This edition of the
Update covers:
Recent legal and regulatory developments, including the release of APRA s policy and supervision priorities for 2021, the launch of APRA s Cyber Security Strategy 2020 – 2024, Australian regulatory support for the ISDA IBOR Fallbacks Protocol and Supplement, and Australia s renewed focus on sanctions;
Two recent Federal Court decisions which support ASIC s position on obligations to comply with ASIC notices and to substantiate any claims for legal professional privilege;
The continuing fallout of the Financial Services Royal Commission and the recent cases which demonstrate that ASIC and APRA appear to remain committed to taking enforcement action in relation to matters referred by the Commissioner;
In the media
Parliamentary committee questions adviser jail penalty
for record-keeping
MEDIA – 4 February 2021 – A Parliamentary
Committee has questioned why financial advisers should face the
risk of five years jail for record-keeping failures under
legislation flowing from the Royal Commission into Misconduct in
the Banking, Superannuation and Financial Services due to be
debated by the Parliament.
More.
FPA calls for review of unsustainable ASIC levy as the
regulator seeks guidance on affordable advice
FPA – 3 February 2021 – The FPA has made six
recommendations in its Budget Submission 2021-22 aimed at
addressing the rapidly increasing cost of practicing as a financial
planner.
More.
Simplify super regulations: Actuaries Institute