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Foreign Exchange Contracts / Remittance


ASIC Corporate Plan for 2020-21

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has published an Interim Corporate Plan to communicate the changes in its priorities and planned activities resulting from COVID-19.  The Interim Plan sits within ASIC’s broader 4-year corporate plan, which covers the period from 2019 to 2023.  ASIC has specified that it will
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Update to ASIC timetable of ongoing work

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC published a revised timetable of upcoming work, in addition to its Interim Corporate Plan, which takes ASIC’s updated priorities and delays resulting from the pandemic into account.  The timetable sets out the regulatory guides, information sheets, consultations and surveys that ASIC
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New regulatory guidance on ASIC’s new product intervention power

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has released RG 272 to provide regulatory guidance on how it will administer its  product intervention power.  As with the draft version it released in June last year, the guidance does not stipulate when ASIC will and will not intervene but instead provides high level guidance which
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ASIC warning against misleading advertising: investment funds

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has warned responsible entities of managed investment schemes to ensure that advertising in relation to their investment funds is clear, balanced and accurate. ASIC reviewed a sample of advertising material, website disclosure and product disclosure statements published by responsible entiti
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Applications for relief granted by ASIC

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has published Report 664, which gives an overview of ASIC’s response to regulatory relief applications made between October 2019 and March 2020.  The report sets out examples of applications it has granted and those it has rejected, and provided reasons in each case.  During
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ASIC regulatory costs and the 2019-20 levy

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC has published its draft Cost Recovery Implementation Statement.  The Statement sets out ASIC’s regulatory costs for the 2018-19 year and the estimated regulatory costs for 2019-20, including the indicative levies that ASIC will charge industry for the 2019-20 year.   AFS
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Increase in penalties

Written By: T-REX Contributor
Published: June 30th, 2020
Commonwealth penalty units, and therefore the cost of ‘getting it wrong’, are set to increase.  The value of 1 penalty unit will increase from $210 to $222 for offences committed on or after 1 July 2020. Penalty units determine the amount a person or company is fined.  Offen
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Expansion to the FinTech sandbox

Written By: T-REX Contributor
Published: June 30th, 2020
The AFSL FinTech Sandbox and ACL FinTech Sandbox will be expanded from 1 September 2020 to include an additional range of financial products and services. The extended sandbox may be useful for you if you would like to test a new product or service that you are not currently authorised to issue o
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Scam trends – ASIC and ACCC

Written By: T-REX Contributor
Published: June 30th, 2020
ASIC and the ACCC have reported an increase in scams during the COVID-19 period. ASIC has seen a 20 per cent increase in investment scam reports and misconduct reports from investors compared to the same period last year. ASIC has reminded consumers that scams can take many forms, and listed the
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AFCA expels members for failure to pay membership fees

Written By: T-REX Contributor
Published: June 30th, 2020
AFCA has published a list of 680 members that failed to pay their AFCA membership levy.  AFCA attempted but failed to contact the members that had not paid. Members that have not paid their AFCA levy have been expelled from membership and must pay the outstanding fees to have their membershi
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FATF statements to guide AML/CTF procedures

Written By: T-REX Contributor
Published: June 30th, 2020
AUSTRAC has recommended that regulated entities: use FATF statements to help guide their AML/CTF risk assessment and compliance program and decisions about submitting suspicious matter reports to AUSTRAC be aware of countries that pose higher risk of ML/TF. TIP 1: See our February TREX edi
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AML/CTF changes to assist victims of violence

Written By: T-REX Contributor
Published: June 30th, 2020
AUSTRAC has changed the AML/CTF customer ID and verification rules to help people experiencing family and domestic violence satisfy reporting entities’ identification and verification process.   The change allows regulated entities to use alternative ways to verify a customer&rsqu
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Indicators of illegal wildlife trade

Written By: T-REX Contributor
Published: June 30th, 2020
FATF has published a report on the illegal wildlife trade (IWT). The report includes a number of indicators, such as: international trade companies, including import-export, freight forwarding, customs clearance, logistics, or similar types of companies PEPs and wealthy businessmen/women, parti
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In brief

Written By: T-REX Contributor
Published: June 30th, 2020
The Consumer Data Right Rules have been amended to clarify the operation of rules and to align the rules with technical standards.  Consumer data sharing commences on 1 July 2020 for the banking and fintech sectors. The ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/303 e
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Consultation

Written By: T-REX Contributor
Published: June 30th, 2020
Corporations Amendment (Stamping Fee Exemption) Regulations 2020. These regulations seek to remove the conflicted remuneration exemption that presently applies to stamping fees paid in respect of listed investment companies and trusts. Consultation commenced on 4 June 2020 and comments were due by 1
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T-REX Bites - Feature Article

Written By: T-REX Contributor
Published: June 30th, 2020
Are you ‘fit and proper’ or only of ‘good fame and character’? In March this year the requirements for obtaining and maintain an Australian Financial Services Licence (AFSL) were amended by the Financial Sector Reform (Hayne Royal Commission Response—Stronger Regulat
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Electronic signing for companies: section 127

Written By: T-REX Contributor
Published: May 29th, 2020
The Government has made a determination under its COVID-19 emergency powers to enable companies to sign agreements under section 127 of the Corporations Act electronically or on separate paper.  The determination provides a level of certainty where there was doubt regarding the validity of comp
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Electronic signing and witnessing of documents

Written By: T-REX Contributor
Published: May 29th, 2020
The Victorian, New South Wales and Queensland governments have passed temporary legislation to enable electronic signing and witnessing of various documents. The rules vary slightly from state to state. Tasmania has also passed more limited laws. In a nutshell, most legislation allows for: 
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Back in town: Litigation funders to require an AFSL (again)

Written By: T-REX Contributor
Published: May 29th, 2020
Litigation funders will be subject to the managed investment scheme regime and require an AFSL to provide litigation funding services from 22 August 2020. Litigation funders are currently not required to hold an AFSL because of specific exemptions included in the Corporations Regulations 2001 (Ct
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ASIC extends financial reporting deadlines

Written By: T-REX Contributor
Published: May 29th, 2020
ASIC has made the ASIC Corporations (Amendment) Instrument 2020/451 and ASIC Corporations (Amendment) Instrument 2020/452, which extend the deadline for companies and registered schemes – both listed and unlisted – to lodge financial and audit reports under chapters 2M and 7 of the Corpo
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