ASIC

News & Analysis as of

The Financial Report - Volume 4, No. 16 • August 2015 (Global)

CSA proposes harmonized reporting for the exempt market. The Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 45-106 Prospectus Exemptions that would introduce a new...more

Treasury Consultation Paper – Another Step Towards Crowd-Sourced Equity Funding

On 4 August 2015, the Treasury of the Australian Government released a consultation paper, facilitating crowd-sourced equity funding and reducing compliance costs (Consultation Paper). This follows the previous discussion...more

The Financial Report - Volume 4, No. 14 • July 2015 (Global)

US lawmakers seek push out details. US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more

Bitcoin Week in Review 07.20.15 – 07.24.15

Domestic Developments - Florida. Anthony Murgio and Yuri Lebedev, operators of bitcoin exchange service Coin.mx were arrested on July 21, 2015 for operating the exchange without a money transmission license. The U.S....more

Unpacking the Australian OTC Derivative Reporting Regime

The Australian government has released draft regulations implementing a single sided exemption from the trade reporting regime for over-the-counter (OTC) derivatives. Consultation on the regulations closed in late June and...more

ASIC Weighs In On Financial Benchmarks

In it, ASIC provides its view on the importance of benchmarks, identifies which Australian and international benchmarks it considers systemically important, summarises the various different regulatory responses and reforms...more

Is There Rhyme Or Reason To The Scope Of Permissible Reinsurance-Related Discovery?

Courts in numerous jurisdictions continue to consider whether reinsurance-related information is discoverable in insurance coverage litigation. Decisions go both ways. Some courts find that reinsurance information and...more

The Financial Report - Volume 4, No. 11 • June 2015 (Global)

FRB will extend high-quality liquid asset status to some state and municipal bonds. The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more

The Financial Report - Volume 4, No. 10 • May 2015 (Global)

Discussion and Analysis - One of the earliest, and certainly one of the most famous, computers of all time is HAL 9000, the sentient computer that controls the systems of the Discovery One spacecraft and interacts with...more

Cyber Resilience for Financial Services Entities

In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities...more

Proportionate liability now dead for financial planners?

On May 13th, The High Court significantly diminished (and arguably removed) the benefit of proportionate liability provisions in the Corporations Act and the ASIC Act in its judgment of Selig v Wealthsure Pty Ltd [2015] HCA...more

Guide To Doing Business in Australia: Company Law (Updated)

COMPANY LAW - Some general matters relating to company law in Australia are discussed below. REGULATORY SCHEME - The Corporations Act principally regulates companies, their incorporation, the acquisition of...more

The Financial Report - Volume 4, No. 9 • May 2015 (Global)

Discussion and Analysis - Securities and investment advisory services offered through . . . That phrase is ubiquitous among small and “independent” financial services firms, regularly appearing in 6-point or...more

ASIC announces proposed regulatory guide for review and remediation in the industry

After several high profile remediation programs by financial advice organisations, the Australian Securities and Investment Commission (ASIC) has decided to prepare guidance for industry participants in how to develop and...more

The Financial Report - Volume 4, No. 7 • April 2015 (Global)

Discussion and Analysis - Last week, the Securities and Exchange Commission proposed to amend SEC Rule 15b9-1 under the Securities Exchange Act of 1934, which exempts certain broker-dealers from membership in a...more

The Financial Report - Volume 4, No. 6 • March 2015 (Global)

OSC Investor Advisory Panel annual report. The Ontario Securities Commission (OSC) Investor Advisory Panel submitted its 2013-14 annual report. The report summarizes the Panel’s current activities and priorities as well...more

Payday lenders remain a focus for ASIC

ASIC has released a statement as well as a video from Deputy Chairman Peter Kell setting out its agenda with respect to payday lenders. ...more

Australian Securities & Investments Commission (ASIC) reviews insurers’ outsourcing arrangements

ASIC has announced today that QBE has made changes to its outsourcing of ‘escalated complaints and dispute resolution’ to an Australian law firm following concerns raised by ASIC. ...more

AUSTRALIA: ASIC rules risk management facilities to be used by sporting organisations are financial products

On 28 January 2015, the Australian Securities and Investment Commission (ASIC) rejected a relief application by the issuer of ’risk management facilities’ used by sporting clubs and retailers. The application for Australian...more

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

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