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) and other client money reforms on 4 April 2018 enacted under the Treasury Laws Amendment (2016 Measures No. 1) Act 2017 and the Corporations Amendment (Client Money) Regulations 2017. The updates can be found in ASIC Regulatory Guide 212 ‘Client money relating to dealing in OTC derivatives ‘ (RG 212) and INFO Sheet 226 ‘Complying with the ASIC Client Money Reporting Rules 2017’ which have both been updated to reflect the changes to the law.…