Final Report of the Review of the Public Interest Disclosure Act 2010

The highly anticipated final report from the Review of the Public Interest Disclosure Act 2010 (PID Act Review) was publicly released on 9 August 2023. A review of the PID Act was recommended as part of Professor Peter Coaldrake’s Review of Culture and Accountability in the Queensland Public Sector (the Coaldrake Report), which highlighted concerns […]

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Gadens Regulatory Recap – 19 September 2023

This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, OAIC, ACCC, RBA and Treasury, including various enforcement actions taken by the regulators. Parliament Parliament passes FAR Bill: After almost two years in Parliament the Financial Accountability Regime Bill 2023 (FAR) has passed both houses. FAR will replace the Banking Executive Accountability Regime […]

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Gadens Regulatory Recap – 5 September 2023

This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, OAIC, ACCC, RBA and Treasury, including various enforcement actions taken by the regulators. ASIC ASIC welcomes appointment of three Commissioners: The Australian Securities Investments Commision (ASIC) has announced the appointment of three Commissioners to further strengthen their team. The newly appointed Commissioners […]

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Gadens Regulatory Recap – 25 August 2023

This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, AFCA, OAIC, ACCC, RBA, AUSTRAC and Treasury, including various enforcement actions taken by the regulators. ASIC ASIC extends transitional relief for 12 months for foreign financial services providers: ASIC is, again, extending transitional relief for foreign financial services providers (FFSPs) for a […]

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Gadens Regulatory Recap – 8 August 2023

This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, AFCA, OAIC, ACCC, ATO, AUSTRAC and Treasury, including various enforcement actions taken by the regulators, and regulatory guidance relating to scams.  ASIC  1. ASIC warns of further action against market misconduct: ASIC has issued a warning that the strong enforcement action relating […]

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ASIC commences proceedings against Vanguard Investments

Further to our series of articles on ESG, on 24 July 2023 ASIC commenced proceedings seeking declarations, pecuniary penalties and adverse publicity orders against Vanguard Investments Australia Ltd (Vanguard) alleging misleading conduct in relation to claims about the applicability of environmental, social and governance (ESG) criteria applied to investments in an investment fund offered by […]

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Gadens Regulatory Recap – 25 July 2023

This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, AUSTRAC, ACCC, ATO and Treasury, including important FAR updates and details on regulation of AI and treatment of high-risk crypto exchanges.  ASIC  ASIC’s greenwashing antidote of transparency and meaningful disclosure: From June 2022 to March 2023, the Australian Securities and Investments Commission […]

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Target market determinations and ASIC stop orders

The appropriateness of Design and Distribution Obligations (DDOs) is now a priority for ASIC in regulating the disclosure of information about financial products to protect consumers (ie investors). In this article, we provide practical advice on how to adopt a consumer-centric approach in preparing Target Market Determinations (TMDs) that provide adequate levels of disclosure to […]

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Gadens Regulatory Recap – 12 July 2023

This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, AUSTRAC, ACCC and Treasury, and updates on measures including the climate-related financial disclosure regime, de-banking, the ALRC Interim Report C on financial services legislation, and a FAR update. ASIC  ASIC warns super trustees to consolidate duplicate member accounts: On 29 June 2023, […]

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Gadens Regulatory Recap – 27 June 2023

This edition of the Gadens’ Regulatory Recap considers a series of updates from ASIC, APRA, AUSTRAC, ACMA and Treasury exploring a number of significant policy and legislative updates, as well as details on the latest enforcement actions being taken by the regulators. ASIC ASIC invites entities to assess their cyber resilience: ASIC has invited ASIC-regulated […]

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Australian Payments Systems reform – Seven proposed Payment Functions to replace non-cash licensing regime

As part of the Government’s ambitious Strategic Plan for Australia’s Payments System unveiled this month, Treasury also published the Payment System Modernisation (Licensing: Defining Payment Functions) Consultation paper (Consultation Paper). The Consultation Paper invites feedback on the proposed list of defined Payment Functions that would be regulated under the new licensing framework proposed under the […]

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Futureproofing Australia’s Payment System: Unveiling the Government’s Strategic Plan

The Australian Government has released its Strategic Plan for Australia’s Payments System (Strategic Plan). The Strategic Plan follows on from the Treasury’s Consultation Paper released in December 2022 and outlines a raft of proposed legislative and policy changes to the current payments system regulatory framework. The foreshadowed changes are significant and far-reaching and are aimed […]

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