A deeper look at the AFS licence application process

As we noted in our previous article there are five parts to form FS01. Below we describe these in more detail. Part A of the application requires you to provide details of the applicant as well as details of the person who will serve as a contact for the applicant during the application process. In […]

How to obtain an AFSL

Regulatory guides are published by ASIC to give guidance to regulated entities by explaining when and how ASIC will exercise specific powers, to explain how ASIC will interpret the law, to describe principles underlying ASIC’s approach, and to give practical guidance describing the steps of a process such as applying for a licence. If you […]

Webinar – Two New Codes for Banking and Lending

In our recent webinar focusing on the finance industry, regulatory specialist Dr Drew Donnelly consider two new codes for banking and lending. This year has seen the finalisation of two distinct codes covering lending and banking businesses in Australia: The Banking Code of Conduct 2019 (Banking Code) and the Code of Lending Practice: AFIA Online […]

August Retail Pricing Update

Retail prices have dominated the headlines over the past week, with ongoing discussion of some retailers posting record profits and resultant calls for a Royal Commission into Energy. At the same time there have been some significant changes relating to energy retail pricing which have either been announced or recently came into force. In light […]

Unfair Contract Terms

In March 2018, the Australian Securities and Investment Commission (ASIC) published REP 565 (found here: https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-565-unfair-contract-terms-and-small-business-loans/), which outlines changes to small business loan contracts made by the big four banks to comply with the unfair contract term law. This report also provides guidance to the broader small business lending industry. On Friday, ASIC announced that […]

Consumer data right – speech by Rod Sims Chairman of the ACCC

The Australian Competition and Consumer Commission (ACCC) Chair Rod Sims has delivered a speech to the National Consumer Data Policy Research Centre on the consumer data right (CDR) and the digital platforms inquiry (DPI). The CDR will be rolled out first in the banking industry followed by the energy and telecommunications industries. Photo by jesse orrico on Unsplash […]

Steps required to convert an existing site to an Embedded Network

Explicit informed consent is one of the most important concepts in the energy industry. “Explicit informed consent is a key protection and it is critical to ensuring that customers are confident engaging in the energy market,”…“The AER takes any failure by retailers to meet this obligation very seriously, and will take enforcement action in appropriate […]

What is the new Financial Benchmark Regime?

On 12 June the Australian Securities & Investments Commission (ASIC) announced the final regulatory regime for Financial Benchmarks. This regime, introduced through a 2018 amendment to the Corporations Act 2001, empowers ASIC to determine that certain benchmarks are ‘significant’ and to impose a licensing regime on the ‘administrators’ of those benchmarks. In today’s article, we ask, […]

Fintech and Regtech Developments – March, April, May 2018

We last summarised regulatory changes for financial and regulatory technology (fintech and regtech) in February.[1] Since then there have been a bunch of exciting developments including the Inaugural RegTech Association’s #ACCELERATERegTech 2018 event[2]  and the regulatory approval of a new challenger bank in Australia.[3] We summarise some of the other important developments over the last […]

Understanding your breach reporting obligations as an AFS Licence Holder

Last month’s wealth management hearings before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Banking Royal Commission) highlighted the need for AFS licensees to understand and fully comply with their breach reporting obligations in a timely and not overly legalistic way. You can read more about our coverage of the […]