This blog provides practical updates about laws relating to:
- Australian Financial Services Licensing (AFSL)
- Australian Credit Licensing (ACL)
- Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF).
If you're in financial services and want short, crisp, free updates, then subscribe now (on the right of the screen).
The authors of this blog are lawyers of
Holley Nethercote Commercial & Financial Services Lawyers Melbourne.
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30 April 2012
We have 2 special announcements: snazzy changes to our tailored regulatory update service, and the launch of a new monthly Responsible Manager CPD service. Click to read on!
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5 April 2012
ASIC has announced how it plans to implement the FoFA reforms. This post provides an overview and some key dates.
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4 April 2012
ASIC has recently announced that they are undertaking a new compliance program to check the information lodged by Australian Credit Licensees in their Annual Compliance Certificate.
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19 March 2012
ASIC has released Regulatory Guide 234 Advertising financial products and advice services: Good practice guidance.
The purpose of the Guide is to help organisations promoting products or advice services avoid engaging in misleading or deceptive conduct.
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9 March 2012
With both the ACCC and ASIC updating their guidance on enforcement, we thought it timely to provide a bit of guidance on 1. How to avoid an enforceable undertaking, and 2. How to deal with an EU if number 1 wasn’t successful.
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29 February 2012
Last week the Regulators have released a suite of policies on compliance, enforcement and their investigative powers which is crucial reading (and not too involved!).
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27 January 2012
Want to use ASIC’s Report 251 Review of financial advice industry practice to improve compliance and help manage risk? Use our Mindmap to identify key ASIC recommendations quickly and easily.
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23 December 2011
We’re in for some changes to the Australian Consumer Law that will be coming in on 1 January 2012. They concern the wording in warranties against defects given to consumers. Consumers include purchasers of products for personal, domestic or household use, or where the value of the good sold is $40,000 or less.
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7 December 2011
As promised in one of our previous blog posts, we have looked at the remaining FOFA reforms and have produced a Mindmap outlining five areas of relevance: Conflicts of Interest, Best Interests Obligations, Volume-based Shelf-space Fees, Asset-based Fees and, Remuneration and Benefits.
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7 December 2011
The Australian Securities and Investment Commission (ASIC) has updated its guidance for issuers of disclosure documents including PDSs.
ASIC has reviewed and released a new draft of Regulatory Guides 55, 65 and 97. Although the changes to these Regulatory Guides do not contain considerable changes to policy, issuers of standard margin lending facilities, simple managed investment schemes and superannuation products are affected. These new versions of the Regulatory Guides were issued in November 2011, and include: