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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ASIC welcomes approval of new laws to protect financial service consumers

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ASIC has welcomed the passage of key financial services reforms contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) legislation introducing: a design and distribution obligations regime for financial services firms; and a product intervention power for ASIC The design and distribution obligations will bring accountability for issuers and distributors to design,

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APRA and ASIC publish world-leading life insurance data

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The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released a series of publications and an online tool allowing policyholders – for the first time – to compare life insurers’ performance in handling claims and disputes. The joint project is the culmination of more than two years of work

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‘Mind the gap’ – consumers confusing different types of financial advice

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ASIC has released new research revealing many consumers confuse ‘general’ and ‘personal’ advice exposing them to greater risk of poor financial decisions. The ASIC report, Financial advice: Mind the gap(REP 614), presents new independent research on consumer awareness and understanding of general and personal financial advice, identifying substantial gaps in consumer comprehension. “This disturbing gap in

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ASIC has reported on corporate finance regulation from July to December 2018, highlighting some concerns on disclosure

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ASIC has published its tenth report on the regulation of corporate finance issues. The latest report covers the period from July to December 2018 and provides an update on specific focus areas for the next six months. Report 612 ASIC regulation of corporate finance: July to December 2018 (REP 612) provides statistical data and includes relevant guidance

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ASIC provides update on further reviews into fees-for-no-service failures

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ASIC yesterday released an update on the fees for no service (FFNS) further review programs undertaken by six of Australia’s major banking and financial services institutions. ASIC’s ongoing supervision of the review programs undertaken by AMP, ANZ, CBA, Macquarie, NAB and Westpac (the institutions) has shown that most of the institutions are yet to complete further

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ASIC update on implementation of Royal Commission recommendations

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ASIC yesterday provided an update on its planned actions responding to the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). ‘This update is a crucial document for ASIC as it highlights our important work to date of putting ASIC on a more effective strategic

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ASIC to pursue harsher penalties after laws passed by Senate

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ASIC will shortly be able to pursue harsher civil penalties and criminal sanctions against banks, their executives and others who have breached corporate and financial services law, after a significant bill passed the Senate last night. The Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018 implements recommendations of the ASIC Enforcement Review Taskforce by

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