Welcome to a special edition of the Financial Services & Structured Transactions Alert, where we summarise the following regulatory developments in Australia.
FOFA opt-in requirements
ASIC has released a consultation paper under the Future of Financial Advice (FoFA) measures (Consultation Paper 191) seeking feedback on proposed amendments to ASIC Regulatory Guide 183: Approval of financial services sector codes of conduct (RG 183). If you are a financial adviser, code owner or applicant who wishes to lodge a code of conduct for ASIC's approval, you should first read ASIC's RG 183 and the proposals contained at the back of CP 191. All responses to ASIC are due by 4 December 2012.
Click here to view the alert on "Consultation Paper 191 - FOFA Codes of Conduct and Opt-in Requirements".
Recommendations from key stakeholders on the Derivatives Transactions Bill
The Parliamentary Joint Committee on Corporations and Financial Services has released six recommendations based on submissions from stakeholders and the Committee's findings from its inquiry into the Derivatives Transactions Bill.
The Bill, if passed, will establish a framework to implement rules requiring entities that deal with prescribed classes of derivatives to comply with specific reporting, clearing and executing requirements.
Click here to view the alert on "Committee recommendations on Derivatives Transactions Bill".