Welcome to the latest edition of our Financial Services Compliance Newsletter.
Each month, we provide key regulatory updates, compliance insights, and industry developments impacting the financial services sector. In this issue, some of the key topics include:
ASIC has released new requirements for directors ID’s to be provided to them and extended its no-action position to digital asset businesses to provide them with more time to apply for or vary their Australian Financial Services Licence.
ACMA will regulate a new SMS Sender ID Register to increase protection against SMS scams.
ASIC and APRA introduce plans to reduce the administrative burden of some regulatory requirements under the Financial Accountability Regime.
Treasury has released a consultation on proposed options to reform the superannuation performance test.
ASIC has warned platform trustees to immediately improve risk monitoring practices following a review of major superannuation platform trustees.
ASIC has released estimated industry funding levies for the 2025-26 financial year, with the regulator’s estimated recoverable costs increasing by 19% from the previous financial year.
AUSTRAC has published guidance outlining the actions required by existing reporting entities who were captured by the AML/CTF reforms.
The High Court determined that a fixed-yield digital asset product was a financial product, requiring the issuer to hold an AFSL for the duration the product was issued.
The Federal Court has imposed substantial pecuniary penalties on a Licensee and its previous authorised representatives for egregious behaviour related to issuing CFD’s, Mercer was fined for systemic reporting failures and directors, and compliance committee.
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This publication has been prepared for general guidance on matters of interest only and does not constitute professional legal advice. You should not act upon the information contained in this publication without obtaining specific professional legal advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication and to the extent permitted by law, Cowell Clarke does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting or refraining to act in relation on the information contained in this publication or for any decision based on it.