On 5 February 2025, the Australian Government (via the Department of Treasury) released an exposure draft on the National Consumer Credit Protection Amendment (Low Cost Credit) Regulations 2025 (draft Regulations). The draft...more
On 29 November 2024, the Australian Parliament passed the long-awaited Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (Bill)....more
The Australian Securities and Investments Commission (ASIC) recently released proposed updates to Information Sheet 225 (INFO 225) and a corresponding consultation paper....more
As Artificial intelligence (AI) continues to be adopted and used by Australian Financial Services (AFS) licensees broadly, it has become increasingly evident that many licensees’ deployment of AI falls short of their existing...more
On 29 October 2024, the Australian Securities and Investments Commission (ASIC) published REP 798 Beware the gap: Governance arrangements in the face of AI innovation. This report details ASIC's findings from a review of how...more
11/25/2024
/ Artificial Intelligence ,
ASIC ,
Asset Management ,
Australia ,
Compliance ,
Consumer Financial Products ,
Financial Services Industry ,
Innovative Technology ,
Licensees ,
Machine Learning ,
Risk Mitigation
Australia welcomes new business and foreign investment by providing a strong economy, a stable political environment and a skilled and talented workforce. Our comprehensive guide to Doing Business in Australia has been...more
4/19/2024
/ ASIC ,
Australia ,
Australian Competition and Consumer Commission (ACCC) ,
Australian Securities Exchange (ASX) ,
Board of Directors ,
Business Development ,
Business Entities ,
Capital Gains Tax ,
Competition ,
Copyright ,
Corporate Governance ,
Data Breach ,
Data Privacy ,
Digital Assets ,
Disclosure Requirements ,
FinTech ,
Foreign Corporations ,
Foreign Investment ,
Foreign Ownership ,
Franchises ,
Franchisors ,
Immigration ,
Income Taxes ,
Insolvency ,
Intellectual Property Protection ,
Investment Funds ,
Investors ,
Joint Venture ,
Limited Partnerships ,
Modern Slavery Act ,
National Security ,
Notice Requirements ,
Partnerships ,
Patents ,
Regulatory Oversight ,
Risk Mitigation ,
Securities ,
Sole Proprietorship ,
Supply Chain ,
Tax Rates ,
Thin Capitalization ,
Trademarks ,
Trusts ,
Venture Capital
Since our last update in late June, governments and regulators have been continuing to address COVID-19 issues with new updates released regularly. Notably, regulators have also extended some temporary measures given the...more
There are many government and regulator initiatives aimed at addressing COVID-19 issues and new responses emerge on a daily basis. We have summarised those announcements, relevant to the superannuation and funds management...more
Welcome to the first of a regular series of K&L Gates Legal Insights addressing the new enforcement environment in financial services.
The Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial...more
An Australian Securities & Investments Commission (ASIC) Report, "Sale of Direct Life Insurance" (Report), has exposed systemic issues within the life insurance industry. The findings include a number of dramatic case studies...more
Misaligned advisor interests. Consumer disengagement. Low financial literacy in the face of complex documents. These themes echo throughout the revised Treasury Laws Amendment (Design and Distribution Obligations and Product...more
ASIC's amended fee and cost disclosure requirements for managed investment schemes and superannuation funds are due to commence tomorrow. However, ASIC has granted an extension until 1 September 2017....more
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
7/28/2015
/ ASIC ,
Compliance ,
Derivatives ,
DTCC ,
Financial Markets ,
Foreign ,
Foreign Entities ,
Foreign Trade Regulations ,
Hedge Funds ,
Investment Management ,
Over The Counter Derivatives (OTC) ,
Safe Harbors ,
Superannuation
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
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