Print this page

Regulatory tracker 2020

Items in this weekly tracker are listed in reverse chronological order.

 

Week beginning 21 December 2020

Date Regulatory document Description  AGLS subject
24/12/2020 RG 134 Funds management: Constitutions (updated) Technical amendments to correct paragraph numbering at paras RG 134.38 and RG 134.140. Funds management
24/12/2020 RG 3 AFS Licensing Kit: Part 3 – Preparing your additional proofs (reissued) Incorporates the C12 proof, Insurance Claims Handling and Settling Service Statement. The proof will help applicants prepare an application for an AFS licence (or for a licence variation) authorising them to provide an insurance claims handling and settling service. Applicants can apply from commencement of the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (commencing 1 January 2021). Financial services 
22/12/2020 REP 677 Audit inspection report: 1 July 2019 to 30 June 2020

REP 678 Audit quality measures, indicators and other information: 2019–20

See also reports on six largest audit firms:

REP 679 (BDO firms in Australia)

REP 680 (Deloitte Touche Tohmatsu Australia)

REP 681 (Ernst & Young Australia)

REP 682 (Grant Thornton Audit Pty Ltd)

REP 683 (KPMG Australia)

REP 684 (PricewaterhouseCoopers)

 ASIC has reported on the results from its audit firm inspections for the 12 months to 30 June 2020 and has released a supplementary report of audit quality measures, indicators and other information: see 20-336MR Financial reporting

Auditors

 

Week beginning 14 December 2020

Date Regulatory document Description AGLS subject
16/12/2020 Attachment 1 to MR 20-327: Addendum to Consultation Paper 311 Internal dispute resolution: Update to RG 165 (PDF 629 KB)

Attachment 2 to MR 20-327: Internal dispute resolution: Updated draft data dictionary (PDF 435 KB)

 ASIC is seeking further feedback on proposed requirements for internal dispute resolution data reporting following ASIC’s earlier consultation through Consultation Paper 311 Internal dispute resolution: Update to RG 165 (CP 311) published 15 March 2019: see 20-327MR Financial services 
16/12/2020 RG 96 Debt collection guideline: for collectors and creditors (reissued) Commonwealth consumer protection laws apply. Technical updates have been made to reflect:
  • the addition of two recent Federal Court decisions
  • the strengthening of existing penalties and the introduction of new penalties under the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties Act) 2019 (commenced 13 March 2019), and
  • other minor revisions such as updated references to the Office of the Australian Information Commissioner, the Australian Financial Conduct Authority and the National Energy Retail Law (which includes the Australian Energy Regulator), and included an updated authority form provided by Financial Counselling Australia.

See also Dealing with debt collectors: Your rights and responsibilities (PDF 853 KB) on Moneysmart

 Credit
15/12/2020 REP 676 Review of school banking programs Sets out the key findings from a review undertaken by ASIC to determine the benefits and risks of school banking programs: see 20-324MR Consumer Insights and Communications
14/12/2020 REP 675 Default insurance in superannuation: Member value for money Shares insights from ASIC’s work on metrics for measuring the value for money that members receive from default insurance offered through superannuation: see 20-323MR Financial services

 

Week beginning 7 December 2020

Date Regulatory document Description AGLS subject
11/12/2020 RG 274 Product design and distribution obligations (new)

ASIC Corporations (Design and Distribution Obligations—Exchange Traded Products) Instrument 2020/1090

REP 674 Response to submissions on CP 325 Product design and distribution obligations

 Provides guidance on design and distribution obligations passed by the Australian Parliament in 2019 requiring firms to design financial products to meet the needs of consumers, and to distribute their products in a more targeted manner: see 20-320MR Financial services
11/12/2020 RG 160 Time-sharing schemes (reissued)

ASIC Corporations (Amendment) Instrument 2020/1064

ASIC Corporations (Amendment) Instrument 2020/1065

 Provides guidance on the existing regulation of time-sharing schemes, new requirements and updated legislative instruments: see 20-321MR Funds management
10/12/2020 RG 246 Conflicted and other banned remuneration (reissued) Technical updates to reflect:

  • the end of the grandfathering of conflicted remuneration for financial product advice from 1 January 2021

  • the extension of the ban on conflicted remuneration to stamping fees paid in relation to listed investment companies and listed investment trusts (excluding real estate investment trusts) that took effect on 1 July 2020, and

  • that the law does not prescribe a timeframe for repaying commissions that are being clawed back where a life insurance policy has been cancelled or reduced in the first two years.

See 20-318MR

Financial services
7/12/2020 ASIC Corporations (Amendment and Repeal) Instrument 2020/921 Extends the relief in ASIC Class Order [CO 14/443] Deferral of choice product dashboard and portfolio holdings disclosure regimes from portfolio holdings disclosure (PHD) requirements in section 1017BB(1) of the Corporations Act and repeals redundent paragraphs and definitions. It also repeals expired ASIC Class Order [SCO 12/416]: see 20-315MR Financial services
7/12/2020 ASIC Market Integrity Rules (Securities Markets) Determination 2020/1102

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2020/1103

Maintains ASIC's policy of determining allocation of Tier 1 and Tier 2 Equity Market Products, commencing 13 January 2021.

