The basic ingredients of a successful compliance program

We have been operating Compliance Quarter for over three years now and one of the key components of our service offering is the outsourced Compliance Manager role that we provide to several businesses operating in highly regulated industries. Providing the outsourced Compliance Manager role gives us the ability to benchmark businesses when it comes to […]

New ASIC Guidance for the Fund Management Industry – Push on Compliance

The Australian Securities & Investments Commission (ASIC) has just released a batch of guidance for fund management in Australia.[1] In today’s update we offer a quick breakdown of the seven guidance documents. The seven guidance documents square the existing regulatory framework under the Corporations Act 2001 with the new ‘Asia Region Funds Passport’.[2] This is […]

Tech, Lies and Litigation – ASIC Reads the Riot Act to the Financial Services Industry

The Australian Securities and Investments Commission (ASIC) has taken more than a few big hits over the last month, as revelations of systemic risk and misconduct within the wealth management industry were aired publicly via the Royal Commission into Misconduct in the Banking, Financial Services and Superannuation Industry. It was time for a right of […]

ASIC releases updated guidance on client money

ASIC has this week released updated guidance for Australian financial services (AFS) licensees that hold client money for trading in over-the-counter (OTC) derivatives. By Sara Le Breton, Compliance Quarter. ASIC Client Money Guidance Update The release of the updated guidance coincides with the start of ASIC’s Client Money Reporting Rules 2017 (client money reporting rules) […]

ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open

ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open – On March 5 the Australian Securities & Investments Commission (ASIC) released a draft updated Regulatory Guide 139, Oversight of AFCA (updated RG139) for public consultation (see Photo by on Unsplash By Dr Drew Donnelly, Compliance Quarter.  In this update, we set out the key […]

ASIC’s New Product Intervention Power

Last time we talked about the Government’s introduction of design and distribution obligations for financial products in a draft Bill currently undergoing consultation. In today’s article, part two on the draft Bill, we discuss the Australian Securities & Investments Commission’s proposed new product intervention power, also contained in the draft Bill. By Dr Drew Donnelly, […]

ASIC Enforcement Review: Strengthening Penalties for Corporate and Financial Sector Misconduct

The Australian Securities & Investments Commission ASIC Enforcement Review Taskforce (the taskforce) recently released a positions paper ‘Strengthening Penalties for Corporate and Financial Sector Misconduct‘ (the positions paper) which it seeks public comment on. Today we summarise that report, setting out the positions that ASIC seeks feedback on. Background to ASIC Enforcement Concerns have been […]

ASIC Annual Report: Current and future directions for compliance

On Thursday, 26 October, the Annual Report of the Australian Securities & Investments Commission (ASIC) was tabled in the House of Representatives. As one of the chief compliance authorities for business in Australia, it is worth taking a look at ASIC’s report with a focus on ASIC’s current and future compliance activities. We look at […]

A summary of regulatory requirements for statements of advice

As noted in our previous article, a statement of advice is the main document that records advice provided to retail clients. The advice process Individuals obtain information about financial products in a variety of ways and in a variety of settings. An individual may talk to friends and family, their lawyer, their accountant and others […]