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FMA Media Release

The FMA is seeking feedback on its proposals to allow entities to provide personalised financial advice generated by a computer programme or algorithm (robo-advice). This would be a temporary measure before new legislation is passed by Parliament.

The current law, passed in 2008, did not contemplate digital advice, mean...

By Kwame Slusher

ASIC Media Release

The Fair Work Ombudsman and the Australian Securities and Investment Commission (ASIC) will audit 50 businesses in the Melbourne CBD and inner suburbs in their second joint operation.

On 20 and 21 June, Fair Work inspectors will be checking time and wage records to ensure employers are paying their workers correctly and...

By Kwame Slusher

ASIC Media Release

ASIC has released its latest report outlining decisions on relief applications, highlighting ASIC’s efforts to reduce red-tape and achieve a practical, positive outcome for companies seeking some regulatory flexibility.

The granting of relief which has a net regulatory benefit, or which facilitates business or cuts red ...

By Kwame Slusher

ACCC Media Release

The ACCC is warning people to stay alert to ‘phishing’ scammers pretending to be from well-known businesses and government departments trying to con unsuspecting victims out of their personal information and money.

So far in 2017, the ACCC’s Scamwatch has received more than 11,000 reports of t...

By Kwame Slusher



What happens when a staff member encounters a situation not covered in the international standards, regulations or by organisational policy? What is expected of that staff member?

Any organisation interested in good culture and great consumer outcomes should answer that they would hope that staff member would choose to do the ‘right thing.’
 ...

By Kwame Slusher

ASIC Meida Release

The Australian Securities and Investments Commission (ASIC) today welcomed the passage of legislation enabling a more secure and accountable funding of the model for regulation of the Australian corporate sector.

Effective from 1 July 2017, ASIC’s regulatory costs will be recovered from all industry sectors regulated by ASIC ...

By Kwame Slusher

ASIC Medie Release

UBS Securities Australia Limited ('UBS') has paid penalties totalling $280,000 to comply with two infringement notices given to it by the Markets Disciplinary Panel ('the MDP').

The first infringement notice ($140,000) relates to the operation, use and monitoring of a crossing system known as UBS Price Improvement Network ('U...

By Kwame Slusher

Wednesday 14 June 2017

 



Thanks to the Australian Securities and Investment Commission (ASIC), Australian fintechs now have an easy pathway to engage with the Hong Kong-based regulator, the Hong Kong Securities and Futures Commission (SFC).

This the fourth fintech referral ASIC has achieved with regulators in other jurisdictions.
“Financial services are a maj...

By Kwame Slusher



Misconduct can undermine investor trust, according a new report published on 13 June by the board of the International Organisations of the Securities Commission Taskforce (IOSCO), entitled the
IOSCO Task Force Report on Wholesale Market Misconduct.

According to the report, “Misconduct erodes investor trust and confidence in financial services...

By Kwame Slusher



According to regulators, increasing the competitiveness of the banking sector may be the answer to the challenge of culture in banking.

“Australia gets very high marks for stability in its banking system, and that’s absolutely critical,” David Coleman, MP, told audiences at the Thomson Reuters Australian Regulatory Summit. “We are seeing in ot...

By Kwame Slusher