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.

This weekly tracker supplements our existing consolidated regulatory document update tables, which are published monthly.

Items are listed in reverse chronological order.

Week beginning 27 July 2020

Date Regulatory document Description
30/7/2020 RG 271 Internal dispute resolution (new)

REP 665 Response to submissions on CP 311 Internal dispute resolution: Update to RG 165

ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98

See also:

Updated requirements for how financial firms deal with consumer and small business complaints  under their internal dispute resolution (IDR) procedures: see 20-171MR
29/7/2020 CP 331 Remaking ASIC class orders on unlicensed COI lenders and credit disclosure obligations Sets out our proposals to remake sunsetting Class Orders [CO 10/381] and [CO 10/1230]: see 20-170MR
27/7/2020 RG 21

RG 51

RG 107

RG 126

RG 208

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

Date Regulatory document Description
23/7/2020 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

Date Regulatory document Description
14/7/2020 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

Date Regulatory document Description
9/7/2020 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

Date Regulatory document Description
30/6/2020 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

Date Regulatory document Description
25/6/2020 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
25/6/2020 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.
24/6/2020 RG 273 Mortgage brokers: Best interests duty 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
24/6/2020 ASIC Corporations (COVID-19 Email Lodgement Service—ASIC Corporations (Wholly-owned Companies) Instrument 2016/785) Instrument 2020/612 Facilitates the electronic signing and lodgement of documents under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 during COVID-19: see INFO 24
23/6/2020 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

Week beginning 15 June 2020

Date Regulatory document Description
19/6/2020 REP 663 Regulator Performance Framework: ASIC self-assessment 2018–19 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.
19/6/2020 RG 58 Reporting by registered foreign companies and Australian companies with foreign shareholders

RG 115 Audit relief for proprietary companies

Minor updates to reflect the revised definition of a large proprietary company.
19/6/2020 RG 261 Crowd-sourced funding: Guide for companies 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.
18/6/2020 ASIC Market Integrity Rules (Securities Markets) Class Waiver Amendment Instrument 2020/586 Amends ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/303 to extend the operation by an additional 19 months.
17/6/2020 RG 272 Product intervention power Provides an overview of ASIC's product intervention power and explains:
  • the scope of the power;
  • when and how ASIC may exercise the power to make a product intervention order; and
  • how a product intervention order is made.

See 20-139MR and REP 661.

Week beginning 8 June 2020

Date Regulatory document Description
12/6/2020 Draft Cost Recovery Implementation Statement 2019-20 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

12/6/2020 INFO 245 Board 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
11/6/2020 ASIC Corporations (Amendment) Instrument 2020/565 Specifies an end date for three COVID-19 related instruments:
  • ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547
  • ASIC Corporations (Trading Suspensions Relief) Instrument 2020/289, and
  • ASIC Corporations (COVID-19 – Advice-related Relief) Instrument 2020/355

See 20-135MR.

11/6/2020 ASIC’s Interim Corporate Plan 2020-21 and updated work program Sets out five targeted, strategic priorities to address COVID-19 related challenges and updates ASIC’s revised work program for this period.

Week beginning 1 June 2020

Date Regulatory document Description
4/6/2020
  • ASIC Market Integrity Rules (Securities Markets) Determination 2020/561
  • ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2020/562
Maintains ASIC’s policy of determining the allocation of Equity Market Products to tiers.

Week beginning 18 May 2020

Date Regulatory document Description
22/5/2020
  • 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

Date Regulatory document Description
15/5/2020
  • ASIC Corporations (Extended Reporting and Lodgment Deadlines—Listed Entities) Instrument 2020/451
  • ASIC Corporations (Amendment) Instrument 2020/452
Relief to assist listed and unlisted entities affected by the impacts of COVID-19 by enabling them more time to report and have audits: see 20-113MR

Week beginning 4 May 2020

Date Regulatory document Description
7/5/2020 ASIC Corporations (AFCA Regulatory Requirement) Instrument 2020/0433 Imposes additional conditions on the AFCA scheme relating to 'SMEG Loans' and repayment deferrals for business loans impacted by COVID-19.
6/5/2020 Retail investor trading during COVID-19 volatility Outlines early observations by ASIC on trading in securities and contracts for difference (CFDs) during the volatility caused by the COVID-19 pandemic: see 20-102MR
4/5/2020 Instrument 20-0430 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

Date Regulatory document Description
29/4/2020 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

Date Regulatory document Description
24/4/2020 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.
22/4/2020
  • ASIC Corporations (Extended Reporting and Lodgment Deadlines—Unlisted Entities) Instrument 2020/395
  • ASIC Corporations (Amendment) Instrument 2020/396
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.
20/4/2020 REP 659 ASIC 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

Date Regulatory document Description
14/4/2020 INFO 230 Exchange traded products: Admission guidelines Updated to:
  • 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.

