Regulatory tracker 2021
Items in this weekly tracker are listed in reverse chronological order.
Week beginning 20 December 2021
| Date | Regulatory document | Description | AGLS subject |
| 24/12/2021 | INFO 86 How do RSE and AFS licensing application processes work together? (reissued) | Technical updates to ensure currency and reflect recent legislative changes relating to superannuation. | Superannuation |
| 23/12/2021 | INFO 268 FAQs: Regulation and registration of relevant providers who provide tax (financial) advice services (new) |
Changed guidance for relevant providers who provide, or intend to provide, tax (financial) advice services under the Better Advice Act from 1 January 2022: see 21-368MR and Financial advisers providing tax advice webpage | Financial services |
| 22/12/2021 | Internal dispute resolution data dictionary, data glossary, and legislative instrument | We intend to publish final versions of the internal dispute resolution (IDR) data dictionary and data glossary in about March 2022.
We have recently completed a pilot of the data dictionary and glossary, both of which tested well. Therefore, it is unlikely that there will be any major changes to these documents compared with the pilot versions that we published in July 2021. Alongside this we will consult on our approach to publishing IDR data. When we publish the final IDR data dictionary and glossary we will make a legislative instrument under s 912A(2A) of the Corporations Act, which will set out the final IDR data reporting requirements and timeframes for reporting. For further information, please consult our previous update: 21-177MR |
Financial services |
| 21/12/2021 | RG 1 AFS Licensing Kit: Part 1 – Applying for and varying an AFS licence (reissued)
RG 2 AFS Licensing Kit: Part 2 – Preparing your AFS licence or variation application (reissued) |
Technical updates to reflect the requirement that entities providing a superannuation trustee service must have an AFS licence. | Superannuation |
| 21/12/2021 | Annual dashboard report 2020-21 (PDF 257 KB)
Summary of 2020-21 levies (PDF 85 KB)
|
Provides regulated entities with a summary of ASIC's actual regulatory costs and levies in 2020–21 under industry funding arrangements. | Dealing with ASIC |
Week beginning 13 December 2021
| Date | Regulatory document | Description | AGLS subject |
| 15/12/2021 | INFO 250 Giving AFS and credit licensees information about their representatives (reissued) | Minor technical amendments to ensure currency. | Financial services |
Week beginning 6 December 2021
| Date | Regulatory document | Description | AGLS subject |
| 9/12/2021 | CP 355 Product intervention orders: Short term credit and continuing credit contracts
Attachment 1 to CP 355: Draft legislative instrument - Short term credit (PDF 250 KB) Attachment 2 to CP 355: Draft legislative instrument - Continuing credit contracts (PDF 257 KB) |
Outlines ASIC's proposed use of its product intervention powers to address significant consumer detriment in the short term credit and continuing credit contracts industries: see 21-341MR | Credit |
| 9/12/2021 | Updated - issue date unchanged
RG 121 Doing financial services business in Australia RG 166 Licensing: Financial requirements RG 175 Licensing: Financial product advisers—Conduct and disclosure RG 244 Giving information, general advice and scaled advice INFO 105 FAQs: Dealing with consumers and credit INFO 218 Disputes about life insurance INFO 243 Licensing requirements for funeral expenses facility providers |
Technical updates to reflect recent legislative changes relating to insurance. | Financial services |
| 8/12/2021 | CP 354 ASIC relief for simple arrangements following a hardship notice: [CO 14/41] | Seeks feedback on whether to extend the written notice exemption under Class Order [CO 14/41] for credit providers and lessors who enter into simple arrangements with consumers in hardship, which is due to expire on 1 March 2022: see 21-339MR | Credit |
| 7/12/2021 | Jobkeeper s323DC Consolidated Report | Consolidated report of all the jobkeeper notices that have been given to the market operators under section 323DB and released to the market: see 21-333MR | Corporate governance |
| 6/12/2021 | REP 716 Cyber resilience of firms in Australia’s financial markets: 2020–21 | Provides an update to Report 651 Cyber resilience of firms in Australia’s financial markets: 2018–19 (REP 651), identifying key trends from self-assessment surveys completed by financial markets firms, and highlighting existing good practices and areas for improvement: see 21-331MR | Financial services |
| 6/12/2021 | CP 353 Proposed amendments to the ASIC Derivative Transaction Rules (Clearing) 2015 | Sets out our proposals to modify the contract types that are subject to the ASIC Derivative Transaction Rules (Clearing) 2015 made under s901A of the Corporations Act. | Financial markets |
| 6/12/2021 | ASIC Market Integrity Rules (Securities Markets) Determination 2021/991
ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2021/992 |
Maintains ASIC's policy of determining the allocation of Equity Market Products to tiers, commencing 12 January 2022.
Repealed: Instrument 2020/772 |
Financial markets |
Week beginning 29 November 2021
| Date | Regulatory document | Description | AGLS subject |
| 3/12/2021 | RG 72 Foreign securities disclosure relief (updated - issue date unchanged)
ASIC Corporations (Amendment) Instrument 2021/895 |
Technical amendment to add Oslo Bors (also known as the Oslo Stock Exchange) as an 'approved foreign market'.
