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 […]
ReadmoreFutureproofing 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 […]
ReadmoreGadens Regulatory Recap
This edition of the Gadens Regulatory Recap considers a series of developments from ASIC, APRA, and AUSTRAC, as well as reviewing the significant developments arising from the release by Treasury of the Strategic Plan for Australia’s Payments System. ASIC ePayments Code: The updated ePayments Code released in June 2022 (Code) required all subscribers to be […]
ReadmoreGadens Regulatory Recap
This edition of the Gadens Regulatory Recap considers updates from ASIC, APRA, OAIC, RBA, AFCA, and key legislative updates. We also take a look at the proposed changes to Buy Now Pay Later services and the debanking of Binance in the unregulated crypto space. ASIC Enforcement: ASIC’s public focus over the past fortnight has been […]
ReadmoreGadens Regulatory Recap
This edition of the Gadens Regulatory Recap considers updates from ASIC, APRA, OAIC, ABA and legislative updates, with a focus on key outcomes arising from the Federal Budget. ASIC Design and Distribution Obligations: ASIC released Report 762 Design and distribution obligations: Investment products which found a significant number of product issuers had produced deficient target […]
ReadmoreASIC is coming for your responsible managers
A key obligation of an AFSL holder is to maintain the competence to provide the financial services covered by its licence.[1] ASIC refers to this obligation as the “organisational competence obligation.” In order to comply with this obligation, Regulatory Guide 105: Licensing: Organisational competence (RG 105) provides that the licence holder must nominate Responsible Managers […]
ReadmoreLegal snapshot: Australian capital raising exemptions
Companies seeking to raise capital in Australia through an offer of securities should familiarise themselves with the prospectus requirements and exemptions to those requirements in Chapter 6D of the Corporations Act 2001 (Cth) (the Corporations Act) before undertaking any fundraising activities. Generally, an offer of “securities” in Australia will require the preparation of a disclosure […]
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