See 20-088MR and 19-348MR.

14/4/2020 ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355 Prescribes relief measures to facilitate affordable and quality financial advice during the COVID-19 pandemic: see 20-085MR and no-action position for superannuation trustees.
14/4/2020 REP 658 ASIC regulation of registered liquidators: July 2018 to June 2019 Eighth overview of ASIC’s regulation of registered liquidators covering 1 July 2018 to 30 June 2019.

Week beginning 6 April 2020

Date Regulatory document Description
9/4/2020 REP 657 Survey of crowd-sourced funding intermediaries: 2018–19 Outlines the findings from ASIC’s second crowd-sourced funding (CSF) industry survey covering 1 July 2018 to 30 June 2019. 

Week beginning 30 March 2020

Date Regulatory document Description
1/4/2020 Reissued regulatory guides:

Reissued information sheets:

New information sheet:

Other documents:

 

New and updated regulatory guidance to reflect:
  • 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.
31/3/2020 INFO 243 Licensing requirements for providers of funeral expenses facilities Guidance on AFS licensing requirements applying from 1 April 2020: see 20-076MR
31/3/2020
  • ASIC Corporations (Trading Suspensions Relief) Instrument 2020/289
  • ASIC Corporations (Amendment) Instrument 2020/290
Temporary relief to facilitate 'low doc' capital raisings during COVID-19: see 20-075MR
30-31/3/2020
  • RG 16 External administrators - Reporting and lodging
  • RG 34 Auditor’s obligations: Reporting to ASIC
  • RG 78 Breach reporting by AFS licensees
  • RG 109 Assetless Administration Fund: Funding criteria and guidelines
  • INFO 29 External administration, controller appointments and schemes of arrangement - most commonly lodged forms (flowcharts 1, 2, 5, 8 and 9)
Minor technical updates for ASIC Regulatory Portal enhancements which replace existing channels:
  • registered company auditors and AFS licensees will now submit breach reports via the portal, and
  • registered liquidators can now submit a range of regulatory reports and requests through the portal.

Week beginning 23 March 2020

Date Regulatory document Description
26/3/2020 ASIC Corporations (Amendment) Instrument 2020/242 Amends Instrument 2015/844
24/3/2020 INFO 157 Foreign financial services providers: Practical guidance on transitional arrangements Minor amendments to requirements for lodging and certification of documents in support of applications for equivalence relief

Week beginning 16 March 2020

Date Regulatory document Description
20/3/2020 ASIC Corporations (Amendment) Instrument 2020/149 Amends Instrument 2018/209
18/3/2020 ASIC Market Integrity Rules (Futures Markets) Class Waiver Amendment Instrument 2020/229 Extends Class Waiver 2018/313 until 18/3/2022
17/3/2020 RG 251 Derivative transaction reporting Guidance updated for minor Brexit-related changes

Week beginning 9 March 2020

Date Regulatory document Description
10/3/2020
  • RG 176 Foreign financial services providers
  • REP 656 Response to submissions on CP 301 and CP 315 on foreign financial services providers
  • INFO 157 Foreign financial services providers: Practical guidance on transitional arrangements (reissued 13/3/2020)
Updated for the introduction of ASIC’s new regulatory framework for FFSPs: see 20-058MR and Instruments 2020/198, 2020/199 and 2020/200.
10/3/2020 CP 329 Implementing the Royal Commission recommendations: Advice fee consents and independence disclosure See 20-056MR

Week beginning 2 March 2020

Date Regulatory document Description
4/3/2020 ASIC Market Integrity Rules (Securities Markets) Determination 2020/195 Replaces Determination 2019/1226
4/3/2020 ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2020/196 Repeals Determination 2019/1226 which is superseded by Determination 2020/195
2/3/2020 INFO 242 ASIC’s document production guidelines Overview of ASIC’s new document production guidelines. See 20-051MR and INFO 145
Last updated: 30/07/2020 10:57