Amended: Instrument 2017/669 |
Financial markets |
| 2/12/2021 | CP 352 Communicating audit findings to directors, audit committees or senior managers | Seeks feedback on our proposal to communicate findings from our reviews of audit files to directors of the entities audited on a routine basis rather than an exception basis: see 21-327MR | Auditors |
| 2/12/2021 | ASIC Corporations (Amendment) Instrument 2021/976 | Implements temporary measures aimed at facilitating financial reporting by unlisted entities whose reporting processes take additional time due to pressures on audit resources and other impacts of COVID-19: see 21-323MR
Amended: |
Companies |
| 1/12/2021 | INFO 267 Tips for giving limited advice (new) | Provides tips to help advice providers comply with their legal obligations – including the best interests duty and related obligations in Division 2 of Part 7.7A of the Corporations Act 2001 (Corporations Act), and the FASEA Financial Planners and Advisers Code of Ethics (Code of Ethics) – when giving limited advice: see 21-325MR | Financial services |
| 30/11/2021 | REP 709 Audit inspection report: 1 July 2020 to 30 June 2021
See also reports on six largest audit firms: REP 710 (BDO firms in Australia) REP 711 (Deloitte Touche Tohmatsu Australia) REP 712 (Ernst & Young Australia) REP 713 (Grant Thornton Australia Limited) REP 714 (KPMG Australia) REP 715 (PricewaterhouseCoopers Australia) |
Sets out findings from ASIC's review of audit files for the period 1 July 2020 to 30 June 2021, considers and suggests approaches to audit firm culture and talent, and outlines ASIC's focus areas for individual audits and our regulatory responses: see 21-321MR | Auditors |
Week beginning 22 November 2021
| Date | Regulatory document | Description | AGLS subject |
| 24/11/2021 | REP 708 ASIC’s expectations for industry in responding to a market outage | Outlines:
See 21-313MR |
Financial markets |
| 22/11/2021 | RG 100 Court enforceable undertakings (reissued: title changed) INFO 151 ASIC’s approach to enforcement (reissued) |
Updated guidance explaining:
|
Dealing with ASIC |
Week beginning 15 November 2021
| Date | Regulatory document | Description | AGLS subject |
| 18/11/2021 | CP 351 Superannuation forecasts: Update to superannuation calculators and estimates relief | Sets out ASIC’s proposals to amend our legislative instruments on superannuation calculators and retirement estimates: see 21-309MR | Superannuation |
| 17/11/2021 | CP 350 Consumer remediation: Further consultation
Attachment to CP 350: Draft regulatory guide (PDF 1.2 MB) REP 707 Response to submissions on CP 335 Consumer remediation: Update to RG 256 |
Draft updated and expanded regulatory guide to consult on the way licensees should conduct remediations to return money owed to consumers: see 21-307MR | Financial services |
| 16/11/2021 | ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2021/0936
ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2021/0938 |
To facilitate 2020-21 financial year industry funding these instruments specify:
|
Dealing with ASIC |
| 15/11/2021 | CP 349 Remaking ASIC class order on PDS requirements where a general insurance quote is given: [CO 11/842] | Sets out ASIC’s proposal to remake our class order on PDS requirements where a quote for a general insurance product is given during a telephone call that is not unsolicited: see 21-301MR | Financial services |
Week beginning 8 November 2021
| Date | Regulatory document | Description | AGLS subject |
| 11/11/2021 | Cost Recovery Implementation Statement: ASIC industry funding model (2020–21) | Provides information on how ASIC will implement the industry funding model and recover:
This version of the CRIS summarises and responds to stakeholder feedback on the version ASIC published for comment in July 2021: see 21-299MR |
Dealing with ASIC |
| 11/11/2021 | REP 706 Response to submissions on CP 319 and [CO 11/272] Securities lending by agents and substantial holding disclosure | Highlights the key issues that arose out of the submissions received on Consultation Paper 319 Securities lending by agents and substantial holding disclosure (CP 319) and details ASIC's responses. It also covers ASIC's targeted consultation on the remake of Class Order [CO 11/272] Substantial holding disclosure: Securities lending and prime broking. | Takeovers |
| 10/11/2021 | PF 209 Australian financial services licence conditions (reissued) | Condition 54 amended to better align its wording with paragraph 7.6.01(1)(na) of the Corporations Regulations and to include an administrative requirement for licensees to maintain a register of their related overseas financial service providers who rely on the exemption under that paragraph. | Financial services |
| 9/11/2021 | ASIC Market Integrity Rules (Securities Markets) Class Waiver (Amendment) Instrument 2021/926 | Extends the term of ASIC Market Integrity Rules (Securities Markets) Class Waiver 2020/870 to 30 November 2023. | Financial markets |
Week beginning 1 November 2021
| Date | Regulatory document | Description | AGLS subject |
| 5/11/2021 | INFO 266 FAQs: Records of Advice (ROAs) (new) | Provides guidance on records of advice (ROAs) and three ROA examples to provide clarity to financial advisers and advice licensees on their obligations when using ROAs to provide personal advice to retail clients: see 21-294MR | Financial services |
| 2/11/2021 | INFO 155 Shorter PDSs -Complying with requirements for superannuation products and simple managed investment schemes (reissued) | Miscellaneous technical amendments to update, re-order and simplify guidance including: removal of introductory Stronger Super content; insertion of a new Table 1 and insertion of a new column in the former Table 1 (now Table 2) outlining the products to which the shorter PDS warnings listed are applicable; and the addition of a new section titled ‘What is a simple managed investment scheme?’ moved from INFO 133.
Withdrawn: INFO 133 Shorter PDS regime - Superannuation managed investment schemes and margin lending (relevant information has been incorporated into INFO 155) |
Financial services |
| 1/11/2021 | INFO 32 Foreign companies (updated)
INFO 79 Your company and the law (updated) INFO 231 Guidance on the duties of directors of mutual companies (updated) INFO 234 |
Technical amendment to reflect the introduction of a new director identification number (director ID) requirement: see news item and Director ID information page | Companies |
Week beginning 25 October 2021
| Date | Regulatory document | Description | AGLS subject |
| 29/10/2021 | INFO 225 Crypto-assets (reissued)
INFO 230 Exchange traded products: Admission guidelines (reissued) REP 705 Response to submissions on CP 343 Crypto-assets as underlying assets for ETPs and other investment products |
