Category Archive: General

Breach reporting obligation repealed for group purchasing bodies

Group purchasing bodies (GPBs) are no longer required to report breaches of the conditions of relief provided by ASIC Class Order 08/1 (Class Order). The obligation to comply with the breach reporting condition in the Class Order was due to commence from 30 June 2017 but has been repealed. GPBs are persons who arrange or …

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ASIC industry funding model introduced

Late last year the Government announced it would introduce an industry funding model for ASIC (our previous update on this can be found here). The ASIC Supervisory Cost Recovery Levy Bill 2017 and related bills have now passed. Effective from 1 July 2017, ASIC’s regulatory costs will be recovered through annual levies from all industry …

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ASIC Report into financial advisers

As part of its Wealth Management Project, Australian Securities and Investments Commission (ASIC) has released its report into how effectively Australia’s largest financial institutions oversee their financial advisers. The report is based on a 20-month project instigated by information received by ASIC about non-compliant advice, as well as public concerns about wider problems in large …

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Senate Inquiry into ‘non-confirming’ building products is wrapping up

On 23 June 2015, the Senate commenced a wide-ranging an inquiry into the use of ‘non-conforming’ building products (being products and materials that do not meet required standards). The inquiry was launched following a 2014 fire in a Victorian apartment complex involving the use of aluminium composite panelling. The due date for reporting has been …

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The Victorian Building Authority fires up for further audits

Following the Lacrosse fire in Melbourne’s Docklands in late 2014, the Victorian Building Authority (VBA) conducted an audit of non-compliant wall cladding systems of high rise buildings in inner city Melbourne. By way of background, the Lacrosse building was clad in aluminium composite panelling, and it is alleged that the panelling (with a combustible core) …

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ASIC reveals ‘hot spots’ for the insurance industry in 2017

Last week Greg Medcraft, the chairperson of the Australian Securities and Investments Commission (ASIC), delivered a speech to the Insurance Council of Australia Annual Forum on the current insurance environment and ASIC’s priorities for the coming year. Current environment The speech commenced by noting that 2016 was an eventful year for the insurance industry. In …

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ASIC releases world-first fintech licensing exemption

The Australian Securities and Investments Commission (ASIC) has released class waivers which will allow eligible financial technology (fintech) businesses to test certain products and services without needing to obtain an Australian financial services licence or credit licence. ASIC has stated that this exemption is unique, with no other major jurisdiction having implemented a class waiver …

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Discovering the future

Technology assisted document review (TAR) has been ordered for the first time in Australia by the Victorian Supreme Court. Given the large number of documents being created every day and the need to deal with cases at proportionate cost, it was inevitable that Australian courts would follow the US, UK and Irish courts by endorsing …

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ASIC action results in Australia’s largest consumer credit remediation program

Car financier BMW Australia Finance Limited (BMW Finance) has given the Australian Securities and Investments Commission (ASIC) an enforceable undertaking whereby BMW Finance will implement Australia’s largest consumer credit remediation program to compensate customers for its responsible lending failures. BMW Finance provides motor vehicle finance to consumers, both directly and through a network of motor …

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Consultation open on proposed industry funding model for ASIC

Earlier this year, the Government announced that it would introduce an industry funding model for the Australian Securities and Investments Commission (ASIC), commencing in the second half of 2017. The Government has now released two papers: a proposal paper which provides a high-level overview of how the industry funding framework could be applied and a …

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