Repealed: Determination 2020/830 (replaced by  Determination 2020/1102)

 Financial markets

 

Week beginning 30 November 2020

Date Regulatory document Description AGLS subject
3/12/2020 CP 335 Consumer remediation: Update to RG 256 Seeks feedback on the key issues ASIC has identified for updating RG 256 Client review and remediation conducted by advice licensees: see 20-308MR and Making it right: How to run a consumer centred remediation (PDF 2.47 MB) Financial services
30/11/2020 INFO 252 Managing conduct risk during LIBOR transition (new) Sets out practical guidance that Australian entities can adopt to manage conduct risk during the London Interbank Offered Rate (LIBOR) transition: see 20-304MR Financial markets

 

Week beginning 23 November 2020

Date Regulatory document Description AGLS subject
27/11/2020 CP 334 Proposed changes to simplify the ASIC Derivative Transaction Rules (Reporting): First consultation

Attachment to CP 334 (Word 146 KB)

 Sets out ASIC's first proposals to amend the ASIC Derivative Transaction Rules (Reporting) 2013 made under s901A of the Corporations Act. Financial markets
27/11/2020 Draft INFO 000 Claims handling and settling (PDF 644 KB)

Draft C12 proof on insurance claims handling and settling (PDF 90 KB)

 Released to give persons providing claims handling and settling services as much time as possible to consider whether they need to obtain (or vary) an AFS licence, and if so, what they will need to do, when the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 passes the Australian Parliament: see 20-300MR Financial services 
25/11/2020 INFO 129 National credit laws and book up: What you need to know (reissued)

INFO 213 Marketplace lending (peer-to-peer lending) products (reissued)

 Information sheets related to consumer credit have been updated to:
  • include a note about the Australian Government’s announcement relating to proposed reforms to the responsible lending obligations contained in Ch 3 of the National Credit Act
  • remove references to transitional arrangements, and
  • reflect current ASIC guidance and information.
 Credit
25/11/2020 ASIC Corporations (Amendment) Instrument 2020/1080 Amends the following instruments to extend financial reporting relief to account for the ongoing impacts of the COVID-19 pandemic:
  • ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840
  • ASIC Corporations (Wholly-owned Companies) Instrument 2016/785
  • ASIC Corporations (Extended Reporting and Lodgment Deadlines—Unlisted Entities) Instrument 2020/395
  • ASIC Corporations (Extended Reporting and Lodgment Deadlines—Listed Entities) Instrument 2020/451

See 20-276MR (issued 11/11/2020)

 Companies

Financial reporting

Corporate governance

COVID-19
24/11/2020 ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2020/1073

ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2020/1074

 Specifies:
  • certain matters about size and composition of ASIC’s regulated population and of the metrics that apply to each industry sub-sector within that regulated population for the 2019-20 financial year, and
  • ASIC’s regulatory costs and their attribution to each industry sub-sector for the 2019-20 financial year.
 Dealing with ASIC
23/11/2020 INFO 80 How to interpret ASIC insolvency statistics (reissued) Technical amendments to clarify that quarterly registered liquidator statistics include gender and years of registration; and Series 4 statistics updated.  Companies

Liquidators

 

Week beginning 16 November 2020

Date Regulatory document Description AGLS subject
20/11/2020 REP 673 Consumer engagement in insurance in super Presents findings from research exploring the experiences of superannuation fund members, who were not using a financial adviser and directly contacted their fund to make enquiries about or make changes to their insurance arrangements: see 20-293MR Financial services
20/11/2020 INFO 251 AFS licensing requirement for trustees of unregistered managed investment schemes (new)

RG 36 Licensing: Financial product advice and dealing (updated)

 Provides guidance on the application of the exemptions in s911A(2)(a) and 911A(2)(b) of the Corporations Act to trustees issuing, varying or disposing of interests in unregistered managed investment schemes that are financial products, and notes added to RG 36 at paras RG 36.63 and RG 36.64 to refer to INFO 251. Funds management
19/11/2020 CP 333 Implementing the Royal Commission recommendations: Reference checking and information sharing

Attachment 1 to CP 333 draft instrument (PDF 268KB)

Attachment 2 to CP 333 draft information sheet (PDF 326KB)

 Seeks feedback on ASIC's proposed approach to implementing aspects of the law reform arising from Royal Commission Recommendations 1.6 and 2.7. These recommendations relate to the reference checking and information sharing protocol for financial advisers and mortgage brokers: see 20-291MR Financial services
17/11/2020 CP 332 Promoting access to affordable advice for consumers Seeks information from financial advice industry participants and other stakeholders on impediments to the delivery of good-quality affordable personal advice, particularly access to quality 'limited advice': see 20-285MR Financial services
16/11/2020 REP 672 Buy now pay later: An industry update Sets out ASIC’s key observations about the buy now pay later industry, the experiences of consumers and recent regulatory developments: see 20-280MR Credit