Provides good-practice guidance for product issuers and market operators on how they can meet their regulatory obligations in relation to crypto-asset exchange traded products (ETPs) and other investment products: see 21-285MR | Financial services |
| 28/10/2021 | ASIC Corporations (Amendment) Instrument 2021/868 | Amends multiple instruments to update references and correct drafting errors: | Australian companies |
| 27/10/2021 | REP 704 ASIC quarterly update: July to September 2021 | Provides an update on ASIC’s work undertaken between 1 July and 30 September 2021 to provide industry with regulatory guidance, maintain market integrity and deter misconduct during difficult circumstances caused by the Delta variant of COVID-19: see 21-283MR | Dealing with ASIC |
| 26/10/2021 | INFO 265 Reports of suspicious activity in FICC markets (new) | Gives guidance to market intermediaries about reporting suspicious activity in fixed income, currencies and commodities (FICC) markets (FICC SARs) and how these reports can be lodged with ASIC. | Financial markets |
Week beginning 18 October 2021
| Date | Regulatory document | Description | AGLS subject |
| 19/10/2021 | INFO 196 Audit quality – The role of directors and audit committees (reissued) | Updated for changes made in developing the equivalent IOSCO guide, including a new section titled ‘What features of audit committees support audit quality?’ | Companies |
| 18/10/2021 | CP 348 Extension of the CFD Product Intervention Order | Seeks feedback on a proposal to extend ASIC's product intervention order imposing conditions on the issue and distribution of contracts for difference (CFDs): see 21-274MR | Financial services |
Week beginning 11 October 2021
| Date | Regulatory document | Description | AGLS subject |
| 15/10/2021 | ASIC Annual Report 2020–21 | Outlines the key measures ASIC took to achieve its goals in the 2020–21 financial year: see 21-273MR | Dealing with ASIC |
| 15/10/2021 | INFO 263 FAQs: Disclosure by listed entities about Jobkeeper payments (new) | Notice and guidance to help listed entities comply with their new obligation to disclose information about Jobkeeper payments to the relevant market operator: see 21-271MR | Corporate governance |
| 15/10/2021 | INFO 89 Communicating with employees about superannuation fund choice: what you can and cannot do (reissued)
INFO 241 Prohibition on influencing employer’s superannuation fund choice (reissued) |
Updated information for employers and trustees about changes affecting the distribution of superannuation products as a result of recent law reforms: see 21-272MR | Superannuation |
| 13/10/2021 | ASIC Corporations (Amendment) Instrument 2021/848
INFO 262 FAQs: COVID-19 information for advice licensees and financial advisers (new) |
Extends two temporary relief measures that facilitate access to timely and affordable personal advice for existing clients of providing entities that is in connection with the adverse economic effects of COVID-19: see 21-269MR
Amended: Instrument 2021/268 |
Financial services |
| 11/10/2021 | INFO 152 Public comment on ASIC's regulatory activities (reissued) | Miscellaneous updates to incorporate further guidance on ASIC’s approach to public comment including details about its communication activities and when ASIC may name entities in public reports. | Dealing with ASIC |
| 11/10/2021 | INFO 261 ASIC orders about creditor-defeating dispositions (new) | Sets out how liquidators can ask ASIC to make a new type of order under the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 to undo a disposition of company property that prevents that property becoming available for the benefit of creditors in the winding up of a company. | Liquidators |
Week beginning 4 October 2021
| Date | Regulatory document | Description | AGLS subject |
| 8/10/2021 | Updated - issue date unchanged
RG 21 How ASIC charges fees for relief applications RG 51 Applications for relief RG 234 Advertising financial products and services (including credit): Good practice guidance RG 275 The deferred sales model for add-on insurance INFO 82 Apply for relief INFO 198 Extended warranties |
Technical updates to reflect recent legislative changes relating to insurance. | Financial services |
| 6/10/2021 | ASIC Corporations (Amendment) Instrument 2021/506
RG 174 Relief for externally administered companies and registered schemes being wound up (reissued) REP 703 Response to submissions on CP 337 Externally administered companies: Extending financial reporting and AGM relief |
Provides conditional relief to companies in external administration by:
See 21-263MR Amended: Instrument 2015/251 |
Companies |
Week beginning 27 September 2021
| Date | Regulatory document | Description | AGLS subject |
| 1/10/2021 | ASIC Corporations (Design and Distribution Obligations Interim Measures) Instrument 2021/784
ASIC Corporations (Amendment) Instrument 2021/785 INFO 264 FAQs: Design and distribution obligations for advice licensees and financial advisers (reissued 6/10/2021) |
Provides interim relief so that advice licensees and financial advisers are no longer required to report to issuers if they have received nil complaints during the reporting period (ahead of the Australian Government’s stated policy intent to make this change in the legislation) Amended:
|
Financial services |
| 1/10/2021 | ASIC Credit (Mandatory Credit Reporting—Auditor Appointment) Instrument 2021/829 (notifiable instrument) | Appoints persons as auditors for the purposes of Division 4 of Part 3-2CA of the National Consumer Credit Protection Act 2009. | Credit |
| 1/10/2021 | INFO 80 How to interpret ASIC insolvency statistics (reissued) | Updated to reflect the introduction of weekly statistics in response to the COVID-19 pandemic. | Companies |
| 30/9/2021 | ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801 | Provides temporary relief to limit the application of the breach reporting obligation in the National Consumer Credit Protection Act 2009 to other Commonwealth legislation listed in the instrument. | Credit |
| 30/9/2021 | INFO 213 Marketplace lending (peer-to-peer lending) products (reissued)
INFO 229 Limited AFS licensees: Complying with your licensing obligations (reissued) INFO 250 Giving AFS and credit licensees information about their representatives (reissued) |
Updated to reflect the new requirement for AFS and credit licensee to submit reportable situations (previously 'breach reports') to ASIC via the ASIC Regulatory Portal commencing 1 October 2021: see Reportable situations for AFS and credit licensees | Financial services |
| 27/9/2021 | ASIC Corporations (Securities Lending Arrangements) Instrument 2021/821
See also: ASIC Corporations (Repeal) Instrument 2021/820 ASIC Corporations (Amendment) Instrument 2021/754 |
Modifies sections 608, 609 and 671B of the Corporations Act granting relief in relation to reporting substantial holdings, for certain entities involved in securities lending as part of their financial services business.
