Australia

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    Australia Consults on Bill to Lower Entry Barriers in Advice Industry

    By Editors | 19/04/2023

    Financial advisers with ten years experience and a clean disciplinary record will be deemed to have met the education requirements.

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    AML / KYC

    Australia Saw 80pc YoY Jump in Scam Losses in 2022

    By Editors | 18/04/2023

    Australians lost more to scams than ever before in 2022. Losses per victim rose by more than 50% to an average of almost A$20,000.

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    AML / KYC

    Australia Revisits ‘Tranche 2’ AML Reforms – Report

    By Editors | 17/04/2023

    The government is expected to settle its position on AML reforms this month that could cover the real estate, accounting and legal professions.

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    Enforcement

    Australia to Investigate Amex Over Data Privacy Concerns

    By Editors | 17/04/2023

    The OAIC will investigate American Express over its data handling protocols and potential national security risks.

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    Securities / Derivatives

    ASX Considers Closing Settlement Service for Unlisted Funds

    By Editors | 17/04/2023

    The mFund Settlement Service caters to unlisted managed funds. ASX is considering closing the service.

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    ACCC Proposes Reforms to Australia’s Merger Laws

    By Editors | 16/04/2023

    Current laws do not require merger parties to notify the ACCC of planned mergers, or to wait for clearance before they complete the merger.

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    Australia Consults on Super Fund Financial Reporting Requirements

    By Sanday Chongo Kabange | 13/04/2023

    New financial reporting and auditing requirements for super funds will be consistent with those that apply to public companies and registered schemes.

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    Enforcement

    ATO to Compel Banks to Hand Over Landlord Data in Tax Probe

    By Editors | 13/04/2023

    The Australian Taxation Office is seeking to identify individuals who are failing to meet their tax obligations on residential investment properties.

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    Securities / Derivatives

    Super Funds that Fail Performance Test Must Improve Communications

    By Editors | 13/04/2023

    ASIC reviewed the performance communications of four super funds that failed APRA’s annual performance test for the second time last year.

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    Market Infrastructure

    APRA to Defer Effective Date of New Operational Risk Standard

    By Editors | 13/04/2023

    APRA will move the effective date for the new operational risk management standard to 1 July 2025, one year later than was proposed.

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