+61 2 8960 7242

Blog




Providing Financial Services Unlicensed? ASIC Steps Up Enforcement Action

Posted on May 7th, 2018 by Sophie Gerber in ACL ComplianceAFSL ComplianceASICLicensing
The Australian Securities and Investments Commission (ASIC) has stepped up enforcement against those involved in operating a financial services business without holding an Australian Financial Service ...

Registrations Open for Digital Currency Exchange Providers

Posted on May 1st, 2018 by Sophie Gerber in AML/CTFASICAUSTRACFintech
Changes to the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Instrument 2018 are now in force. This means, if you currently provide Digital Currency Exchange (DCE) services ...

New Professional Standards and Training Obligations for Financial Advisers are Coming Soon

Posted on March 28th, 2018 by Sophie Gerber in AFSLsASICCompliance WorkFinance Industry
From 1 January 2019, all new financial advisers will be required to meet the new professional standards and training obligations. Under the new regime, financial advisers providing personal advice ...

ASIC’s AFSL and ACL Application Charges Set to Increase on 1 July 2018

Posted on March 16th, 2018 by Sophie Gerber in ACLsAFSLsASICFinancial Services and Credit Industries
From 1 July 2018, ASIC will be able to charge fees for its services which include regulatory costs that are directly attributable to a single, identifiable entity. Below are some examples of the Fe ...

Are you Ready for ASIC’s Client Money Reporting Rules?

Posted on March 5th, 2018 by Sophie Gerber in ASICClient MoneyFinance Industry
ASIC's Client Money Reporting Rules 2017 (“Rules”) commence on 4 April 2018. The Rules impose record-keeping, reconciliation and reporting obligations on Australian Financial Service licensees ( ...

The Importance of Updating your ASIC Financial Advisers Register Listing

Posted on February 20th, 2018 by Sophie Gerber in AFSLsASICCompliance Work
Since its launch on 31 March 2015, ASIC’s Financial Advisers Register (“the Register”) has been a valuable source of information for members of the public and those interested in engaging a fina ...

Changes Ahead as Life Insurance Commission Caps have Commenced

Posted on January 29th, 2018 by Sophie Gerber in ASICFinance IndustryInsurance
From 1 January 2018, upfront commissions for life insurance providers are capped at 80%. The life insurance industry initially escaped the future of financial advice (FoFA) reforms under which all oth ...

ASIC Further Clarifies its Reporting Rules for OTC Derivatives Issuers

Posted on January 23rd, 2018 by Sophie Gerber in ASICClient MoneyOTC Derivatives
In October 2017, ASIC released Information Sheet 226 Complying with the ASIC Client Money Reporting Rules (Info Sheet 226) which included fields pertaining to client monies held with brokers as per th ...

Licensing Assessment Delays to Continue as ASIC Increases their Licence Approval Timeframes

Posted on January 15th, 2018 by Sophie Gerber in ACLsAFSLsASICLicensing
ASIC has announced changes to its service charter causing further delays to licence approval. The service charter details the timeframes you can expect for ASIC to respond to your correspondence, incl ...

New Guidance for Funds Management Released for Consultation

Posted on November 27th, 2017 by Sophie Gerber in AFSLsASICCompliance WorkFunds Management
Introduction The Asia Region Funds Passport (“Passport”) and the Corporate Collective Investment Vehicles (“CCIVs”) are finally here.  On 26 October 2017, ASIC released Consultation Paper ...