumers from predatory lending

From

ASIC has used its product intervention power to ban a model of lending in the short term credit industry which has been found to cause significant consumer detriment. In its first deployment of this power ASIC targeted a particular business model where a short term credit provider and its associate charged fees under separate contracts.

continue reading