Week beginning 9 November 2020

Date Regulatory document Description AGLS subject
11/11/2020 REP 671 Licensing and professional registration activities: 2020 update Annual report for AFS licensees, credit licensees, lawyers, application service providers and professionals working in financial services that are interested in the licensing and professional registration functions of ASIC, inlcuding the impact of COVID-19: see 20-275MR Financial services

Credit

Funds management

COVID-19

 
10/11/2020  Addendum to CP 330 Seeks further feedback on ASIC's proposed use of its product intervention powers to address significant detriment in relation to continuing credit contracts: see 20-274MR, CP 330 and draft instrument Credit

Dealing with ASIC

 

Week beginning 26 October 2020

Date Regulatory document Description AGLS subject
30/10/2020 ASIC Market Integrity Rules (Securities Markets) Class Waiver Amendment Instrument 2020/877 Amends ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/258 Financial markets
27/10/2020 ASIC Market Integrity Rules (Securities Markets) Class Waiver Instrument 2020/870 Waives Market Participants of securities markets from certain obligations in Part 2.4 of the ASIC Market Integrity Rules (Securities Market) 2017 Financial markets

Week beginning 19 October 2020

Date Regulatory document Description AGLS subject
23/10/2020 ASIC Annual Report 2019–20 Record of ASIC’s activities and performance for 2019–20, including its response to the COVID-19 pandemic: see 20-255MR Dealing with ASIC
23/10/2020 ASIC Corporations (Product Intervention Order—Contracts for Difference) Instrument 2020/986 Imposes conditions on the issue and distribution of contracts for difference (CFDs) to retail clients: see public notice (PDF 182 KB) and 20-254MR Financial services
22/10/2020 RG 6 Takeovers: Exceptions to the general prohibition (reissued)

RG 111 Content of expert reports (reissued)

 Updated to formalise ASIC's policy on when we will give Chapter 6 relief for share transfers under s444GA of the Corporations Act: see REP 670 and 20-253MR Takeovers
22/10/2020 INFO 101

INFO 103

INFO 104

INFO 105

INFO 109

INFO 126

INFO 128

INFO 140

INFO 146

INFO 185

(reissued)

 Information sheets related to consumer credit have been updated to:
  • reflect current ASIC guidance and information
  • remove references to transitional arrangements
  • update penalties information (to account for legislative amendments)
  • replace references to EDR schemes with AFCA, and
  • in INFO 105, clarify our guidance regarding hardship notices and variations.
 Credit
22/10/2020 RG 204 Applying for and varying a credit licence (reissued) Internal dispute resolution requirements updated to reflect the release of RG 271. Licence application fees information also updated. Credit
20/10/2020 INFO 210 Unfair contract term protections for consumers (reissued)

INFO 211 Unfair contract term protections for small businesses (reissued)

 Updated to provide information about how unfair contract term protections will apply to insurance contracts from 5 April 2021: see 20-248MR Financial services 

Credit

Other entities

Consumer Insights and Communications

Week beginning 12 October 2020

Date Regulatory document Description AGLS subject
16/10/2020 ASIC Credit (Amendment) Instrument 2020/963 Amends ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487 to extend the deferral to benefits paid in relation to credit services provided before 1 January 2021. Credit

Week beginning 28 September 2020

Date Regulatory document Description AGLS subject
29/9/2020 ASIC Regulated Foreign Markets Determination (Amendment) Instrument 2020/828 Amends ASIC Regulated Foreign Markets Determination [OTC DET 13/1145] to update the list of Regulated Foreign Markets. Financial markets
29/9/2020 ASIC Corporations (Amendment) Instrument 2020/827 Amends ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844 Financial markets
28/9/2020 RG 97 Disclosing fees and costs in PDSs and periodic statements (reissued)

ASIC Corporations (Amendment) Instrument 2020/853

 Amended to clarify that when the total amount of administration fees and costs for a superannuation product includes an amount that applies regardless of the balance, issuers must disclose that amount separately. Financial services
28/9/2020 ASIC Credit (Notice Requirements for Unlicensed Carried Over Instrument Lenders) Instrument 2020/834

ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835

ASIC Credit (Repeal) Instrument 2020/836

 Remakes sunsetting Class Orders [CO 10/381] and [CO 10/1230] relating to credit: see 20-225MR Credit

Week beginning 21 September 2020

Date Regulatory document Description AGLS subject
25/9/2020 ASIC Corporations (Amendment) Instrument 2020/885 Amends ASIC Corporations (COVID-19 — Distribution of Debit Cards) Instrument 2020/401 to extend the relief granted for issuance of debit cards until 31 December 2020. Financial services
24/9/2020 ASIC Corporations (Stub Equity in Control Transactions) Instrument 2020/734