Amended: Instrument 2018/745 Repealed: Class Order [CO 11/272] |
Takeovers |
Week beginning 20 September 2021
| Date | Regulatory document | Description | AGLS subject |
| 24/9/2021 | REP 702 Competition in funds management | Independent report prepared by Deloitte Access Economics, engaged by ASIC to examine competition between fund managers with a focus on outcomes delivered to investors in retail managed investment products: see 21-258MR and Terms of Reference (PDF 157 KB) | Funds management |
| 23/9/2021 | RG 38 The hawking prohibition (reissued)
REP 701 Response to submissions on CP 346 The hawking prohibition: Update to RG 38 ASIC Corporations (Amendment and Repeal) Instrument 2021/799 |
Updated to reflect reforms to the anti-hawking regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, commencing 5 October 2021: see 21-257MR and 21-213MR
Amended:
Repealed: |
Financial services |
| 22/9/2021 | INFO 260 FAQs: Timeframe for passing the financial adviser exam (new) | Answers some frequently asked questions (FAQs) to help financial advisers who are existing providers understand their obligation to pass the financial adviser exam and the possible outcomes if they do not pass the exam within the required timeframe: see news item and Professional standards for financial advisers webpage | Financial services |
Week beginning 13 September 2021
| Date | Regulatory document | Description | AGLS subject |
| 16/9/2021 | INFO 264 FAQs: Design and distribution obligations for advice licensees and financial advisers (new) | Explains how the design and distribution obligations for issuers and distributors of financial products in Part 7.8A of the Corporations Act apply to advice licensees and financial advisers when providing personal advice: see news item | Financial services |
| 16/9/2021 | INFO 259 Complying with the notify, investigate and remediate obligations (reissued) | Technical amendments to provide clarity. | Financial services |
| 15/9/2021 | REP 700 Licensing and professional registration activities: 2021 update | This report is for AFS licensees, Australian credit licensees, lawyers, application service providers and professionals working in financial services that are interested in the licensing and professional registration functions of ASIC: see 21-248MR | Financial services |
| 15/9/2021 | INFO 45 Liquidation: A guide for creditors (reissued) | Information about the simplified liquidation process added with minor technical updates. | Companies |
Week beginning 6 September 2021
| Date | Regulatory document | Description | AGLS subject |
| 9/9/2021 | REP 699 ASIC enforcement update January to June 2021 | Provides an update on ASIC's enforcement actions between 1 January and 30 June 2021: see 21-239MR | Dealing with ASIC |
| 9/9/2021 | ASIC Market Integrity Rules (Securities Markets) Determination 2021/772
ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2021/773 |
Maintains ASIC's policy of determining allocation of Tier 1 and Tier 2 Equity Market Products, commencing 11 October 2021. Repealed: Determination 2021/509 (replaced by Determination 2021/772) |
Financial markets |
| 8/9/2021 | ASIC Corporations (Extension of Time to Hold AGM) Instrument 2021/770 | Formally extends the time public companies have to hold their annual general meetings to allow flexibility during the COVID-19 pandemic: see 21-082MR and 21-236MR | Companies |
| 8/9/2021 | ASIC Corporations (Amendment) Instrument 2021/767 | Extends the relief provided to employee redundancy funds under the ASIC Corporations (Employee Redundancy Funds Relief) Instrument 2015/1150 until 1 October 2024: see 21-241MR | Funds management |
| 7/9/2021 | RG 78 Breach reporting by AFS licensees and credit licensees (reissued)
INFO 259 Complying with the notify, investigate and remediate obligations (new) REP 698 Response to submissions on CP 340 Breach reporting and related obligations |
New regulatory guidance to help credit and Australian financial services (AFS) licensees meet new breach reporting obligations commencing 1 October 2021: see 21-235MR | Financial services |
Week beginning 30 August 2021
| Date | Regulatory document | Description | AGLS subject |
| 2/9/2021 |
RG 271 Internal dispute resolution (reissued) RG 267 Oversight of the Australian Financial Complaints Authority (reissued) ASIC Corporations, Credit and Superannuation (Amendment) Instrument 2021/753 |
Technical and clarifying amendments made to ASIC’s IDR standards and requirements in RG 271 arising from stakeholder feedback: see REP 665 and summary of changes to RG 271.
ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98 has been amended to incorporate the update of RG 271 and remove enforceability from four paragraphs that overlap with existing legislative requirements. Minor amendments also made to RG 267 to incorporate the update of RG 271, which comes into force on 5 October 2021. See also 21-230MR and Summary of survey findings (infographic - PDF 661 KB) |
Financial services Credit
|
| 2/9/2021 | INFO 258 Continuing professional education requirements for registered liquidators (new) | Explains the statutory obligation for a registered liquidator to undertake continuing professional education under Section 20-5 of the Insolvency Practice Rules (Corporations) 2016 | |
| 1/9/2021 | RG 274 Product design and distribution obligations
(minor update - issue date unchanged) |
Note added at RG 274.157 explaining how issuers can notify ASIC of a significant dealing. | Financial services |
Week beginning 23 August 2021
| Date | Regulatory document | Description | AGLS subject |
| 26/8/2021 | ASIC Corporate Plan 2021–25 - Focus 2021–22 | Outlines ASIC's priorities over the next four years to achieve a fair, strong and efficient financial system for all Australians: see 21-225MR, ASIC's new Statement of Intent and the Australian Government's Statement of Expectations | Dealing with ASIC |
| 25/8/2021 | INFO 241 Prohibition on influencing employers’ superannuation fund choice: section 68A of the SIS Act (reissued) | Minor technical updates to remove out-dated references given amendments made by Superannuation Industry (Supervision) Amendment (Your Future, Your Super—Improving Accountability and Member Outcomes) Regulations 2021. | Financial services |
| 25/8/2021 | CP 347 Proposed amendments to the prohibition on order incentives in the ASIC market integrity rules | Sets out ASIC's proposal to amend the prohibition on order incentives in Part 5.4B of the ASIC Market Integrity Rules (Securities Markets) 2017 which would close a regulatory gap in the current rules to circumvent the emergence of payment for order flow arrangements in Australia: see 21-224MR | Financial markets |
Week beginning 16 August 2021
| Date | Regulatory document | Description | AGLS subject |
| 17/8/2021 | INFO 212 Concerns about illegal phoenix activity (reissued) | Definition of 'illegal phoenix activity' amended and minor updates to links and wording to ensure clear and concise information: see Illegal phoenix activity webpage | Companies |
| 16/8/2021 | INFO 50 Notifying a market operator about directors’ interests in company securities (reissued - new title) | Subject broadened from 'ASX' to 'market operators' and penalty information updated to reflect current penalties and ASIC style. | Companies |
Week beginning 9 August 2021
| Date | Regulatory document | Description | AGLS subject |
| 13/8/2021 | ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716
Explanatory Statement to ASIC Instrument 2021/716 |
Amends licensees’ breach reporting obligation contained in s 912DAA of the Corporations Act and 50B of the National Consumer Credit Protection Act so that individual breaches of our enforceable IDR standards contained in Regulatory Guide 271 Internal Dispute Resolution (RG 271) are not deemed to be 'significant' and so not automatically reportable. This amendment has been made so that licensees are not obliged to report minor and technical breaches of the IDR standards to us that are unlikely to cause consumer detriment, alleviating unnecessary reporting. Licensees will still have to consider the general 'significance' test as well as the other deeming provisions (such as where the breach results in material loss to consumers) where they breach the IDR standards. | Financial services |
