Events listed in [ASIC] Australian Securities and Investments Commission
23-343MR ASIC highlights focus areas for 31 December 2023 reporting
ID 26392
In its present announcement 23-343MR, ASIC underscores the significance of considering uncertain market and economic conditions in financial reporting for the full and half-years ending 31 December 2023. Derived from Report 774 (Annual financial reporting and audit surveillance report 2022–23), key findings shape the focus areas, encompassing impairment and asset values, provisions, post-year-end events, financial report and operating and financial review (OFR) disclosures, a ...
Reportable situations regime: ASIC modifies licensees’ obligations
ID 25406
ASIC has introduced ASIC Corporations and Credit (Amendment) Instrument 2023/589, which modifies the reportable situations regime for licensees. This modification exempts licensees from submitting notifications about certain reportable situations starting from 20 October 2023. The reportable situations regime requires AFS licensees and Australian credit licensees to automatically inform ASIC about specific reportable situations. These situations include breaches of ‚cor ...
23-263MR ASIC remakes sunsetting legislative instruments on takeovers, compulsory ...
ID 25122
In response to CP 365, ASIC has remade seven legislative instruments related to takeovers, compulsory acquisitions, and relevant interests. These instruments were set to automatically sunset on 1 October 2023 if not remade. The remade instruments are as follows: – [CO 12/1209], has been restructured and is now represented by ASIC Corporations (Relevant Interests, ASIC and ASIC Chairperson) Instrument 2023/194. – [CO 13/519], originally ...
ASIC calls on licensees to strengthen remediation procedures
ID 25058
ASIC has called upon financial services and credit licensees in Australia to enhance their consumer remediation procedures, aligning them with the guidelines outlined in Regulatory Guide 277 Consumer Remediation (RG 277). This initiative follows a recent review by ASIC, which assessed the implementation of RG 277 by major financial institutions. The review identified inconsistencies in some licensees‘ policies and procedures that could lead to ...
23-247MR ASIC issues new legislative instruments for financial resource ...
ID 24869
ASIC has introduced four new legislative instruments and updated a guidance related to financial resource requirements for specific categories of Australian financial services licensees and platforms. These measures have been developed following industry consultation and are effective until 1 October 2028. The first set of legislative instruments focuses on financial resource requirements: 1. **ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators ...
23-211MR ASIC extends transitional relief for foreign financial services providers
ID 24595
ASIC Corporations (Amendment) Instrument 2023/588 has extended the transitional relief for foreign financial services providers (FFSPs) by an additional 12 months. This extension allows FFSPs to provide financial services to Australian wholesale clients without the need for an AFS license, and it is effective until 31 March 2025. The existing transitional arrangements for ASIC’s sufficient equivalence relief and limited connection relief, originally set to ...
New transactions available in the ASIC Regulatory Portal
ID 24511
The ASIC Regulatory Portal introduced new transactions on 31 July 2023, which include applying for ASIC consent to resign as an auditor of a public company (Legacy Form 342), applying for early destruction of books (Legacy Form 574), submitting notification to rely on ASIC Corporations (Business Introduction Services) Instrument 2022/805, and notifying ASIC or applying about company auditor appointments. These transactions feature smart forms ...
ASIC greenwashing antidote
ID 24119
ASIC Deputy Chair Karen Chester highlights in an article that combating greenwashing practices requires meaningful, responsible, and transparent disclosure. Indeed, greenwashing undermines investor confidence in sustainability-related financial products and corporate strategies. To address this issue, ASIC has taken 35 regulatory interventions against greenwashing activities from June 2022 to March 2023. However, a more enduring antidote lies in comparable high-quality disclo ...
23-115MR ASIC calls on investment product issuers to ‘lift their game’ on design ...
ID 23086
ASIC published REP 762 Design and distribution obligations: Investment products, urging investment product issuers to improve their compliance with DDO following a review that revealed significant deficiencies. To recall, the DDO framework requires financial product issuers and distributors to ensure that their products are designed with the best interests of consumers in mind and are distributed in a targeted manner. In addition, financial product ...
23-106MR ASIC releases updated guidance for licensees on reportable situations
ID 23015
On 27 April 2023, ASIC released an update to its Regulatory Guide RG 78: Breach reporting by AFS licensees and credit licensees which provides clarification and new guidance to address operational issues that have arisen since the implementation of the regime on 1 October 2021, together with an Overview of changes to RG 78 announced in April 2023 as an additional document. As a ...