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Sep 13, 2024 | 
fssuper.com.au | Michael Vrisakis |Maged Girgis |Andrew Bradley |Tamanna Islam |Hartley Spring
This paper explores and seeks to demystify intrafund advice (IFA) and to provide well-needed legal illumination. It does so by identifying the key legal building blocks that need to be considered to properly understand intra-fund advice. ASIC guidanceThere is not a plethora of guidance around the nature and parameters of intra-fund advice.
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Jul 5, 2024 | 
lexology.com | Michael Vrisakis |Maged Girgis |Andrew Bradley |Hartley Spring |Isabel Chong
On 4 July 2024, Treasury agreed to make further amendments to the proposed section 99FA of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) in the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 (Cth) (Bill), significantly decreasing the proposed regulatory burden on superannuation trustees regarding when they may deduct financial product advice fees from members’ superannuation.
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Mar 27, 2024 | 
lexology.com | Michael Vrisakis |Fiona Smedley |Andrew Eastwood |Luke Hastings |Alice Molan |Hugh Paynter | +3 more
Register now for your free, tailored, daily legal newsfeed service. Find out more about Lexology or get in touch by visiting our About page. RegisterIf you would like to learn how Lexology can drive your content marketing strategy forward, please email .
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Feb 22, 2024 | 
mondaq.com | Michael Vrisakis |Fiona Smedley |Maged Girgis |Tamanna Islam
It has been 5 years since Commissioner Hayne, in February 2019,
released the Final Report of the Royal Commission into Misconduct
in the Banking, Superannuation and Financial Services Industry
(FSRC). It was a watershed moment for the
financial services sector, with the rippling effects still being
felt 5 years on. It is safe to say that the pre-FSRC financial
services environment has been replaced by a new post-FSRC
order.
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Feb 13, 2024 | 
mondaq.com | Michael Vrisakis |Maged Girgis |Andrew Bradley |Tamanna Islam
Increasingly, ASIC has sought to hold product issuers
responsible for the conduct of other entities down the distribution
chain. The recent case of ASIC v Diversa Trustees Limited
[2023] FCA 1267 (Diversa) is an example
of this.
In this edition of Regulatory Rumbles, we explore this trend and
examine the legal bases for holding product issuers responsible for
the distribution conduct of their representatives, service
providers and other intermediaries in the distribution chain.
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Feb 7, 2024 | 
mondaq.com | Michael Vrisakis |Fiona Smedley |Maged Girgis |Charlotte Henry
In 2024, the character of change is more foundational – or
fundamental – in nature than ever before. From ESG to AI, the
shape of the world we live in is changing in a radical way. In
this, our annual Global Outlook, we look at the paths through
the shifting landscape for firms seeking solid ground.
The shape of regulatory change, as ever, is influenced by
geopolitical, technological, and socio-economic factors.
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Dec 19, 2023 | 
mondaq.com | Michael Vrisakis |Fiona Smedley |Maged Girgis |Charlotte Henry
Welcome to HSF FSR Australia Notes – 2023 Wrapped!
It has been another big year of regulatory change and
enforcement action in the Australian financial services market,
with DDO, unfair contract terms and breach reporting attracting a
lot of attention and discussion among industry and the
regulators.
In our 2023 Wrapped, we take a look at our top 5
'most read' articles from 2023.
Our top article discusses 'DDO pressure points'.
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Dec 10, 2023 | 
mondaq.com | Michael Vrisakis |Fiona Smedley |Andrew Bradley |Maged Girgis
On 14 November 2023, Treasury released exposure draft legislation for
consultation, proposing amendments to a number of statutes in
response to the Quality of Advice Review.
Our team has made a formal submission on this consultation.
In summary, our submission addresses the proposed removal of the
exception to the conflicted remuneration provisions for benefits
given by a client for the issue or sale of a financial product.
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Dec 6, 2023 | 
lexology.com | Michael Vrisakis |Fiona Smedley |Andrew Bradley |Maged Girgis |Ewan MacDonald |Tamanna Islam | +2 more
On 14 November 2023, Treasury released exposure draft legislation proposing amendments to a number of statutes in response to the Quality of Advice Review. Our team has made a formal submission on this consultation. In summary, our submission addresses the proposed removal of the exception to the conflicted remuneration provisions for benefits given by a client for the issue or sale of a financial product.
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Jun 1, 2023 | 
mondaq.com | Andrew Bradley |Fiona Smedley |Michael Vrisakis |Maged Girgis
The Design and Distribution Obligations (DDO)
regime is increasingly becoming a cornerstone in ASIC's
supervision and enforcement arsenal. In the latest, on 18 May 2023,
ASIC announced that it had made 8 new interim stop
orders preventing the issue of derivatives including contracts for
difference (CFDs) to retail clients because of
deficiencies in their target market determinations
(TMDs).