REP 669 Response to submissions on CP 312 Stub equity in control transactions

RG 9 (reissued)

RG 60 (reissued)

 Modifies the Corporations Act to prevent stub equity offers of scrip in a proprietary company being made to large numbers of retail target holders in takeover bids and schemes of arrangement: see 20-222MR Companies

Fundraising

Takeovers
22/9/2020 REP 666 ASIC Enforcement Update: January to June 2020 ASIC’s overview of enforcement outcomes, priorities and cases during the period 1 January 2020 to 30 June 2020, including the impact of the COVID-19 pandemic: see 20-217MR Dealing with ASIC
22/9/2020 REP 668 Allocations in debt capital market transactions Outlines findings from ASIC’s surveillance of market practices in debt capital market transactions and sets out better practice guidelines: see 20-219MR Financial services 

Financial markets
22/9/2020 ASIC Corporations (Amendment) Instrument 2020/853 Amends ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 to clarify the intended operation of an aspect of the fees and costs disclosure regime applying to superannuation products. Financial services

Week beginning 14 September 2020

Date Regulatory document Description AGLS subject
18/9/2020 ASIC Corporations (Amendment) Instrument 2020/862 Extends the end dates for three COVID-19 related instruments applying to capital raisings and financial advice:
  • ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547
  • ASIC Corporations (Trading Suspensions Relief) Instrument 2020/289, and
  • ASIC Corporations (COVID-19 – Advice-related Relief) Instrument 2020/355

See 20-220MR

 Financial services

Fundraising

COVID-19

 

Week beginning 7 September 2020

Date Regulatory document Description AGLS subject
11/9/2020 ASIC Market Integrity Rules (Securities Markets) Determination 2020/830

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2020/831

 Maintains ASIC's policy of determining allocation of Tier 2 equity market products, commencing 12 October 2020.

Repealed: Determination 2020/561 (replaced by Determination 2020/830)

 Financial markets
10/9/2020 ASIC Corporations and Credit (Repeal) Instrument 2020/839 Repeals ASIC Corporations (Concept Validation Licensing Exemption) Instrument 2016/1175 and ASIC Credit (Concept Validation Licensing Exemption) Instrument 2016/1176: see 20-195MR, and Enhanced regulatory sandbox webpage Technology

Dealing with ASIC

Week beginning 31 August 2020

Date Regulatory document Description AGLS subject
31/8/2020 ASIC Corporate Plan 2020–2024 Outlines our five strategic priorities over the next four years to address the impact of the COVID-19 pandemic and longer term threats and harms in our regulatory environment: see 20-202MR Dealing with ASIC
31/8/2020 RG 217 Duty to prevent insolvent trading: Guide for directors (reissued) Minor update to remove obsolete language relating to ‘cheques’, update the meaning of ‘external administrator’ and ‘registered liquidator’ in the key terms, and update pecuniary penalties to account for legislative amendments. Companies

Corporate governance

 

Week beginning 24 August 2020

Date Regulatory document Description AGLS subject
27/8/2020 ASIC Corporations (Amendment) Instrument 2020/721

ASIC Corporations (IPO Communications) Instrument 2020/722

RG 5 (reissued)

RG 254 (reissued)

REP 667 Response to submissions on CP 328 Initial public offers: Relief for voluntary escrow arrangements and pre-prospectus communications

 Relief to help reduce red tape for companies undertaking an initial public offer: see 20-198MR 

Amended: Class Order CO 13/520

 Fundraising
26/8/2020 ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778

INFO 249 Frozen funds – Information for responsible entities (new)

RG 136 (revised)

NOTE: INFO 159 Your investments: Frozen funds and hardship payments has been withdrawn

 Provides updated guidance on new relief measures for operators of frozen funds to facilitate withdrawals by members facing financial hardship during the COVID-19 pandemic: see 20-197MR and hardship withdrawals for members of frozen funds webpage Funds management

COVID-19
25/7/2020 INFO 248 Enhanced regulatory sandbox (new)

NOTE: RG 257 has been withdrawn

 Provides guidance for innovative financial businesses wanting to test their products and services under the Australian Government’s enhanced regulatory sandbox, scheduled to commence on 1 September 2020: see 20-195MR and Enhanced regulatory sandbox webpage Technology

Dealing with ASIC

 

Week beginning 17 August 2020

Date Regulatory document Description AGLS subject
20/7/2020 ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787 Provides exemptions to facilitate the implementation of the regulatory framework for litigation funding schemes commencing on 22 August 2020: see 20-192MR and No-action position (PDF 97KB) Funds management

 

Week beginning 10 August 2020

Date Regulatory document Description AGLS subject
12/8/2020
(reissued)
 Information sheets related to insolvency have been updated to ensure currency and modernise language. Companies