| 10/8/2021 | INFO 226 Complying with the ASIC Client Money Reporting Rules 2017 (reissued) | Updated guidance for AFS licensees that hold reportable client money to clarify:
|
Financial markets |
Week beginning 2 August 2021
| Date | Regulatory document | Description | AGLS subject |
| 4/8/2021 | REP 697 ASIC quarterly update: April to June 2021 | Summarises the steps ASIC took between April and June 2021 to identify harms, address misconduct, and protect consumers and investors—maintaining our focus on supporting Australia’s economic recovery from the COVID-19 pandemic: see 21-201MR | Dealing with ASIC |
| 3/8/2021 | INFO 224 ASIC audit inspections (updated: issue date unchanged) | Minor technical amendment. | Auditors |
| 2/8/2021 | REP 696 TPD insurance: Progress made but gaps remain | Provides an update on ASIC’s work on total and permanent disability (TPD) insurance focusing on how insurers are addressing the issues identified in ASIC’s Report 633 Holes in the safety net: A review of TPD insurance claims (REP 633): see 21-195MR | Financial services |
Week beginning 26 July 2021
| Date | Regulatory document | Description | AGLS subject |
| 29/7/2021 | INFO 90 Notifying members about superannuation transfers without consent (updated: issue date unchanged) | Minor technical updates to account for the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 by removing out-dated references and updating content for existing requirements. | Financial services |
| 28/7/2021 | RG 275 The deferred sales model for add-on insurance (new)
Attachment 1 to RG 275 - Compliant form for hard copy provision of Customer Information (PDF 138 KB) Attachment 2 to RG 275 - Data template for applications for exemption from the deferred sales model for add-on insurance (Excel 92 KB) ASIC (Information under the Deferred Sales Model for Add-On Insurance) Instrument 2021/632 REP 695 Response to submissions on CP 339 on the deferred sales model for add-on insurance |
New regulatory guide and final customer information requirements implementing the new deferred sales model for add-on insurance products commencing on 5 October 2021: see 21-189MR | Financial services |
| 28/7/2021 | RG 221 Facilitating digital financial services disclosures (updated: issue date unchanged) | Minor updates at RG 221.12 and Table 3 to include written consent to fees under fee arrangements. | Financial services |
Week beginning 19 July 2021
| Date | Regulatory document | Description | AGLS subject |
| 23/7/2021 | Cost Recovery Implementation Statement 2020-21 (for feedback) | Provides information on how ASIC will implement the industry funding model and recover:
Submissions close 13 August 2021: see 21-185MR and ASIC industry funding webpage |
Dealing with ASIC |
| 22/7/2021 | RG 94 Unit pricing: Guide to good practice (updated: issue date unchanged)
INFO 216 AFS licensing requirements for accountants who provide SMSF services (updated: issue date unchanged) |
New cover page (RG 94) making minor technical updates to account for amendment of the Superannuation Industry (Supervision) Act 1993 and removal of an out-dated cross reference (INFO 216). | Financial services |
| 21/7/2021 | CP 346 Updates to Revised RG 38 | Seeks feedback on ASIC's proposals for updating Regulatory Guide 38 The hawking prohibitions (RG 38) to reflect reforms to the anti-hawking regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, due to commence on 5 October 2021: see 21-181MR | Financial services Fundraising |
| 20/7/2021 | INFO 257 ASIC reference checking and information sharing protocol (new) ASIC Corporations and Credit (Reference Checking and Information Sharing Protocol) Instrument 2021/429 REP 694 Response to submissions on CP 333 Implementing the Royal Commission recommendations: Reference checking and information sharing |
Introduces new reference checking requirements for AFS licensees and credit licensees under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, due to commence on 1 October 2021: see 21-180MR and example references for a financial adviser and mortgage broker.
See also: |
Financial services |
| 19/7/2021 | IDR Data Dictionary (Pilot version)
IDR Data Glossary (Pilot version) REP 693 Response to submissions on ASIC’s internal dispute resolution data consultations |
Internal dispute resolution (IDR) reporting documents, which will be tested in a pilot involving financial firms from across relevant industry subsectors in late 2021. This release represents the next step in preparedness for ASIC's implementation of the Australian Government's mandatory IDR data reporting framework: see 21-177MR | Financial services |
| 19/7/2021 | INFO 29 External administration – controller appointments and schemes of arrangements - most commonly lodged form (reissued) | Reissued to include new flowcharts that will assist external administrators, controllers, and scheme administrators comply with lodgement and publication requirements following the introduction of three new types of external administration to assist small business with the impact of COVID-19 on these entities: see 21-176MR | Liquidators |
| 19/7/2021 | INFO 153 How ASIC deals with reports of misconduct (reissued) | Minor updates to accurately reflect changes to the assessment process for a subset of reports of misconduct from a transactional to an intelligence approach: see Report misconduct to ASIC | Dealing with ASIC |
Week beginning 12 July 2021
| Date | Regulatory document | Description | AGLS subject |
| 14/7/2021 | Example Record of Advice (ROA): COVID-19 relief measure
(New - PDF 660 KB) |
This annotated example ROA was prepared in consultation with the Financial Adviser Standards and Ethics Authority (FASEA) to help advisers understand the relevant requirements when providing advice under ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268: see 21-072MR (Editor's note). | Financial services |
Week beginning 5 July 2021
| Date | Regulatory document | Description | AGLS subject |
| 9/7/2021 | CP 345 Litigation funding schemes: Guidance and relief | Seeks feedback on proposed guidance and relief for litigation funding schemes: see 21-168MR | Financial services |
Week beginning 28 June 2021
| Date | Regulatory document | Description | AGLS subject |
| 1/7/2021 | CP 344 Remaking ASIC class order on when debentures can be called secured notes: [CO 12/1482]
Attachment to CP 344: Draft legislative instrument (PDF 88 KB) |
Sets out ASIC’s proposals to remake Class Order [CO 12/1482] When debentures can be called secured notes, which is due to expire ('sunset') on 1 April 2022: see 21-156MR | Financial services |
| 1/7/2021 | Response to ASIC Consultation Paper 332 Promoting access to affordable advice for consumers (Infographic: PDF 88 KB) | Sets out the key issues raised by respondents in their submissions to CP 332: see news article | Financial services |
| 30/6/2021 | CP 343 Crypto-assets as underlying assets for ETPs and other investment products | Seeks feedback on proposals about exchange-traded products (ETPs) and other investment products that provide retail investors with exposure to crypto-assets: see 21-153MR and podcast | Financial services |
| 30/6/2021 | CP 342 Proposed amendments to the ASIC market integrity rules and other ASIC-made rules
Attachment 1 to CP 342: Draft rules (PDF 196 KB) Attachment 2 to CP 342: Draft rules (PDF 150 KB) Attachment 3 to CP 342: Draft rules (PDF 84 KB) |
Sets out ASIC's proposals to amend the ASIC Market Integrity Rules (Securities Markets) 2017 and the ASIC Market Integrity Rules (Futures Markets) 2017, and make other machinery amendments to market integrity rules made under s798G of the Corporations Act 2001 to reduce the regulatory burden on participants, streamline rules across rule books and remove ambiguity in existing drafting: see 21-155MR | Financial markets |
| 29/6/2021 | INFO 256 FAQs: Ongoing fee arrangements (reissued) | Updated to reflect Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2021 which commence 1 July 2021: see 21-134MR (Editor's note).
