News & Analysis as of

ASIC

Licensing for crowd-sourced funding operators

by DLA Piper on

Amendments to the Corporations Act 2001 (Cth) (Corporations Act), introducing a crowd-sourced funding (CSF) regime, will take effect on 29 September 2017. From this date, CSF operators (intermediaries) will be able to apply...more

The Financial Report, Volume 6, Number 13

by DLA Piper on

Discussion and Analysis - Two of our items today focus on remarks by new SEC Chairman Jay Clayton and, if they are any indication of the direction the new Chairman intends to take the Commission, they could go a long way to...more

Report 528 – The Findings of ASIC's Surveillance Program on Responsible Entities

by K&L Gates LLP on

Earlier this month, the Australian Securities and Investment Commission (ASIC) released its findings from its 2016 surveillance program covering responsible entities' compliance with their legal obligations. ASIC's...more

ASIC seeks better compliance with asset holding requirements in funds management and custodial services

by Dentons on

On 22 June, following an industry review of custody of assets, ASIC released a report of its findings which indicated that custody of assets is and will remain its focus going forward and that it will continue to engage with...more

The Financial Report, Volume 6, Number 11

by DLA Piper on

Discussion and Analysis - In an opinion piece published in the Wall Street Journal on May 23, Labor Secretary Alexander Acosta announced that, out of respect for the “rule of law,” the controversial “Fiduciary Rule” will go...more

Mortgage Broker Remuneration Reforms – What You Need to Know

by K&L Gates LLP on

Concerns have been raised by the Australian Government in recent times in relation to the effect of current remuneration structures in the mortgage broking market on the quality of consumer outcomes. During 2016, the...more

Australia Adds Indemnities and Limitations of Liability

by Jones Day on

Recent amendments to the Australian Securities and Investments Commission Act 2010 (Cth) ("ASIC Act") and the Competition and Consumer Law Act (Cth) ("CC Act") extended the unfair contract terms regime, which previously...more

Recent comments from ASIC regarding licensing

by Dentons on

Members of our team were invited to attend a licensing liaison meeting at ASIC’s offices in Sydney last Thursday....more

The Financial Report, Volume 6, Number 4

by DLA Piper on

Discussion and Analysis - On February 17, just as new rules to further facilitate intrastate and regional crowdfunding offerings are beginning to take effect, the Securities and Exchange Commission and the North...more

Reminder: Fee and Cost Disclosure - RG 97 Extension

by K&L Gates LLP on

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

A world first for fintechs and innovation

by Dentons on

In an exciting and world-first development, on 15 December 2016, ASIC released a set of licensing exemptions, which permit eligible fintech businesses to test certain financial products and services for a period of 12 months...more

Combatting corruption risk in the Asia Pacific region: What next?

by Dentons on

The election of Donald Trump as the next US president has raised fundamental questions about the role of the United States going forward, and what implications this will have globally. This presents renewed challenges for...more

Innovate or stagnate: the race to regulate fintech in Asia Pacific

by Allen & Overy LLP on

Financial technology (“fintech”) has exploded in recent years, with innovations like blockchain, artificial intelligence and cloud-based software promising to disrupt every financial service from banking and payments to...more

ASIC FFSP Repeal of Class Orders

by K&L Gates LLP on

Offshore providers of financial services to the Australian market should be aware that the Australian Securities & Investments Commission (ASIC) has recently repealed its relief for regulated foreign financial services...more

The Financial Report, Volume 5, Number 19

by DLA Piper on

A recent article by Todd Ehret, the Senior Regulatory Intelligence Expert for Thomson Reuters Regulatory Intelligence, points out that the SEC’s Office of Compliance, Inspections, and Examinations (OCIE), in its “2015...more

The Financial Report, Volume 5, Number 16 (Global)

by DLA Piper on

Discussion and Analysis One of our lead articles discusses a research report indicating that SEC enforcement activity has slowed in 2016. According to the article, the SEC has brought nearly ten percent fewer...more

Time to Disrupt Insurance Regulation?

by Carlton Fields on

Innovators are not only disrupting the financial industry but also financial regulation as regulators weigh how to monitor financial technology (fintech) innovators and their new products and services. As they begin to...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

by Morgan Lewis on

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

The Financial Report, Volume 5, Number 12 - June, 2016 (Global)

by DLA Piper on

Discussion and Analysis In our last edition, we discussed a recent SEC enforcement action against a private equity fund advisory firm and its owner, who agreed to pay more than $3 million to settle charges that...more

The Financial Report - Volume 5, No. 11 • June 2016 (Global)

by DLA Piper on

Discussion and Analysis - A few years ago, David Blass, then Chief Counsel of the SEC’s Division of Trading and Markets, created a stir when he said in a speech that private fund advisers should be concerned about some...more

UK Financial Regulatory Developments - April 2016 #3

by Dentons on

FCA considers competition powers - FCA Director of Competition, Deb Jones, spoke on FCA’s use of its competition powers. She looked at the problems faced when promoting competition without a “race to the bottom”...more

The Financial Report - Volume 5, No. 6 - March 2016 (Global)

by DLA Piper on

DLA Piper was proud to be a sponsor of last week’s Securities Industry and Financial Markets Association (SIFMA) Compliance and Legal Society Annual Seminar in Orlando. The seminar brought together nearly 2,000 lawyers,...more

A New Tax System For Managed Investment Trusts

by K&L Gates LLP on

The Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 (Bill) was tabled in Parliament on 3 December 2015, along with three supporting bills. If passed in its present form, the Bill will...more

Corporate Alert: Reverse Takeovers Consultation Paper: ASX Should Not Increase Regulation

by DLA Piper on

The Australian Securities Exchange (ASX) has issued a Consultation Paper on whether reverse scrip takeover bids should require a vote by the bidder's shareholders. The answer is that a vote should only be required if the...more

What You Need to Know - Unfair Contact Terms Protection Starts 13 November 2016

by K&L Gates LLP on

Unfair terms in standard form contracts for consumers were outlawed in 2010. Now unfair terms in standard form contracts for small business will be outlawed as of 13 November 2016. Here, we set out what you need to know, and...more

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