Full Federal Court decision in BPS Financial litigation – More questions than answers for AFS licensees and authorised representatives?

In the latest development in ASIC’s litigation against digital asset business BPS Financial Ltd (BPS), on 30 May 2025 the Full Federal Court has allowed ASIC’s appeal against the primary judge’s decision that BPS was entitled to rely on the widely utilised ‘authorised representative’ exemption (AR Exemption) in section 911A(2)(a)(i) of the Corporations Act for […]

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Crypto judgment overturned: Block Earner succeeds in cross-appeal against ASIC

*Article updated as of 22 May 2025 The Full Court of the Federal Court of Australia handed down its much-awaited decision on 22 April 2025, overturning the judgment of Justice Jackman in the Block Earner case.[1] The decision should give digital asset providers and market participants further clarity around the application of the complex financial services regime […]

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Introduction of the Scams Prevention Framework

Scams represent a growing risk to Australians in an increasingly connected world, with losses from scams totalling approximately $2.7 billion to consumers in 2023. While various regulators, such as ASIC and the ACCC, both aided by the National Anti-Scam Centre, have made it clear that combatting scams is a priority in recent years, the passage […]

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