Corporate governance

Liquidators

 

Week beginning 27 July 2020

Date Regulatory document Description AGLS subject
30/7/2020 RG 271 Internal dispute resolution (new)

REP 665 Response to submissions on CP 311 Internal dispute resolution: Update to RG 165

ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98

See also:

 Updated requirements for how financial firms deal with consumer and small business complaints under their internal dispute resolution (IDR) procedures: see 20-171MR and article Financial services 
29/7/2020 CP 331 Remaking ASIC class orders on unlicensed COI lenders and credit disclosure obligations Sets out our proposals to remake sunsetting ASIC Class Orders [CO 10/381] and [CO 10/1230]: see 20-170MR Credit
27/7/2020 RG 21

RG 51

RG 107

RG 126

RG 208

(reissued)

 Updates to reflect that the ASIC Regulatory Portal is now the primary way to submit applications for relief and various fundraising and corporate finance documents to ASIC: see news item Dealing with ASIC

 

Week beginning 20 July 2020

Date Regulatory document Description AGLS subject
23/7/2020 RG 97 Disclosing fees and costs in PDSs and periodic statements (reissued) Minor amendments to adjust the transitional timeframes in response to COVID-19: see 20-167MR and 2020/579 Financial services 

 

Week beginning 13 July 2020

Date Regulatory document Description AGLS subject
14/7/2020 INFO 177 Quarterly cash equity market data release: Methodology and definitions (reissued) Minor updates to reference current ASIC market integrity rules and regulatory guides, and reflect changes that we’ve made to streamline and simplify the calculation of several metrics and selection of instruments. Financial markets

 

Week beginning 6 July 2020

Date Regulatory document Description AGLS subject
9/7/2020 CP 330 Using the product intervention power: Continuing credit contracts Sets out ASIC’s proposal for using our product intervention power in relation to continuing credit products: see 20-159MR Credit

 

Week beginning 29 June 2020

Date Regulatory document Description AGLS subject
30/6/2020 INFO 246 Company auditor obligations under the whistleblower protection provisions (new)

INFO 247 Company officer obligations under the whistleblower protection provisions (new)

 Guidance for companies and audit firms to develop arrangements for handling whistleblower disclosures that are effective and tailored to their circumstances: see news item Companies

Auditors

Financial reporting

 

Week beginning 22 June 2020

Date Regulatory document Description AGLS subject
25/6/2020 ASIC Corporations (Approval of Variation of March 2020 Banking Code of Practice) Instrument 2020/602 Variation of the Banking Code of Practice inserting a Special Note to allow for special application of Code provisions during COVID-19 until March 2021: see 20-148MR Financial services
25/6/2020 ASIC Corporations, Superannuation and Credit (Amendment) Instrument 2020/99 Amends the ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution— Transitional) Instrument 2019/965 to preserve ASIC's existing internal dispute resolution policy in relation to complaints received by financial firms before 5 October 2021. Financial services 

Credit
24/6/2020 RG 273 Mortgage brokers: Best interests duty (new) Guide for mortgage brokers and other relevant Australian credit licensees explaining what ASIC looks for when we assess compliance with the best interests obligations in Pt in Pt 3-5A of the National Credit Act which commence on 1 January 2021: see 20-146MR and REP 662 Credit
24/6/2020 ASIC Corporations (COVID-19 Email Lodgement Service—ASIC Corporations (Wholly-owned Companies) Instrument 2016/785) Instrument 2020/612 Facilitates the electronic signing and lodgement of documents under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 during COVID-19: see INFO 24 Companies

Financial reporting
23/6/2020 REP 664 Overview of decisions on relief applications (October 2019 to March 2020) Outlines some of our decisions on relief applications from 1 October 2019 to 31 March 2020, summarising examples of situations where we have exercised, or refused to exercise, ASIC’s exemption and modification powers: see 20-144MR Financial services 

Credit

Dealing with ASIC

 

Week beginning 15 June 2020

Date Regulatory document Description AGLS subject
19/6/2020 REP 663 Regulator Performance Framework: ASIC self-assessment 2018–19 The Regulator Performance Framework provides a set of six common key performance indicators (KPIs) for Australian Government regulators.
This report sets out our self-assessment of ASIC’s performance in 2018–19 against the KPIs.		 Dealing with ASIC
19/6/2020 RG 58 Reporting by registered foreign companies and Australian companies with foreign shareholders (reissued)

RG 115 Audit relief for proprietary companies (reissued)

 Minor updates to reflect the revised definition of a large proprietary company. Companies

Other entities

Auditors

Financial reporting
19/6/2020 RG 261 Crowd-sourced funding: Guide for companies (reissued) Minor update to reflect the revised definition of a large proprietary company and an increase in the maximum number of penalty units for directors who do not do everything reasonably necessary to appoint an auditor. Financial services 

Companies

Fundraising
18/6/2020 ASIC Market Integrity Rules (Securities Markets) Class Waiver Amendment Instrument 2020/586 Amends ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/303 to extend the operation by an additional 19 months. Financial markets
17/6/2020 RG 272 Product intervention power (new) Provides an overview of ASIC's product intervention power and explains:
  • the scope of the power;
  • when and how ASIC may exercise the power to make a product intervention order; and
  • how a product intervention order is made.

