By: Daniel Knight, Ben Kneebush and Madison Jeffreys
As Artificial intelligence (AI) continues to be adopted and used by Australian Financial Services (AFS) licensees broadly, it has become increasingly evident that many licensees’ deployment of AI falls short of their existing regulatory obligations and emerging best practices.
Read MoreBy: Jim Bulling, Simon Kiburg and Alex Parker
When assessing how to comply with the new reporting obligations, reporting entities should recognise the differences in the enforcement approach that ASIC will take in relation to mandatory climate reporting compared with the approach adopted by it in relation to Greenwashing.
Read MoreBy: Kane Barnett and Daniel Nastasi
The Australian Securities and Investments Commission (ASIC) has appealed certain findings in the recent decision in Australian Securities and Investments Commission v BPS Financial Pty Ltd [2024] FCA 457 (BPS Financial Decision) in relation to the scope of the authorised representative exemption. The authorised representative exemption is commonly relied upon and allows a person or entity to provide a financial service under the Corporations Act on behalf of the holder of an AFS licence without having to hold an AFS licence itself.
Read MoreBy: Claudine Salameh and Tamsyn Sharpe
From 1 January 2025, Prudential Standard CPS 190 (CPS 190) will come into effect for Registrable Superannuation Entity (RSE) licensees. These entities will be required to have detailed recovery and exit plans to support the navigation of events which may threaten their financial viability. Following a recent review of the superannuation industry’s preparedness for the commencement of CPS 190, the Australian Prudential Regulatory Authority (APRA) expressed the urgent need for RSE licensees to ‘consider and develop more robust and effective‘ contingency plans.
Read MoreBy: Claudine Salameh and Tamsyn Sharpe
On 15 March 2024 the Financial Accountability Regime (FAR) came into effect for authorised-deposit taking institutions (ADIs). Application of the FAR will be extended to insurers and registrable superannuation entities from 15 March 2025.
Read MoreBy: Jim Bulling and Laura McFadzean
The Australian Securities and Investments Commission (ASIC) has published information highlighting the challenges First Nations persons face in respect of identity verification for accessing financial products or services, such as opening bank accounts or withdrawing from superannuation funds.
Read MoreBy: Lisa Lautier and Rebecca Mangos
The Australian Government has released Treasury Laws Amendment Bill 2024: Climate-related financial disclosure, which is draft legislation confirming mandatory reporting of climate-related financial disclosure requirements.
Read MoreBy: Lisa Lautier and Dhivya Kalyanakumar
On 21-22 November 2023, the Australian Securities & Investments Commission (ASIC) hosted the ASIC Annual Forum with a focus on ‘navigating disruption’. With heightened geopolitical uncertainty and market volatility, ASIC outlined its key focus areas for 2024:
Read MoreBy: Jim Bulling, Lisa Lautier and Ben Kneebush
On 23 October 2023, the Australian Accounting Standards Board (AASB) released the long-awaited Exposure Draft outlining the Australian climate-related reporting standards.
Read MoreBy: Jim Bulling and Ben Kneebush
As previously discussed in our post, the Australian Treasury has proposed to introduce mandatory climate-related financial disclosure standards in Australia. This will have a profound impact on the financial services industry, as financial services entities (including superannuation funds) will be captured by this disclosure framework. Under a phased implementation, reporting commences on 1 July 2024 for certain large entities.
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