ASIC has released Information Sheet FAQs: Records of Advice (INFO 266) which answers frequently asked questions (FAQs) about ROAs, including questions about their usage, preparation and record keeping.
It explains four situations when advisers can use an ROA
Continue Reading ASIC guidance and examples on records of advice
Bright Law
Bright Law provides financial services regulatory compliance and training services and, through Bright Corporate Law, legal services. We provide our clients with confidence to manage regulatory risks through guidance, insight, advice and training.
Website:
https://www.brightlaw.com.au/
Latest from Bright Law - Page 2
The role of directors and audit committees
ASIC has updated its Information Sheet on Audit quality – The role of directors and audit committees (INFO 196).
The Information Sheet includes a new section titled ‘What features of audit committees support audit quality?’.
It also covers…
Continue Reading The role of directors and audit committees
Financial adviser regulation changes
The Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 has been passed by Parliament and will commence on 1 January 2022. Background.
From 1 January 2022, the role of the Financial Services and Credit Panel (FSCP) will…
Continue Reading Financial adviser regulation changes
Climate-related risks and financial institutions
The Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA) have published a joint statement on the actions they are taking to ensure financial institutions and the Australian financial system are prepared to respond to the financial…
Continue Reading Climate-related risks and financial institutions
Case notes: collecting facial images and privacy in Australia
Two recent investigations by the Australian Privacy Commissioner dealt with the taking of facial images of individuals: Clearview AI and 7-Eleven Stores and the consents required.
Clearview AI Investigation
Commissioner initiated investigation into Clearview AI,Inc. Privacy 2021 AICmr 54 was…
Continue Reading Case notes: collecting facial images and privacy in Australia
De-banking risks
The Reserve Bank, Austrac and the Senate Select Committee on Australia as a Technology and Financial Centre have all expressed concern recently about the risks associated with businesses that have been de-banked (involving a loss or limitation of access…
Continue Reading De-banking risks
Case note: misleading conduct by superannuation trustee
In the recent decision in Australian Securities and Investments Commission v Colonial First State Investments Limited [2021] FCA 1268 Colonial was ordered to pay a $20 million penalty for misleading members of the Colonial First State FirstChoice Superannuation Trust.
Between…
Continue Reading Case note: misleading conduct by superannuation trustee
Financial Services Compensation Scheme of Last Resort Bill introduced
The Financial Services Compensation Scheme of Last Resort Levy Bill 2021 and Financial Services Compensation Scheme of Last Resort Levy (Collection) Bill 2021 and the Financial Sector Reform (Hayne Royal Commission Response No.3) Bill 2021 have been introduced into the…
Continue Reading Financial Services Compensation Scheme of Last Resort Bill introduced
Privacy Act review and Online Privacy Code
The Attorney-General’s Department has released for consultation a Discussion Paper on its review of the Privacy Act as well as an exposure draft Privacy Legislation Amendment (Enhancing Online Privacy and Other Measures) Bill 2021.
Online Privacy CodeThe Online Privacy…
Continue Reading Privacy Act review and Online Privacy Code
Financial Accountability Regime Bill introduced
The Financial Accountability Regime Bill 2021 and the Financial Sector Reform (Hayne Royal Commission Response No. 3) Bill 2021 have been introduced into the House of Representatives to establish the new financial accountability regime framework for financial entities in the…
Continue Reading Financial Accountability Regime Bill introduced