See also consequential amendments: |
Financial services |
| 28/6/2021 | ASIC Corporations (Amendment) Instrument 2021/500 | Amends Class Order [CO 14/1262] Relief for 31 day notice term deposits to extend relief for an additional three years to 30 June 2024. | Financial services |
Week beginning 14 June 2021
| Date | Regulatory document | Description | AGLS subject |
| 18/6/2021 | ASIC Corporations (Amendment) Instrument 2021/299 | Amends Class Order [CO 13/721] Relief to facilitate quotation of exchange traded funds on the AQUA Market to allow ETF issuers to use overseas market makers: see 21-142MR | Financial markets |
| 16/6/2021 | ASIC Corporations (Amendment) Instrument 2021/550 | Extends existing licensing relief for public offer trustees to include all registrable superannuation entities to ensure that non-public offer trustees are regulated consistently with public offer trustees under the Corporations Act 2001: see 21-141MR
Amended: Instrument 2016/378 |
Financial services |
| 16/6/2021 | ASIC Market Integrity Rules (Capital) 2021 (new) | Simplifies the capital framework for market participants by replacing separate rule books for securities market and futures market participants with a common set of rules for capital: see 21-137MR, REP 692 and market integrity rules web page | Financial markets |
| 15/6/2021 | INFO 256 FAQs: Ongoing fee arrangements (new) | Answers frequently asked questions about the obligations that apply to fee recipients in relation to ongoing fee arrangements, fee disclosure statements (FDSs), and ongoing fee consents: see 21-134MR
See also RG 175 (reissued), ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125 (issued 23 March 2021) and RG 245 (withdrawn). |
Financial services |
Week beginning 7 June 2021
| Date | Regulatory document | Description | AGLS subject |
| 11/6/2021 | ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541 | Determines certain kinds of accounts as not being eligible credit accounts for the purposes of section 133CO of the National Consumer Credit Protection Act 2009. | Credit |
| 9/6/2021 | ASIC Corporations (Amendment) Instrument 2021/510 | Amends:
to extend for 12 months - to 31 March 2023 - ASIC's transitional relief for foreign financial service providers (FFSPs) from the requirement to hold an AFS licence, pending the outcome of the Australian Government’s consultation about the regulation of FFSPs. It also delays the commencement of licensing relief for some providers of funds management financial services to certain categories of Australian professional investors in ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199 until 1 April 2023. See 21-131MR |
Financial services |
| 8/6/2021 | ASIC Market Integrity Rules (Securities Markets) Determination 2021/509
ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2021/517 |
Maintains ASIC's policy of determining allocation of Tier 1 and Tier 2 Equity Market Products, commencing 12 July 2021.
Repealed: Determination 2021/135 (replaced by Determination 2021/509) |
Financial markets |
Week beginning 31 May 2021
| Date | Regulatory document | Description | AGLS subject |
| 3/6/2021 | RG 110 Share buy-backs (minor update - issue date unchanged) |
Minor technical updates: Information at RG 110.5 on how to lodge documents with ASIC corrected and Rows D and E of Table 1 updated. | Fundraising |
| 1/6/2021 | INFO 255 Activist short selling campaigns in Australia (new) | Outlines the practice of activist short selling campaigns in Australia and ASIC's expectations to promote market integrity during these campaigns: see 21-118MR | Financial markets |
Week beginning 24 May 2021
| Date | Regulatory document | Description | AGLS subject |
| 26/5/2021 | REP 691 Regulator Performance Framework: ASIC self-assessment 2019–20 | The Regulator Performance Framework provides a set of six common key performance indicators (KPIs) for Australian Government regulators. This report sets out ASIC’s self-assessment of its performance against the KPIs in 2019–20. | Dealing with ASIC |
| 25/5/2021 | INFO 1 Administrative hearings (reissued) | Updated to correct guidance that is out of date. | Dealing with ASIC |
Week beginning 17 May 2021
| Date | Regulatory document | Description | AGLS subject |
| 21/5/2021 | CP 341 Review of the ePayments Code: Further consultation | Seeks feedback on proposed updates to the ePayments Code that are designed to modernise the Code and ensure it continues to be effective and relevant to consumers and subscribers: see 21-108MR | Financial services |
Week beginning 3 May 2021
| Date | Regulatory document | Description | AGLS subject |
| 7/5/2021 | ASIC Corporations (Amendment) Instrument 2021/381 | Amends the ASIC Corporations (Auditor Independence) Instrument 2021/75 and ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 to change the repeal dates from April 2026 to April 2024. | |
| 7/5/2021 | ASIC (Amendment) Instrument 2021/344 | Amends the ASIC (Senior Staff Members—Determination) Instrument 2019/117 to facilitate the delegation of employment powers to certain staff within ASIC. | N/A |
| 6/5/2021 | REP 690 ASIC quarterly update: January to March 2021 | Provides an update on ASIC's work in the first quarter of 2021 including:
See 21-095MR. |
Financial services |
| 6/5/2021 | INFO 253 Claims handling and settling: How to comply with your AFS licence obligations (reissued - PDF 386 KB) | Updated to reflect the Financial Sector Reform (Hayne Royal Commission Response) (Claimant Intermediaries) Regulations 2021 (made on 15 April 2021) which exclude certain people from being ‘claimant intermediaries’. | Financial services |
