Australia

    Securities / Derivatives

    ASX Calls for Reforms Around Class Actions, Litigation Funding

    By Editors | 22/06/2020

    The benefit of securities class actions may disproportionately benefit litigation funders rather than plaintiffs in those proceedings, with the costs falling on the shareholders, ASX says.

    Enforcement

    Australia: Banks Work Towards Swift Resolution of Advice Failures

    By Editors | 22/06/2020

    Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.

    Enforcement

    ATO Warns of Penalties for Wrongful Early Super Withdrawal

    By Editors | 21/06/2020

    The ATO is using income tax returns and other data to ascertain whether applicants are in fact eligible. Those making false statements to meet the eligibility criteria will face penalties.

    Market Infrastructure

    Australia Allows Advisers More Time to Meet Exam Requirement

    By Editors | 18/06/2020

    Advisers would have had until the end of this year to complete the new Financial Adviser Standards and Ethics Authority exam. A newly-passed bill allows an extra year to do so.

    Enforcement

    ASIC Guidance Sets Out Scope of Product Intervention Powers

    By Editors | 18/06/2020

    The product intervention power allows ASIC to respond to harms in the financial sector, but it must consult with affected persons before each use of the power.

    AML / KYC

    AUSTRAC Given Two Month Deadline for New Westpac Claims

    By Editors | 17/06/2020

    Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.

    ACCC Highlights Improved Price Transparency on FX Conversions

    By Editors | 17/06/2020

    An ACCC review last year found that a lack of pricing transparency forced consumers to rely on the more expensive big four banks for FX conversion and international money transfers.

    Market Infrastructure

    FMA Sets Out Full Licence Conditions for NZ Financial Advisers

    By Editors | 17/06/2020

    In a consultation paper, the FMA specifies three distinct classes of financial advice provider licences, to allow applicants to apply for the licence that best suits their circumstances and business structures.

    Securities / Derivatives

    ASIC Directs Investment Funds to Correct False Advertising

    By Editors | 16/06/2020

    Investment funds were falsely being promoted as having little or no risk of capital loss, where higher returns were highlighted without adequate disclosures of risk.

    Enforcement

    ASIC Imposes Licence Conditions on Societe Generale Securities

    By Editors | 16/06/2020

    Societe Generale Securities Australia self-reported to ASIC that it deposited client money into unauthorised bank accounts.

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