New and updated ASIC regulatory publications since 1 March 2020
To assist users during the COVID-19 pandemic, we are publishing this weekly tracker of ASIC regulatory document updates.
It lists and includes links to all new and updated regulatory guides, information sheets, reports and consultation papers issued by ASIC and published on our website.
It also includes links to legislative instruments (including rules, determinations and waivers) made by ASIC which are published on the Federal Register of Legislation, and information about instruments which provide relief to individual entities where this is related to COVID-19.
Updates to reflect that the ASIC Regulatory Portal is now the primary way to submit applications for relief and various fundraising and corporate finance documents to ASIC: see news item
Week beginning 20 July 2020
RG 97 Disclosing fees and costs in PDSs and periodic statements
Minor amendments to adjust the transitional timeframes in response to COVID-19: see 20-167MR and 2020/579
Week beginning 13 July 2020
INFO 177 Quarterly cash equity market data release: Methodology and definitions
Minor updates to reference current ASIC market integrity rules and regulatory guides, and reflect changes that we’ve made to streamline and simplify the calculation of several metrics and selection of instruments.
Week beginning 6 July 2020
CP 330 Using the product intervention power: Continuing credit contracts
Sets out ASIC’s proposal for using our product intervention power in relation to continuing credit products: see 20-159MR
Week beginning 29 June 2020
INFO 246 Company auditor obligations under the whistleblower protection provisions
INFO 247 Company officer obligations under the whistleblower protection provisions
Guidance for companies and audit firms to develop arrangements for handling whistleblower disclosures that are effective and tailored to their circumstances: see news item
Week beginning 22 June 2020
ASIC Corporations (Approval of Variation of March 2020 Banking Code of Practice) Instrument 2020/602
Variation of the Banking Code of Practice inserting a Special Note to allow for special application of Code provisions during COVID-19 until March 2021: see 20-148MR
ASIC Corporations, Superannuation and Credit (Amendment) Instrument 2020/99
Amends the ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution— Transitional) Instrument 2019/965 to preserve ASIC's existing internal dispute resolution policy in relation to complaints received by financial firms before 5 October 2021.
Guide for mortgage brokers and other relevant Australian credit licensees explaining what ASIC looks for when we assess compliance with the best interests obligations in Pt in Pt 3-5A of the National Credit Act which commence on 1 January 2021: see 20-146MR and REP 662
Facilitates the electronic signing and lodgement of documents under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 during COVID-19: see INFO 24
REP 664 Overview of decisions on relief applications (October 2019 to March 2020)
Outlines some of our decisions on relief applications during the period from 1 October 2019 to 31 March 2020, summarising examples of situations where we have exercised, or refused to exercise, ASIC’s exemption and modification powers: see 20-144MR
The Regulator Performance Framework provides a set of six common key performance indicators (KPIs) for Australian Government regulators. This report sets out our self-assessment of ASIC’s performance in 2018–19 against the KPIs.
RG 58 Reporting by registered foreign companies and Australian companies with foreign shareholders
Minor update to reflect the revised definition of a large proprietary company and an increase in the maximum number of penalty units for directors who do not do everything reasonably necessary to appoint an auditor.
Provides an estimate of ASIC’s regulatory costs for 2019-20, to give industry an indication of what levy costs to expect when actual regulatory costs are published in December 2020, with invoices issued in January 2021.
Also details ASIC’s actual regulatory costs for 2018-19.
This draft CRIS is open for feedback until 24 July 2020: see 20-134MR
INFO 245Board oversight of executive variable pay decisions during the COVID-19 pandemic
Released to assist boards and remuneration committees of listed companies to navigate decisions on executive variable pay in the context of COVID-19: see 20-133MR
Maintains ASIC’s policy of determining the allocation of Equity Market Products to tiers.
Week beginning 18 May 2020
ASIC Corporations (Deferral of Design and Distribution Obligations) Instrument 2020/486
ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487
Relief deferring the commencement date of the mortgage broker best interest duty and remuneration reforms, and the design and distribution obligations, for six months due to the impact of COVID-19: see 20-109MR
Week beginning 11 May 2020
ASIC Corporations (Extended Reporting and Lodgment Deadlines—Listed Entities) Instrument 2020/451
Six month conditional relief granted to Macquarie Bank and related entities from the requirement to give customers Form 11A direct debit default notices under s 87 of the National Credit Code, while it sends modified communication and relaxes collection and enforcement processes as a result of COVID-19.
Week beginning 27 April 2020
REP 660 ASIC Enforcement Update July to December 2019
ASIC’s overview of enforcement outcomes, priorities and cases during the period 1 July 2019 to 31 December 2019: see 20-099MR
Week beginning 20 April 2020
ASIC Corporations (COVID-19 – Distribution of Debit Cards) Instrument 2020/401
Relief to allow the distribution of debit cards to existing customers without debit cards – including vulnerable and elderly consumers – in response to COVID-19.
ASIC Corporations (Extended Reporting and Lodgment Deadlines—Unlisted Entities) Instrument 2020/395
Relief extending the deadline for unlisted entities to lodge financial reports by one month for balance dates from 31 December 2019 to 31 March 2020 to account for possible impacts of COVID-19: see 20-084MR.
REP 659ASIC regulation of corporate finance: July to December 2019
Twelfth and final report on ASIC's oversight of corporate finance activity covering 1 July 2019 to 31 December 2019. To be replaced by quarterly newsletters: see 20-093MR.
Week beginning 14 April 2020
INFO 230Exchange traded products: Admission guidelines
outline measures firms should take to manage market integrity risks associated with internal market making
provide guidance on improving internal marking making practices, and
make peripheral updates to reflect recent changes in the market.
amendments made by the Stronger Regulators Act, which commenced on 18 February 2020, including the extension of the fit and proper person test for credit licensees and the introduction of such a test for AFS licensees,
the implementation of a modified AFS licensing regime for foreign financial services providers, which commenced on 1 April 2020 with a two-year transition period (see 20-058MR), and
the introduction of general conduct obligation penalties for AFS licensees and credit licensees made by the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019.
INFO 243Licensing requirements for providers of funeral expenses facilities
Guidance on AFS licensing requirements applying from 1 April 2020: see 20-076MR