| 5/5/2021 | INFO 254 Debt management services: Applying for a credit licence or variation (new - PDF 363 KB) | Explains new regulatory obligations under the National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021 (made on 29 April 2021) for providers of debt management services including the requirement to be licensed from 1 July 2021: see 21-094MR | Credit |
Week beginning 26 April 2021
| Date | Regulatory document | Description | AGLS subject |
| 29/4/2021 | ASIC Corporations (Amendment) Instrument 2021/230
ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229 RG 166 Licensing: Financial requirements (reissued) PF 209 Australian financial services licence conditions (reissued) REP 689 Response to submissions on CP 336 Financial requirements: Treatment of lease assets |
ASIC has made changes to the financial requirements for some types of AFS licensees in relation to the treatment of leased assets. These changes will allow certain AFS licensees to include, where the licensee is a lessee, a right-of-use asset in the calculation of their net tangible assets and, where the right-of-use asset is a current asset, adjusted surplus liquid funds and surplus liquid funds. To implement the changes, ASIC has amended Class Orders:
See 21-088MR. |
Financial services |
| 26/4/2021 | ASIC Corporations (Auditor Independence) Instrument 2021/75 | Provides relief to the lead auditor from reporting in the auditor's independence declaration, minor financial interests in an entity audited by an audit firm where the interest is held by any other partner of the firm or their close family members. | Auditors |
| 26/4/2021 | ASIC Corporations (Amendment) Instrument 2021/315 | Extends temporary measures aimed at facilitating financial reporting by unlisted and listed entities whose reporting processes take additional time due to current remote work arrangements, travel restrictions and other impacts of COVID-19. The temporary measures are intended to allow listed and unlisted entities up to one additional month to complete financial reports and have those reports audited in compliance with the financial reporting and audit requirements of the Corporations Act 2001: see 21-082MR
Amended: |
Companies |
Week beginning 19 April 2021
| Date | Regulatory document | Description | AGLS subject |
| 23/4/2021 | ASIC Corporations (Amendment) Instrument 2021/292 | Amends the ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 to provide conditional relief from dollar disclosure requirements that apply in relation to the PDSs of registered litigation funding schemes, and amends the ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787 to add a note. | Financial services |
| 22/4/2021 | CP 340 Breach reporting and related obligations | Seeks stakeholder feedback on proposed updates to its draft guidance on upcoming breach reporting reforms: Draft regulatory guide (PDF 613 KB), Draft information sheet (PDF 217 KB) and 21-080MR. | Financial services |
Week beginning 12 April 2021
| Date | Regulatory document | Description | AGLS subject |
| 16/4/2021 | REP 688 ASIC enforcement update July to December 2020 |
Provides an update on ASIC’s enforcement work undertaken between 1 July and 31 December 2020, a period in which ASIC continued to take action to support its enforcement priorities and pursue a fair, strong and efficient financial system for all Australians: see 21-074MR and podcast | Financial services |
| 13/4/2020 | ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268 | Extends until 15 October 2021 the relief measure that allows financial advisers to provide a record of advice rather than a statement of advice to existing clients requiring financial advice due to the impact of the COVID-19 pandemic: see 21-072MR and FAQs | Financial services |
| 13/4/2021 | RG 96 Debt collection guideline: For collectors and creditors (reissued) | Legislation references specific to field agents in Queensland updated. | Credit |
Week beginning 5 April 2021
| Date | Regulatory document | Description | AGLS subject |
| 8/4/2021 | INFO 253 Claims handling and settling: How to comply with your AFS licence obligations (new) |
Assists firms who provide insurance claims handling and settling services to prepare and submit their AFS licence applications as soon as possible after 1 January 2021, and by no later than 7 May 2021: see 21-067MR | Financial services |
Week beginning 29 March 2021
| Date | Regulatory document | Description | AGLS subject |
| 1/4/2021 | ASIC Corporations (Product Intervention Order—Binary Options) Instrument 2021/240 | Product intervention order banning the sale of binary options to retail clients: see 21-064MR and public intervention order notice (PDF 673 KB) | Financial services |
Week beginning 22 March 2021
| Date | Regulatory document | Description | AGLS subject |
| 24/3/2021 | ASIC Corporations (Margin Lending Relief for Exchange-Traded Instalment Warrants) Instrument 2021/194 | Declares that certain types of instalment warrants admitted to quotation on a licensed market operated by an Australian domestic market licensee, are not margin lending facilities. | Credit |
| 24/3/2021 |
ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195
ASIC Corporations (Amendment and Repeal) Instrument 2021/196
|
Allows a parent entity which is required to include consolidated financial statements in its financial report to also include its single entity financial statements in that report.
