AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Enforcement

ASIC Releases Oversight Guidance For New Financial Complaints Body

By Garima Chitkara | 21/06/2018

Newly-formed Australian Financial Complaints Authority will commence operation on 1 November 2018; new regulatory guidance provides ASIC powers of oversight, regulation and rule making over AFCA.

Enforcement

Australia Begins ‘Poor Advice’ Civil Proceedings Against Westpac

By Garima Chitkara | 18/06/2018

ASIC has begun civil proceedings against Westpac for failing to take necessary steps to ensure fair and efficient financial advice by Sudhir Sinha, a former financial advisor responsible for the breaches.

Market Infrastructure

Australia Completes Financial Benchmark Reform

By Garima Chitkara | 13/06/2018

Reform process completed with the passage of a licensing regime for financial benchmarks as well as new calculation methodology for key interbank rate.

Market Infrastructure

ASIC Consults on ‘Foreign’ AFS Licence Proposal

By Manesh Samtani | 05/06/2018

New approach would replace current mechanism of granting relief to foreign financial service providers from AFS licensing, and provide ASIC with broader range of tools to regulate the activities of foreign providers.

Enforcement

Australia Introduces Final Phase of ASIC Industry Funding Legislation

By Manesh Samtani | 28/05/2018

Final phase involves fees ASIC charges for specific activities such as licence or registration applications; industry funding model to commence 1 July 2018.

Market Infrastructure

New BBSW Calculation Methodology Takes Effect in Australia

By Garima Chitkara | 24/05/2018

Methodology based upon market transactions over longer rate-set window involving a larger number of participants, during most liquid period of bank bills market; manipulation punishable by civil, criminal penalties.

Securities / Derivatives

ASIC Consults on Relief from Naked Short Selling Prohibitions

By Garima Chitkara | 16/05/2018

ASIC proposes to grant legislative relief on naked short selling prohibitions for ETF market-making, corporate actions and IPO sell-downs.

Fintech / Regtech

IOSCO Meets to Discuss Investor Protection, Emerging Risks

By JP Reimann | 15/05/2018

Board to develop support framework to help members address impact of ICOs on investor protection; agree to launch ‘Fintech Network’ to facilitate collaboration on fintech.

Enforcement

SFC Signs Enhanced MoU on Cross Border Enforcement Cooperation

By JP Reimann | 13/05/2018

Enhanced IOSCO framework enables securities regulators to obtain and share audit working papers, telephone, internet records; compel attendance at interviews; provide guidance on freezing of assets.