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Foreign Exchange Contracts / Remittance


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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AFS licence suspended for failure to meet conditions

Written By: T-REX Contributor
Published: December 19th, 2019
ASIC has suspended Australian Golden Securities Ltd’s AFSL until May next year due to the licensee’s failure to meet its licence obligations.  Australian Golden Securities operates registered managed investment schemes. Specifically, Australian Golden Securities has failed to:
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Certainty for general advice

Written By: T-REX Contributor
Published: December 19th, 2019
Licensees which provide general advice will be interested to hear that the Westpac entities which recently lost to ASIC in the Full Federal Court are applying to the High Court for leave to appeal. This development was reported in the Financial Review on 11 December 2019. If the Court accepts
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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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Westpac general advice case – more to consider

Written By: T-REX Contributor
Published: November 29th, 2019
In last month’s T-REX, we gave you a brief run-down on the judgment handed down in relation to the Westpac general advice case appeal: Australian Securities and Investments Commission v Westpac Securities Administration Limited [2019] FCAFC 187.  See Personal Advice: ASIC wins the Westpac
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Other developments – in brief

Written By: T-REX Contributor
Published: November 29th, 2019
The Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Act 2019 has been registered on the Federal Register of Legislation.  This Act received Royal Assent in October and its effects are explained in October T-REX in Grandfathered conflicted remuneration. ASIC has cancell
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Consultation

Written By: T-REX Contributor
Published: November 29th, 2019
The following draft provisions and discussion papers were open for consultation in November. Proposed amendment to chapter 11 of the AML/CTF Rules (Compliance Report – reporting and lodgment periods).  AUSTRAC has proposed amendments to the Compliance Report reporting and lodgment peri
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T-REX Bites

Written By: T-REX Contributor
Published: November 29th, 2019
Paying a member’s financial advice fees out of a super fund An issue that regularly arises in relation to the provision of financial advice is whether the cost of that advice can be paid out of a superannuation fund of which the client is a member.   That superannuation fund wi
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