See 20-139MR and REP 661

 Financial services

 

Week beginning 8 June 2020

Date Regulatory document Description AGLS subject
12/6/2020 Draft Cost Recovery Implementation Statement 2019-20 Provides an estimate of ASIC’s regulatory costs for 2019-20, to give industry an indication of what levy costs to expect when actual regulatory costs are published in December 2020, with invoices issued in January 2021.

Also details ASIC’s actual regulatory costs for 2018-19.

This draft CRIS is open for feedback until 24 July 2020: see 20-134MR

 Dealing with ASIC
12/6/2020 INFO 245 Board oversight of executive variable pay decisions during the COVID-19 pandemic (new) Released to assist boards and remuneration committees of listed companies to navigate decisions on executive variable pay in the context of COVID-19: see 20-133MR Companies

Corporate governance

COVID-19
11/6/2020 ASIC Corporations (Amendment) Instrument 2020/565 Specifies an end date for three COVID-19 related instruments relating to capital raisings and financial advice:
  • ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547
  • ASIC Corporations (Trading Suspensions Relief) Instrument 2020/289, and
  • ASIC Corporations (COVID-19 – Advice-related Relief) Instrument 2020/355

See 20-135MR

 Financial services

Australian companies

Financial reporting

Fundraising
11/6/2020 ASIC’s Interim Corporate Plan 2020-21 and updated work program Sets out five targeted, strategic priorities to address COVID-19 related challenges and updates ASIC’s revised work program for this period. Dealing with ASIC

Week beginning 1 June 2020

Date Regulatory document Description AGLS subject
4/6/2020 ASIC Market Integrity Rules (Securities Markets) Determination 2020/561

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2020/562

 Maintains ASIC’s policy of determining the allocation of Equity Market Products to tiers, commencing 6 July 2020.

Repealed: Determination 2020/195 (replaced by  Determination 2020/561)

 Financial markets

 

Week beginning 18 May 2020

Date Regulatory document Description AGLS subject
22/5/2020 ASIC Corporations (Deferral of Design and Distribution Obligations) Instrument 2020/486

ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487

 Relief deferring the commencement date of the mortgage broker best interest duty and remuneration reforms, and the design and distribution obligations, for six months due to the impact of COVID-19: see 20-109MR Financial services

Credit

 

Week beginning 11 May 2020

Date Regulatory document Description AGLS subject
15/5/2020 ASIC Corporations (Extended Reporting and Lodgment Deadlines—Listed Entities) Instrument 2020/451

ASIC Corporations (Amendment) Instrument 2020/452

 Relief to assist listed and unlisted entities affected by the impacts of COVID-19 by enabling them more time to report and have audits: see 20-113MR

Amended:

 Companies

Financial reporting

COVID-19

 

Week beginning 4 May 2020

Date Regulatory document Description AGLS subject
7/5/2020 ASIC Corporations (AFCA Regulatory Requirement) Instrument 2020/0433 Imposes additional conditions on the AFCA scheme relating to 'SMEG Loans' and repayment deferrals for business loans impacted by COVID-19. Financial services 
6/5/2020 Retail investor trading during COVID-19 volatility (PDF 530 KB) Outlines early observations by ASIC on trading in securities and contracts for difference (CFDs) during the volatility caused by the COVID-19 pandemic: see 20-102MR Financial services

COVID-19
4/5/2020 Instrument 20-0430 Six month conditional relief granted to Macquarie Bank and related entities from the requirement to give customers Form 11A direct debit default notices under s 87 of the National Credit Code, while it sends modified communication and relaxes collection and enforcement processes as a result of COVID-19. Credit

Week beginning 27 April 2020

Date Regulatory document Description AGLS subject
24/4/2020 ASIC Corporations (COVID-19 – Distribution of Debit Cards) Instrument 2020/401 Relief to allow the distribution of debit cards to existing customers without debit cards – including vulnerable and elderly consumers – in response to COVID-19. Financial services

COVID-19
22/4/2020 ASIC Corporations (Extended Reporting and Lodgment Deadlines—Unlisted Entities) Instrument 2020/395

ASIC Corporations (Amendment) Instrument 2020/396

 Relief extending the deadline for unlisted entities to lodge financial reports by one month for balance dates from 31 December 2019 to 31 March 2020 to account for possible impacts of COVID-19: see 20-084MR

Amended: Instrument 2015/840

 Companies

Financial reporting
20/4/2020 REP 659 ASIC regulation of corporate finance: July to December 2019 Twelfth and final report on ASIC's oversight of corporate finance activity covering 1 July 2019 to 31 December 2019. To be replaced by quarterly newsletters: see 20-093MR Australian companies

Corporate governance

Fundraising

 

Week beginning 14 April 2020

Date Regulatory document Description AGLS subject
14/4/2020 INFO 230 Exchange traded products: Admission guidelines (reissued) Updated to:
  • outline measures firms should take to manage market integrity risks associated with internal market making
  • provide guidance on improving internal marking making practices, and
  • make peripheral updates to reflect recent changes in the market.

