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The letter was in response to a request Leigh made of Asic’s chair, James Shipton, pointing out that in June last year the regulator told companies to “prominently disclose significant amounts, the commencement date and expected duration of support or assistance” received under government programs including jobkeeper. “Will you be asking Premier Investments to disclose the total jobkeeper support that it has received from taxpayers, in line with your own announcement?” Leigh asked in his request, sent on 3 May. In response, Facey said that Asic had “not yet decided what action if ...

The corporate regulator says the “spirit of intent” rather than a literal understanding of requirements will be the focus on compliance guidance.

Print It will be virtually impossible for small financial planning firms to comply with the new breach reporting regime proposed to be imposed on the industry via the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2020 Measures)) Regulations 2021: Breach Reporting legislation, according to the Association of Financial Advisers (AFA).  What is more, the AFA has cited member feedback which suggests that four breaches reported by a licensee in 2020 could be escalated to as many as 198 under the new regime.  In a submission filed with the Treasury, the AFA h...

To print this article, all you need is to be registered or login on Mondaq.com. After browsing the recently-tabled 153-page Financial Sector Reform Bill, I was struck by the irony of Hayne's comments in his Interim Report: Should the existing law be administered or enforced differently? Is different enforcement what is needed to have entities apply basic standards of fairness and honesty: by obeying the law; not misleading or deceiving; acting fairly; providing services that are fit for purpose; delivering services with reasonable care and skill; and, when acting for a...

>> officials have a culmination of work and statement noting that the administration responded to congress' call for input on cyber security legislation that the nation needs. we look forward to engaging with congress as they move forward on this issue. >> the overall goal of the proposal is better protect people against cyber crime and safeguard infrastructure and the federal government computers and networks. >> the white house proposal has national data reach reporting. when the websites or other internet sites are affected they're required to notify them of breach. it seems to standardize ...