Amended:
Repealed: |
Companies |
| 24/3/2021 | ASIC Corporations (Short Term Trading Market) Instrument 2021/218 | Provides relief from the requirement to hold an AFS licence for AEMO and participants of AEMO in relation to ex ante rights on AEMO's short term trading market. | Financial markets |
| 23/3/2021 | ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124
ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125 ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126 REP 687 |
Sets out the requirements for:
following Royal Assent of the Financial Sector Reform (Hayne Royal Commission Response No.2) Act 2021 earlier in March 2021. See 21-058MR, sample form (ongoing fees - PDF updated June 2023), sample form (non-ongoing fees - PDF) and FAQs |
Financial services |
| 23/3/2021 | INFO 250 Giving AFS and credit licensees information about their representatives (new) |
Outlines ASIC's approach to giving AFS and credit licensees information about their representatives including: ASIC's powers and when ASIC may exercise them; the kind of information ASIC may give licensees; and ASIC’s procedural fairness obligations and processes: see news item | Financial services |
Week beginning 15 March 2021
| Date | Regulatory document | Description | AGLS subject |
| 15/3/2021 | INFO 245 Board oversight of executive variable pay decisions (updated - new title) | Content and title updated to reflect a broader context beyond that of the COVID-19 pandemic. | Companies |
Week beginning 8 March 2021
| Date | Regulatory document | Description | AGLS subject |
| 11/3/2021 | CP 339 Implementing the Royal Commission recommendations: The deferred sales model for add-on insurance Draft Regulatory Guide Deferred sales model for add-on insurance (PDF 770 KB) Data template for applications for exemption from the deferred sales model for add-on insurance (Excel 89 KB) |
Seeks feedback on ASIC’s proposed approach to implementation of the deferred sales model for add-on insurance: see 21-043MR | Financial services |
| 11/3/2021 | ASIC (Amendment) Instrument 2021/0139 | Amends the ASIC (Senior Staff Members—Determination) Instrument 2019/117 to facilitate the delegation of various powers to the Chief Operating Officer, a newly created senior position within ASIC’s management structure. | Dealing with ASIC |
Week beginning 1 March 2021
| Date | Regulatory document | Description | AGLS subject |
| 4/3/2021 | 2019–20 Cost Recovery Implementation Statement (for feedback)
Annual dashboard report: 2019–20 (PDF 158 KB) Summary of 2019–20 actual levies (PDF 30 KB) |
Provides regulated entities with details of ASIC’s forecast regulatory costs and activities by industry and subsector in 2019–20, a summary of ASIC's actual regulatory costs and a summary of actual levies in 2019–20: see 21-036MR | Dealing with ASIC |
| 2/3/2021 | ASIC Market Integrity Rules (Securities Markets) Determination 2021/135
ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2021/136 |
Maintains ASIC's policy of determining allocation of Tier 1 and Tier 2 Equity Market Products, commencing 6 April 2021
Repealed: Determination 2020/1102 (replaced by Determination 2021/135) |
Financial markets |
| 1/3/2021 | REP 686 Review of competition in the Australian funds management industry | Interim report prepared by Deloitte Access Economics, engaged by ASIC to review where competition in the Australian funds management industry is effective, where it is not, and the reasons for this. | Funds management |
Week beginning 22 February 2021
| Date | Regulatory document | Description | AGLS subject |
| 24/2/2021 | ASIC Immunity Policy
INFO 172 Cooperating with ASIC (updated) |
ASIC’s new policy for individuals seeking immunity from civil and criminal proceedings for a contravention of a provision in Pt 7.10 of the Corporations Act: see 21-030MR, FAQs and request for marker form | Dealing with ASIC |
Week beginning 15 February 2021
| Date | Regulatory document | Description | AGLS subject |
| 19/2/2021 | ASIC Corporations (Amendment) Instrument 2021/116 | Amends the ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787 to provide for a sunset date of 22 August 2025: see 21-028MR | Financial services |
Week beginning 8 February 2021
| Date | Regulatory document | Description | AGLS subject |
| 11/2/2021 | ASIC Derivative Transaction Rules (ADI Foreign Subsidiaries) Class Exemption 2021/51 | Exemptive relief under the ASIC Derivative Transaction Rules (Reporting) 2013 allowing ADI foreign subsidiaries to apply an alternative test for reportable transactions and reportable positions 'entered into by the reporting entity in this jurisdiction'. | Financial markets |
| 9/2/2021 | CP 338 Remaking ASIC class order on parent entity financial statements
Attachment to CP 338: Draft instrument (PDF 117 KB) |
Sets out ASIC's proposals to remake Class Order [CO 10/654] Inclusion of parent entity financial statements in financial reports, due to sunset on 1 April 2021. | Companies |
Week beginning 25 January 2021
| Date | Regulatory document | Description | AGLS subject |
| 28/1/2021 | CP 337 Externally administered companies: Extending financial reporting and AGM relief | Outlines ASIC's proposal to expand the relief in ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 to companies where a voluntary administrator, controller or provisional liquidator (relevant external administrator) is first appointed, reducing the time and cost incurred by companies in obtaining individual relief: see 21-009MR | Australian companies |
Week beginning 18 January 2021
| Date | Regulatory document | Description | AGLS subject |
| 21/1/2021 | INFO 240 AFS licence applications: Providing information for fit and proper people and certain authorisations (reissued)
INFO 244 Credit licence applications: Providing information for fit and proper people (reissued) |
Updated to include a new section on when ASIC may accept alternative evidence that a fit and proper person is subject to another fit and proper requirement for some controllers and officers of controllers in lieu of criminal history checks, bankruptcy checks and statements of personal information. | Financial services |
| 21/1/2021 | RG 216 Markets Disciplinary Panel (reissued) | Updated to clarify that the MDP has an obligation to offer the market participant an in-person hearing. However, the market participant is not obliged to take up the opportunity to have an in-person hearing and, if they do not wish to take up the opportunity, it is open to the MDP to offer a conference instead (e.g. a video conference). | Financial markets |
| 20/1/2021 | REP 685 ASIC’s regtech initiatives 2019–20 | This report is for representatives, service providers, and professionals across the regulatory technology (regtech) and supervisory technology (suptech) industries.
It summarises the regtech initiatives ASIC undertook and the regtech events we held during the 2019–20 financial year. |
Financial services |
Week beginning 11 January 2021
| Date | Regulatory document | Description | AGLS subject |
| 15/1/2021 | RG 1 AFS Licensing Kit: Part 1 – Applying for and varying an AFS licence (reissued)
RG 2 Licensing Kit: Part 2 – Preparing your AFS licence application (reissued) |
Technical updates to add ‘providing a claims handling and settling service’ as a financial service for the purposes of applying for an AFS licence (in line with the addition of the C12 proof, Insurance Claims Handling and Settling Service Statement to RG 3 on 24 December 2020).
The updated regulatory guides will help applicants prepare an application for an AFS licence (or variation to an existing AFS licence) authorising them to provide an insurance claims handling and settling service. Applicants can apply for an AFS licence or variation with this authorisation from 1 January 2021. |
Financial services |
| 14/1/2020 | Letter to Insurance Council of Australia regarding no-action position (PDF 134 KB) | ASIC has issued a no-action position in relation to breaches of certain provisions of the Corporations Act 2001 and Corporations Regulations 2001: see news item | Financial services |
Week beginning 4 January 2021
| Date | Regulatory document | Description | AGLS subject |
| 7/1/2021 | ASIC Corporations (Approval of Variation March 2020 Banking Code of Practice) Instrument 2021/11 | Approves variations of the March 2020 Banking Code of Practice: see 21-003MR | Financial services |
| 5/1/2021 | ASIC Corporations (AFCA Regulatory Requirement) Instrument 2021/0002 | Requires the Australian Financial Complaints Authority to amend the Australian Financial Complaints Authority (AFCA) Complaint Resolution Scheme Rules without consultation by inserting a new definition and amending an existing definition. | Financial services |