See 20-088MR and 19-348MR

 Financial services

Financial markets
14/4/2020 ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355 Prescribes relief measures to facilitate affordable and quality financial advice during the COVID-19 pandemic: see 20-085MR and no-action position for superannuation trustees. Financial services
14/4/2020 REP 658 ASIC regulation of registered liquidators: July 2018 to June 2019 Eighth overview of ASIC’s regulation of registered liquidators covering 1 July 2018 to 30 June 2019. Liquidators

 

Week beginning 6 April 2020

Date Regulatory document Description AGLS subject
9/4/2020 REP 657 Survey of crowd-sourced funding intermediaries: 2018–19 Outlines the findings from ASIC’s second crowd-sourced funding (CSF) industry survey covering 1 July 2018 to 30 June 2019. Financial services 

Fundraising

 

Week beginning 30 March 2020

Date Regulatory document Description AGLS subject
1/4/2020 Reissued regulatory guides:

Reissued information sheets:

New information sheet:

Other documents:

 

 New and updated regulatory guidance to reflect:
  • amendments made by the Stronger Regulators Act, which commenced on 18 February 2020, including the extension of the fit and proper person test for credit licensees and the introduction of such a test for AFS licensees,
  • the implementation of a modified AFS licensing regime for foreign financial services providers, which commenced on 1 April 2020 with a two-year transition period (see 20-058MR), and
  • the introduction of general conduct obligation penalties for AFS licensees and credit licensees made by the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019.
 Financial services

Credit
31/3/2020 INFO 243 Licensing requirements for providers of funeral expenses facilities (new) Guidance on AFS licensing requirements applying from 1 April 2020: see 20-076MR Financial services
31/3/2020 ASIC Corporations (Trading Suspensions Relief) Instrument 2020/289

ASIC Corporations (Amendment) Instrument 2020/290

 Temporary relief to facilitate 'low doc' capital raisings during COVID-19: see 20-075MR Fundraising

COVID-19
30-31/3/2020 RG 16 External administrators - Reporting and lodging (reissued)

RG 34 Auditor’s obligations: Reporting to ASIC (reissued)

RG 78 Breach reporting by AFS licensees (reissued)

RG 109 Assetless Administration Fund: Funding criteria and guidelines (reissued)

INFO 29 External administration, controller appointments and schemes of arrangement - most commonly lodged forms (flowcharts 1, 2, 5, 8 and 9) (reissued)

 Minor technical updates for ASIC Regulatory Portal enhancements which replace existing channels:
  • registered company auditors and AFS licensees will now submit breach reports via the portal, and
  • registered liquidators can now submit a range of regulatory reports and requests through the portal.
 Dealing with ASIC

 

Week beginning 23 March 2020

Date Regulatory document Description AGLS subject
26/3/2020 ASIC Corporations (Amendment) Instrument 2020/242 Amends Instrument 2015/844 Financial markets
24/3/2020 INFO 157 Foreign financial services providers: Practical guidance on transitional arrangements (reissued) Minor amendments to requirements for lodging and certification of documents in support of applications for equivalence relief Financial services

 

Week beginning 16 March 2020

Date Regulatory document Description AGLS subject
20/3/2020 ASIC Corporations (Amendment) Instrument 2020/149 Amends Instrument 2018/209 Financial markets
18/3/2020 ASIC Market Integrity Rules (Futures Markets) Class Waiver Amendment Instrument 2020/229 Extends Class Waiver 2018/313 until 18/3/2022 Financial markets
17/3/2020 RG 251 Derivative transaction reporting (reissued) Guidance updated for minor Brexit-related changes Financial markets

 

Week beginning 9 March 2020

Date Regulatory document Description AGLS subject
10/3/2020 RG 176 Foreign financial services providers (reissued)

REP 656 Response to submissions on CP 301 and CP 315 on foreign financial services providers

INFO 157 Foreign financial services providers: Practical guidance on transitional arrangements (reissued 13/3/2020)

 Updated for the introduction of ASIC’s new regulatory framework for FFSPs: see 20-058MR and Instruments 2020/198, 2020/199 and 2020/200 Financial services
10/3/2020 CP 329 Implementing the Royal Commission recommendations: Advice fee consents and independence disclosure

Attachment 1 to CP 329: Draft instrument (PDF 86)

Attachment 2 to CP 329: Draft instrument (PDF 75)

Attachment 3 to CP 329: Draft instrument (PDF 71)

 See 20-056MR Financial services

Week beginning 2 March 2020

Date Regulatory document Description AGLS subject
4/3/2020 ASIC Market Integrity Rules (Securities Markets) Determination 2020/195

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2020/196

 Maintains ASIC's policy of determining the allocation of Equity Market Products to tiers, commencing 3 April 2020.

