Digital asset regulation – Treasury’s proposed framework for regulating digital asset platforms
In the latest development in Australia’s regulation of digital assets, Treasury has released ‘Regulating Digital Asset Platforms’, a proposal paper for consultation (Proposal). The Proposal proposes to expand Australia’s existing financial services regulatory regime to fill the identified ‘regulatory gap’ in relation to certain digital asset custody services which are not financial products under existing […]
ReadmoreGadens Regulatory Recap – 17 October 2023
This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, ACCC, AFCA, the ATO, Treasury, and the Australian Law Reform Commission, including various enforcement actions taken by the regulators. ASIC ASIC and APRA publish further information on joint administration of FAR: On 3 October 2023 ASIC and APRA published a Financial Accountability […]
ReadmoreGadens Regulatory Recap – 3 October 2023
This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, OAIC, ACCC, AUSTRAC and Privacy Commission, including various enforcement actions taken by the regulators. ASIC 1. ASIC Chairman highlights cyber-security risks: ASIC Chairman, Joe Longo gave a speech at the AFR Cyber Summit on 18 September 2023 regarding cyber risk and cyber […]
ReadmoreGadens Regulatory Recap – 19 September 2023
This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, OAIC, ACCC, RBA and Treasury, including various enforcement actions taken by the regulators. Parliament Parliament passes FAR Bill: After almost two years in Parliament the Financial Accountability Regime Bill 2023 (FAR) has passed both houses. FAR will replace the Banking Executive Accountability Regime […]
ReadmoreGadens Regulatory Recap – 5 September 2023
This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, OAIC, ACCC, RBA and Treasury, including various enforcement actions taken by the regulators. ASIC ASIC welcomes appointment of three Commissioners: The Australian Securities Investments Commision (ASIC) has announced the appointment of three Commissioners to further strengthen their team. The newly appointed Commissioners […]
ReadmoreGadens Regulatory Recap – 25 August 2023
This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, AFCA, OAIC, ACCC, RBA, AUSTRAC and Treasury, including various enforcement actions taken by the regulators. ASIC ASIC extends transitional relief for 12 months for foreign financial services providers: ASIC is, again, extending transitional relief for foreign financial services providers (FFSPs) for a […]
ReadmoreGadens Regulatory Recap – 8 August 2023
This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, AFCA, OAIC, ACCC, ATO, AUSTRAC and Treasury, including various enforcement actions taken by the regulators, and regulatory guidance relating to scams. ASIC 1. ASIC warns of further action against market misconduct: ASIC has issued a warning that the strong enforcement action relating […]
ReadmoreGadens Regulatory Recap – 25 July 2023
This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, AUSTRAC, ACCC, ATO and Treasury, including important FAR updates and details on regulation of AI and treatment of high-risk crypto exchanges. ASIC ASIC’s greenwashing antidote of transparency and meaningful disclosure: From June 2022 to March 2023, the Australian Securities and Investments Commission […]
ReadmoreGadens Regulatory Recap – 12 July 2023
This edition of the Gadens’ Regulatory Recap highlights recent developments from ASIC, APRA, AUSTRAC, ACCC and Treasury, and updates on measures including the climate-related financial disclosure regime, de-banking, the ALRC Interim Report C on financial services legislation, and a FAR update. ASIC ASIC warns super trustees to consolidate duplicate member accounts: On 29 June 2023, […]
ReadmoreGadens Regulatory Recap – 27 June 2023
This edition of the Gadens’ Regulatory Recap considers a series of updates from ASIC, APRA, AUSTRAC, ACMA and Treasury exploring a number of significant policy and legislative updates, as well as details on the latest enforcement actions being taken by the regulators. ASIC ASIC invites entities to assess their cyber resilience: ASIC has invited ASIC-regulated […]
ReadmoreAustralian Payments Systems reform – Seven proposed Payment Functions to replace non-cash licensing regime
As part of the Government’s ambitious Strategic Plan for Australia’s Payments System unveiled this month, Treasury also published the Payment System Modernisation (Licensing: Defining Payment Functions) Consultation paper (Consultation Paper). The Consultation Paper invites feedback on the proposed list of defined Payment Functions that would be regulated under the new licensing framework proposed under the […]
ReadmoreFutureproofing Australia’s Payment System: Unveiling the Government’s Strategic Plan
The Australian Government has released its Strategic Plan for Australia’s Payments System (Strategic Plan). The Strategic Plan follows on from the Treasury’s Consultation Paper released in December 2022 and outlines a raft of proposed legislative and policy changes to the current payments system regulatory framework. The foreshadowed changes are significant and far-reaching and are aimed […]
Readmore
