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People & Products

New significance test for breach reporting

The new breach reporting regime which is due to commence on 1 October, 2021, has an expanded significant test and will require licensees to lodge a report within 30 days ...

Financial planning

Will ASIC's adviser breach regime overwhelm its own resources?

The increased volume of reports generated from upcoming changes to the Australian Securities and Investments Commissions new breach reporting regime runs the risk of over...

Financial planning

Are asset consultants caught in the same ‘independent’ trap as financial advisers?

Questions are being asked about whether the Australian Securities and Investments Commission has been wrong to treat asset consultants differently to financial advisers i...

Policy & Regulation

Has CBA been caught by truth in labelling on conflicted remuneration?

The Commonwealth Bank is facing court action initiated by the Australian Securities and Investments Commission which might have been avoided if it had properly and transp...

Life/Risk

Will ASIC use new powers on insurance adviser remuneration?

A law firm has raised the prospect of the Australian Securities and Investments Commission using its new Product Intervention Power with respect to insurance adviser remu...

Financial planning

Why terminating an AR may be good business

Those looking to acquire advice firms may be well-advised to terminate advisers if they have questionable regulatory compliance histories....

Financial planning

Managed accounts could breach Standard 3

Advisers recommending in-house managed account products to clients could be subject to scrutiny on whether it is a conflict of interest, according to The Fold. ...

Financial planning

Restrictions for licensees in intermediary authorisation agreements

Licensees in an agreement with unlicensed product issuers cannot deal in a financial product unless they are issuing, varying, or disposing for the product issuer, accord...

Financial planning

Existing and new licensees subject to ‘fit and proper’ person tests

The corporate watchdog now has the ability to assess the suitability of firms applying for an Australian financial services licence through a ‘fit and proper’ person test...

Financial planning

Is the FASEA code in no man’s land?

The Financial Adviser Standards and Ethics Authority code of ethics may be in force but no authority is in place to oversee its enforcement and the Australian Securities ...

Financial planning

Do managed accounts equate to in-house products?

A senior financial services lawyer has warned that managed accounts may equate to the selling of in-house assets in the eyes of the Australian Securities and Investments ...

Policy & Regulation

10 things to look for in initial coin offerings

With ASIC having recently stopped a number of retail initial coin offerings and token generation events, The Fold Legal finds that tokens don’t always fit neatly into the...

Policy & Regulation

ASIC licensing delays test industry

New analysis from legal firm The Fold points to the dynamics of the financial services industry having changed by Australian Securities and Investments Commission licensi...