stay up to date with our legislative & training information
Cyber Security Act 2024 Update
Key Obligations and Requirements: Background Information 2022 and 2023 saw several Australian companies hit with significant data breaches or cyberattacks, which lead to the Australian Government adopting a whole-of-economy approach to ensuring cyber robustness....
Ongoing Fee Arrangements (OFAs)
Key Obligations and Requirements: Background Information Ongoing fee arrangements (OFAs) are agreements between financial advisers and their clients where fees are charged on a regular basis for ongoing services. These arrangements are designed to ensure that clients...
Insights from ASIC’s Reportable Situations Regime
Insights from ASIC’s Reportable Situations Regime: Key Findings and Implications for Financial Services Professionals The Australian Securities and Investments Commission (ASIC) recently published Report 800, titled “Insights from the Reportable Situations Regime:...
ASIC Enforcement Priorities
The Australian Securities and Investments Commission (ASIC) has outlined its enforcement priorities for 2025, emphasising a robust approach to breach self-reporting and targeting a range of misconducts across various sectors. This strategic focus aims to enhance...
AUSTRAC Issues New Guidance to Enhance AML/CTF Compliance Post Data Breaches
AUSTRAC Issues New Guidance to Enhance AML/CTF Compliance Post Data Breaches The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released important guidance to assist organisations under its oversight in meeting their Anti-Money Laundering and...
Experienced Financial Adviser Registration Pathway
Experienced Financial Adviser Registration Pathway The passage of the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 has introduced changes to the regulations governing financial advisers in Australia. Specifically, it has created a pathway for experienced...
Sole Purpose Test, Changes to RG78, and AUSTRAC Consultation
Sole-Purpose Test In July 2021, requirements were introduced regarding the deduction of advice fees from superannuation accounts – these are widely known as the Sole Purpose Test. In June 2021, ASIC and APRA sent letters to the trustees of superannuation funds to...
Financial Crime
Financial Crime The primary topic area of this month’s update is financial crime. We will look at the FATF updates on global ML/TF risk, including changes to country classifications, and look at the top four financial crime trends for 2023 as outlined in the State of...
MIS Review
In the October 2022 federal budget, the government allocated $2.7 million for the Treasury to support reviews of the Reserve Bank and the regulatory framework for managed investment schemes (MIS). Earlier this month, the government announced that it would launch a...
ASIC Enforcement Powers
As participants in the financial services industry, it is important to understand the powers and responsibilities of ASIC. At a high-level, ASIC’s role is to ensure that Australia’s financial markets are fair and transparent. They regulate Australian corporations,...
Role of a Responsible Manager
In the past year there have been several occasions where ASIC has acted against a Financial Services business or representative and within their media release specifically mentioned an area where a Responsible Manager failed their obligations. In this Technical Update...
January 2023 Technical Update
22-366MR On 16 December 2022, ASIC published 22-366 MR ASIC bans two Gold Coast based financial service providers and cancels the AFS licence of National Advice Solutions. This outcome is part of ASIC’s ongoing efforts to improve standards across the financial advice...