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Managed Funds and Super Funds


Time for senior managers to look sharp

Written By: T-REX Contributor
Published: September 30th, 2019
Change is in the pipeline for senior managers of AFS and credit licensees.  The Government has released draft legislation addressing this and other aspects of the report of the ASIC Enforcement Review Taskforce, which was released in December 2017. The Government has already legislated to im
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Data breaches in the financial sector

Written By: T-REX Contributor
Published: September 30th, 2019
According to the latest report released by the Office of the Australian Information Commissioner (OAIC), the Finance sector has reported the second highest number of notifiable data breaches in the second quarter of 2019.  Health Service providers are the top of the list. Overall the number
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ASIC’s first product intervention order bans short term credit model

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC recently announced the first order issued under its new product intervention powers. ASIC has made an order to impose a condition on the exemption to the NCCP Act that short-term credit providers currently rely on. The new condition effectively bans short term credit business models that req
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Fit and proper persons, misleading material and licences

Written By: T-REX Contributor
Published: September 30th, 2019
Another piece of draft legislation released by the Government in order to address recommendations arising from the ASIC Enforcement Review Taskforce is Draft Financial Regulator Reform (No. 1) Bill 2019: (Licensing). This addresses a range of areas, including: responsible officers under the AF
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Fine-tuning design and distribution obligations

Written By: T-REX Contributor
Published: September 30th, 2019
Treasury has released draft regulations outlining measures to tweak the design and distribution regime. Corporations Amendment (Design and Distribution Obligations) Regulations 2019 propose to: extend the regime to further persons extend the regime to additional products exclude certain pr
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ASIC updates: focus on Royal Commission recommendations

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC has published an update about its action in response to the findings of the Royal Commission since the Final Report was published. In the update, ASIC Chair James Shipton stated that ASIC is addressing the concerns expressed by the Royal Commission and implementing the ASIC-specific recommen
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ASIC action for unfair contract terms

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC has taken action against the Bank of Queensland, Bendigo Bank and Adelaide Bank in relation to allegedly unfair contract terms in their small business contracts. The clauses that ASIC alleges are unfair include those which give lenders a unilateral and broad discretion to vary the contract w
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Constitution amendment provisions to remain

Written By: T-REX Contributor
Published: September 30th, 2019
Modified requirements affecting how a responsible entity may amend a scheme constitution will continue. CO 09/552 was due to expire on 1 October 2019. The relief and requirements provided under that Instrument are now continued (with minor and technical changes) under ASIC Corporations (Changi
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Quotation and trading of managed funds

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC has extended relief which facilitates the quotation and trading of interests in managed funds to the Chi-X market. The relief applies to market-makers and responsible entities. Relief already exists in relation to: exchange traded funds and managed funds that are able to be traded on t
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Former temporary residents and super

Written By: T-REX Contributor
Published: September 30th, 2019
ASIC has remade disclosure relief in relation to the superannuation of former temporary residents, with one amendment. The relief, for superannuation trustees, was previously contained in Class Order CO 09/437 Departed former temporary residents superannuation – Disclosure relief. That C
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Other developments – in brief

Written By: T-REX Contributor
Published: September 30th, 2019
Continued relief for share and interest purchase plans  ASIC has made ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547.  This allows entities listed on the ASX to offer shares or interests to registered holders without providing a PDS, provided certain condition
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Consultation

Written By: T-REX Contributor
Published: September 30th, 2019
The following draft provisions and discussion papers were open for consultation in September. Draft National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019.  An earlier iteration of this Bill passed the House of Representatives before the elect
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T-REX Bites

Written By: T-REX Contributor
Published: September 30th, 2019
The continued risk of Cyber Security Cyber security is not a new concept, but the landscape is constantly changing, and the risks and ramifications of cyber-attacks are growing. According to the World Economic Forum Global Risks Perception Survey 2019, cyber-attacks and data fraud or theft are
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Bumper edition

Written By: T-REX Contributor
Published: August 30th, 2019
Depending on what content you have elected to receive, you may find that this month’s edition of T-REX is a bumper one. There is lots going on in the regulatory landscape.  Some of the drivers of this are: the Government returning to full throttle after the hiatus caused by the Roya
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Consumer data right is here

Written By: T-REX Contributor
Published: August 30th, 2019
The consumer data right has arrived, with the passage of the Treasury Laws Amendment (Consumer Data Right) Act 2019.  The Act received Royal Assent in August. The Act amends the: Competition and Consumer Act 2010 Australian Information Commissioner Act 2010 Privacy Act 1988. The
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Privacy update

Written By: T-REX Contributor
Published: August 30th, 2019
There have been a few recent developments in privacy. The US Federal Trade Commission announced a $US 5 billion penalty against Facebook.  The Office of the Australian Information Commissioner is investigating the company’s handling of Australians’ personal information. Multip
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Government acts on Royal Commission recommendations

Written By: T-REX Contributor
Published: August 30th, 2019
The Government has taken action in relation to a number of Royal Commission recommendations this month. The Government has: consulted in relation to draft legislation extending the unfair contract term regime to insurance contracts introduced legislation to the Parliament to ban grandfathere
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What does ASIC have planned for this financial year?

Written By: T-REX Contributor
Published: August 30th, 2019
ASIC has published its Corporate Plan for 2019-2020.  According to this, ASIC intends to continue to implement changes commenced in 2018.  Changes include the new enforcement strategy focused on increased and accelerated court-based outcomes underpinned by the new “Why not litigate?&
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ASIC enforcement report

Written By: T-REX Contributor
Published: August 30th, 2019
ASIC has published Report 625 which gives an update on its enforcement action for the period 1 January 2019 to 30 June 2019 and states its areas of focus. The update reports that ASIC’s Office of Enforcement is now in place and that enforcement investigations have increased during the six m
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ASIC case against NAB impacts credit and AFS licensees

Written By: T-REX Contributor
Published: August 30th, 2019
Proceedings started by ASIC against NAB in relation to alleged credit transgressions have implications for AFS licensees as well as credit licensees.  The proceedings relate to NAB’s dealings with third party referrers in relation to loan applications.  Regulatory provisions exist in
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