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Australian Credit Licence (ACL)


Merry Christmas

Written By: T-REX Contributor
Published: December 19th, 2019
We wish all our T-REX readers a merry Christmas and a happy new year.  Thank you for your loyalty.
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Goodbye Compact, hello HN Hub

Written By: T-REX Contributor
Published: December 19th, 2019
You may have noticed a slight change in the look of T-REX last month. After 25 years, our two businesses, Holley Nethercote commercial and financial services lawyers and Compact compliance and training, now come under a single group brand, Holley Nethercote. Our law firm is now known simply as
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Could the law really get simpler?

Written By: T-REX Contributor
Published: December 19th, 2019
Commissioner Hayne’s recommendation that the law be simplified was music to the ears of industry.  But to simplify the existing framework will be a daunting task for whoever tackles it. Even trying to address the suggestion that legislation address what norms of behaviour are being pur
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Cooperation between ASIC and APRA

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC and APRA have updated their Memorandum of Understanding.  The MOU is designed to address recommendation 6.10 of the Royal Commission. That recommendation was that ASIC and APRA prepare and maintain a joint memorandum setting out how they intend to comply with their statutory obligati
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ASIC report on licensing

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC has released a report on its assessment of AFSL and ACL applications, Report 650 Overview of licensing and professional registration applications: July 2018 to June 2019. The Report gives an insight into ASIC’s decisions on licence applications during the relevant period and key regula
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Design and distribution obligations fine-tuned

Written By: T-REX Contributor
Published: December 19th, 2019
The Government has made Corporations Amendment (Design and Distribution Obligations) Regulations 2019. These extend the distribution obligations in the regime to: a person that is exempt under paragraph 926B(1)(a) of the Corporations Act 2001 from the requirement in section 911A to hold an AFS
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Morsels from ASIC

Written By: T-REX Contributor
Published: December 19th, 2019
The latest hearing of the Parliamentary Joint Committee into Corporations and Financial Services provides some interesting morsels. When it comes to enforcement, ASIC says it is prioritising cases: with deterrence value where there is harm to vulnerable customers. It is also pursuing ca
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Banning powers and more

Written By: T-REX Contributor
Published: December 19th, 2019
The Government is taking action to implement 16 recommendations made in the ASIC Enforcement Review Taskforce Report. It has introduced into Parliament Financial Sector Reform (Hayne Royal Commission  Response – Stronger Regulators (2019 Measures)) Bill 2019. The key changes contain
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Responsible lending guidance is here

Written By: T-REX Contributor
Published: December 19th, 2019
Despite the fall-out from ASIC’s recent proceedings against Westpac in relation to responsible lending, in ASIC v Westpac Banking Corporation (Liability Trial) [2019] FCA 1244, ASIC has released an updated version of Regulatory Guide 209: Credit licensing: responsible lending conduct. The u
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Legal action against mortgage broker for false statements

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC investigated Guodong Liu for making false statements to ASIC.   Mr Liu, who was a mortgage broker, director of Wealth Investment Milestone Pty Ltd (WIM) and the fit and proper person on WIM’s ACL, had his lender accreditation with ANZ suspended.  Despite this, Mr Liu sub
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Credit reporting

Written By: T-REX Contributor
Published: December 19th, 2019
Eligible credit licensees who, on 1 April 2020, are large ADIs will need to provide credit information on consumer credit accounts to credit reporting bodies, under a mandatory comprehensive credit reporting regime.  This will come about if Parliament passes National Consumer Credit Protection
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Mortgage brokers

Written By: T-REX Contributor
Published: December 19th, 2019
Legislation is before the House of Representatives to introduce a best interests obligation for mortgage brokers and to address conflicted remuneration for mortgage brokers. The way the legislation is currently drafted: mortgage brokers will be made to act in the best interests of their client
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Former Aussie Home Loans broker permanently banned

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC has permanently banned Travis Truter, a former Aussie Home Loans finance broker, from engaging in credit activities and providing financial services.   Mr Truter was a finance broker for Aussie Home Loans and, in that role, provided false documents to support seven home loan applic
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Other developments – in brief

Written By: T-REX Contributor
Published: December 19th, 2019
Prudential Standard – non-centrally cleared derivatives APRA released Banking, Insurance, Life Insurance and Superannuation (prudential standard) determination No. 1 of 2019 Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives.  The Standard r
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Consultation

Written By: T-REX Contributor
Published: December 19th, 2019
The following draft provisions and discussion papers have been open for consultation in December: Draft Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2019.  This draft legislative instrument (released with a draft explanatory statement) includes
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T-REX Bites

Written By: T-REX Contributor
Published: December 19th, 2019
Data breaches are big news, but don’t forget the privacy basics From February 2018 onward, the notifiable data breaches (NDB) regime introduced new obligations for Australian government agencies and private sector organisations that were already subject to the Privacy Act 1988 (Cth). Fol
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Whistleblower policy relief

Written By: T-REX Contributor
Published: November 29th, 2019
Some charities and not-for-profit organisations will be exempt from the requirement to have a whistleblower policy by 1 January 2020. ASIC has made ASIC Corporations (Whistleblower Policies) Instrument 2019/1146. It relieves a public company from the need to have a whistleblower policy under s
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ASIC industry levies 2018-2019

Written By: T-REX Contributor
Published: November 29th, 2019
ASIC has made two Legislative Instruments which will enable it to calculate the levies payable by each entity for the 2018-2019 financial year.  These levies will be reflected in invoices which ASIC will send to industry participants in January 2020. These are: ASIC (Supervisory Cost Reco
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Corporate criminal responsibility regime to be reviewed following the Commission

Written By: T-REX Contributor
Published: November 29th, 2019
The Government has asked the Australian Law Reform Commission (ALRC) to review Australia’s corporate criminal responsibility regime and consider ways in which it can be both simplified and strengthened to hold corporations to account for criminal misconduct.  The ALRC will review relev
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Assets frozen for not assisting AFCA

Written By: T-REX Contributor
Published: November 29th, 2019
ASIC has successfully applied to the NSW Supreme Court seeking orders to freeze the assets of Mr Hopkins and his companies, QWL Pty Ltd and QWL Asset Management Pty Limited, and to prevent them from providing financial services without ASIC’s consent.  The application was in response t
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