Everything from ASIC - Australian Securities & Investments Commission
From ASIC - Australian Securities & Investments Commission
This week, the Organisation for Economic Co-operation and Development (OECD) released the 2018 Programme for International Student Assessment (PISA) financial literacy results. The survey measures how well 15-year-olds understand commonly used financial concepts and how capable they are at solving routine problems in financial contexts. In 2018, Australian students performed above the OECD average and
ASIC analysis of markets during the COVID-19 period has revealed a substantial increase in retail activity across the securities market, as well as greater exposure to risk. We found that some retail investors are engaging in short term trading strategies unsuccessfully attempting to time price trends. Trading frequency has increased rapidly, as has the number
ASIC is committed to working constructively and pragmatically with general and life insurers to help Australians affected by the COVID Pandemic to recover, and to aid the general functioning of the economy. ASIC expects insurers to handle insurance claims with utmost good faith and to deal with complaints genuinely, promptly, fairly and consistently. Insurers should
ASIC has acted to disqualify, suspend or add conditions to the registration of a number of auditors of self-managed superannuation funds (SMSFs). The actions followed ASIC concerns about failures to meet independence and auditing standards, failure to comply with Continuing Professional Development (CPD) requirements and otherwise not being a fit and proper person. SMSF auditors
ASIC has released the final report on its oversight of corporate finance activity between July to December 2019. Following the release of Report 659 ASIC regulation of corporate finance: July to December 2019 (REP 659), ASIC will shift to providing corporate finance updates through quarterly newsletters. This will improve stakeholder engagement and allow for timely guidance on
ASIC has previously stated it would temporarily change its regulatory work and priorities to allow it and regulated entities to focus on the impact of COVID-19. This will include the deferral of some activities and redeployment of staff to address issues of immediate concern, including maintaining the integrity of markets and protecting vulnerable consumers. ASIC
ASIC has announced three temporary relief measures that will assist industry in providing consumers with affordable and timely advice during the COVID-19 pandemic. Relief to facilitate advice about early access to superannuation As part of its COVID-19 economic response, the Government introduced measures to allow individuals facing particular financial hardship due to the COVID-19 pandemic
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
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
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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