ASIC

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ASIC chairman explains ‘why ASIC should matter to Australians’

In a speech to the National Press Club, ASIC Chairman, Greg Medcraft, answered the question as to what ASIC does and why ASIC matters to Australians. He dealt with the role of ASIC, the challenges for ASIC and how ASIC will...more

ASIC reports on home insurance sales

Yesterday ASIC released two reports that highlight what we already thought we knew, that consumers generally don’t read the PDS to make a decision about taking out or switching insurance and that the regulatory framework is,...more

ASIC releases its Strategic Outlook 2014/2015

ASIC yesterday published its Strategic Outlook for 2014-2015. The Strategic Outlook is a new initiative for ASIC, which identifies the key risks ASIC sees in the immediate future for the markets it regulates and how it...more

The Financial Report - Volume 3, No. 20 • October 16, 2014 (Global)

Compliance template for Exchange Act Rule 17a-5(f)(2). The Financial Industry Regulatory Authority has made available a new template and guidance for members electronically filing the statement required by Securities...more

The Financial Report - Volume 3, No. 19 • October 2014 (Global)

News from the Americas - Securities enforcement by state regulators. The US North American Securities Administrators Association published its annual enforcement survey. It noted a significant increase in the amount of...more

ASIC reminds AFS Licensees to report breaches early

In response to recent correspondence between ASIC and the Institute of Internal Auditors Australia, ASIC announced a review of breach reporting by AFS licensees in response to concerns raised about inconsistencies and delays...more

ASIC reports on FOFA implementation

On 17 September 2014, ASIC reported on the results of two financial advice industry engagement projects conducted during the 2013-13 financial year. The Review of the financial advice industry’s implementation of the...more

ASIC Clarifies its View on Wholesale Classification of SMSFs…but are Things as Clear as They Seem?

On 8 August 2014, the Australian Investments and Securities Commission (ASIC) issued a media release – 14-191MR Statement on wholesale and retail investors and SMSFs (14-191MR), in which ASIC withdrew its previous view on the...more

Regulators release Statements of Intent

The Australian Government (via The Treasury) has published Statements of Expectations for the Australian Prudential Regulation Authority (APRA), the Australian Competition and Consumer Commission (ACCC) and the Australian...more

Federal Court Removes Liquidators

The Full Court of the Federal Court of Australia (Full Court) has upheld part of the appeal of the Australian Securities and Investments Commission (ASIC) by removing liquidators in the case of Australian Securities and...more

Group purchasing reporting period extended

ASIC has amended Class Order 08/1 to extend the reporting period for any breaches of the conditions of the class order for group purchasing bodies by 12 months. The class order provides relief to group purchasing bodies from...more

Corporate Governance Update: Handling Of Confidential Information - Briefings And Unannounced Corporate Transactions

ASIC recently released Report 393 Handling of confidential information: Briefings and unannounced corporate transactions (the "Report"). The Report results from ASIC's attendance at sample investor briefings, media-based...more

The Future of FoFA

In light of today's announcements from Mathias Cormann, Australia's Minister for Finance, the future of FoFA is becoming clearer. The Future of Financial Advice (FoFA) legislation has been surrounded by uncertainty...more

The Financial Report - Volume 3, No. 5 • March 2014 (Global)

Discussion and Analysis - Last week, the Financial Industry Regulatory Authority issued one of its most important rule proposals in some time. Regulatory Notice 14-09 solicits comments on a proposed new regulatory...more

ASX's mFund and the Best Interests Duty

With the Australian Securities Exchange (ASX) set to launch its mFund settlement service in the first half of 2014, investment platform providers and financial advisers need to spend some time coming to grips with the...more

The Financial Report - Volume 3, No. 4 • February 2014 (Global)

News from Asia and the Pacific - ASIC information sheet on whistleblowers. The Australian Securities & Investments Commission has released information about its approach to dealing with whistleblower reports. The...more

The Ins and Outs of Insider Trading (Part 2 of 2)

In our earlier client update on 4 February 2014 (click here to view) we: - outlined the nature and scope of the insider trading prohibition under the Corporations Act; and - highlighted the extent of ASIC's...more

The Ins And Outs Of Insider Trading

ASIC's recent announcement that a technology systems upgrade will enable it to watch and tag trades by individual investors is a timely reminder that companies and persons in possession of "inside information" need to be...more

ASIC Investigates Conduct of Property Developers for Extending Payment Terms

Sometimes a property developer will allow the purchaser to settle without receiving the full balance of the purchase price because the purchaser is unable to obtain adequate financing to complete a settlement. The shortfall...more

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