Repealed: Determination 2019/1226 (replaced by Determination 2020/195)

 Financial markets
2/3/2020 INFO 242 ASIC’s document production guidelines (new) Overview of ASIC’s new document production guidelines. See 20-051MR and INFO 145 Dealing with ASIC

Week beginning 24 February 2020

Date Regulatory document Description AGLS subject
26/2/2020 ASIC update: September 2019 to February 2020 (PDF 356 KB) ASIC has provided its latest six monthly update on ASIC’s enforcement and regulatory work since September 2019: see 20-034MR Dealing with ASIC
24/2/2020 CP 328 Initial public offers: Relief for voluntary escrow arrangements and pre-prospectus communications Sets out our proposals to grant legislative relief for:
  • voluntary escrow arrangements requested by public companies, professional underwriters and lead managers in connection with an IPO; and
  • companies’ communications to employees and security holders about an IPO before the company lodges a disclosure document: see 20-044MR
 Companies

Fundraising
24/2/2020 ASIC Credit (Amendment) Instrument 2020/148 Amends Class Order [CO 14/41] Extension of transitional credit hardship provisions to extend the relief granted by a further two-year period until 1 March 2022 Credit

Week beginning 17 February 2020

Date Regulatory document Description AGLS subject
20/2/2020 CP 327 Implementing the Royal Commission recommendations: Mortgage brokers and the best interests duty

Attachment to CP 327: Draft regulatory guide (PDF 1.5 MB)

 Sets out ASIC’s proposals for guidance on reforms relating to mortgage brokers, including a best interests duty and the conflict priority rule: see 20-040MR Credit

 

Week beginning 10 February 2020

Date Regulatory document Description AGLS subject
14/2/2020 ASIC-APRA Joint Letter – Law reform: Superannuation regulator roles (PDF 134 KB) ASIC and the Australian Prudential Regulation Authority (APRA) have jointly welcomed proposed legislative reforms that will increase the regulatory role of ASIC in superannuation.
ASIC and APRA have issued a joint letter to superannuation trustees about how regulatory oversight will operate, assuming the reforms become law: see 20-034MR		 Financial services
12/2/2020 REP 655 Review of member communications: Protecting Your Superannuation Package (PYSP) reforms Details our review of trustee communications to superannuation fund members in relation to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP Act). It outlines our expectations about trustees' future communications to members and contributes to ASIC’s ongoing body of work in relation to insurance in superannuation: see 20-030MR Financial services

 

Week beginning 3 February 2020

Date Regulatory document Description AGLS subject
3/2/2020 REP 654 Overview of decisions on relief applications (April 2019 to September 2019) Outlines some of our decisions on relief applications during the period from 1 April 2019 to 30 September 2019 (report period). It summarises examples of situations where we have exercised, or refused to exercise, ASIC's exemption and modification powers from the financial reporting, managed investment, takeovers, fundraising or financial services provisions of the Corporations Act and the National Credit Act.

It also refers to a number of publications issued by ASIC during the report period that may be relevant to prospective applicants for relief, including any relevant legislative instruments, consultation papers, regulatory guides and reports: see 20-018MR		 Dealing with ASIC

 

Week beginning 13 January 2020

Date Regulatory document Description AGLS subject
16/1/2020 CP 326 Chapter 6 relief for share transfers using s444GA of the Corporations Act ASIC is consulting on a proposal to formalise its policy on share transfers made under s444GA. ASIC will seek public input on the proposal until Tuesday 28 February 2020. Takeovers

 

Week beginning 6 January 2020

Date Regulatory document Description AGLS subject
9/1/2020 INFO 229 Limited AFS licensees: Complying with your licensing obligations (reissued) Technical amendments to sections on training, education and ethics; the Financial Advisers Register; and dispute resolution to account for the application of professional standards to financial advisers (relevant providers) who provide personal advice on relevant financial products to retail clients and the introduction of AFCA. Financial services

 

 

Week beginning 1 January 2020

Date Regulatory document Description AGLS subject
17/1/2020 ASIC Credit (Litigation Funding—Exclusion) Instrument 2020/37

ASIC Corporations (Conditional Costs Schemes) Instrument 2020/38

 Provide relief to enable the temporary operation of a litigation funding arrangement, and a proof of debt funding arrangement, without compliance with the requirements of the Corporations Act or National Credit Protection Act until 31 January 2023. Funds management

 

Last updated: 02/11/2023 05:25