The corporate regulator has approved a request to extend temporary changes to timing requirements in the banking code by six months The Australian Securities and Investments Commission (ASIC) has appr
ASIC releases design and distribution guidance
ASIC releases design and distribution guidance
ASIC has finalised its guidance around the design and distribution obligations for financial product issuers and distributors, outlining the requirements for licensees under the new rules.
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ASIC’s ‘Regulatory Guide 274: Product design and distribution obligations’, released on Friday, outlines a swathe of new obligations that will apply to issuers of financial products and their distributors – including licensees – and follows extensive industry consultation.
“Engagement with industry was particularly important as the obligations require firms to set their own boundaries to suit their business, products and customers,” ASIC acting chair Karen Chester said.
ASIC today released an updated Regulatory Guide 160 Time-sharing schemes (RG 160).
The updated RG 160 contains guidance on the existing regulation of time-sharing schemes, as well as some new requirements, and is accompanied by an updated legislative instrument.
Today’s release follows an extensive consultation process involving numerous meetings with industry and consumer representatives as well as Consultation Paper 272 Remaking ASIC class orders on time-sharing schemes (CP 272). It also takes into account the findings from ASIC’s review of advice, consumer experience and financial value research, summarised in Report 642 Timeshare: Consumers’ experiences (REP 642).
The updated RG 160 will provide industry with the certainty it requested of ASIC, especially leading up to year end.
A topsy-turvy year
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Anyone who was hoping for a quiet, uneventful 2020 following the aftermath of the release of the banking royal commission final report would have been disappointed. The year has thrown everything in its power at brokers, the financial services industry and Australia as a whole, as
Malavika Santhebennur recaps.
The coronavirus pandemic, lockdowns, economic shutdown, government survival and stimulus packages, a recession and a mammoth budget deficit all impacted us this year. Amid all this, the government made significant announcements around lending policies and regulations for mortgage brokers. Here, we (attempt to!) summarise the year that was 2020!
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