New and updated ASIC regulatory publications in 2021

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

Items in this weekly tracker are listed in reverse chronological order.

Week beginning 3 May 2021

Date Regulatory document Description
7/5/2021 ASIC Corporations (Amendment) Instrument 2021/381 Amends the ASIC Corporations (Auditor Independence) Instrument 2021/75 and ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 to change the repeal dates from April 2026 to April 2024.
7/5/2021 ASIC (Amendment) Instrument 2021/344 Amends the ASIC (Senior Staff Members—Determination) Instrument 2019/117 to facilitate the delegation of employment powers to certain staff within ASIC.
6/5/2021 REP 690 ASIC quarterly update: January to March 2021  Provides an update on ASIC's work in the first quarter of 2021 including:
  • support for Australia’s economic recovery from the COVID-19 pandemic
  • progress in ASIC's work related to Australian Government reforms that expanded its role in superannuation to include conduct regulation, and
  • the use of new regulatory tools such as the product intervention power, and preparations for new tools introduced by recent law reforms.

See 21-095MR.

6/5/2021 INFO 253 Claims handling and settling: How to comply with your AFS licence obligations (PDF 386 KB - reissued) Updated to reflect the Financial Sector Reform (Hayne Royal Commission Response) (Claimant Intermediaries) Regulations 2021 (made on 15 April 2021) which exclude certain people from being ‘claimant intermediaries’.
5/5/2021 INFO 254 Debt management services: Applying for a credit licence or variation (PDF 363 KB - new) Explains new regulatory obligations under the National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021 (made on 29 April 2021) for providers of debt management services including the requirement to be licensed from 1 July 2021: see 21-094MR

 

Week beginning 26 April 2021

Date Regulatory document Description
29/4/2021 ASIC Corporations (Amendment) Instrument 2021/230

ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229

RG 166 Licensing: Financial requirements (reissued)

PF 209 Australian financial services licence conditions (reissued)

REP 689  Response to submissions on CP 336 Financial requirements: Treatment of lease assets

ASIC has made changes to the financial requirements for some types of AFS licensees in relation to the treatment of leased assets. These changes will allow certain AFS licensees  to include, where the licensee is a lessee, a right-of-use asset in the calculation of their net tangible assets and, where the right-of-use asset is a current asset, adjusted surplus liquid funds and surplus liquid funds. To implement the changes, ASIC has amended Class Orders:

  • [CO 12/752] Financial requirements for retail OTC derivative issuers
  • [CO 13/760] Financial requirements for responsible entities and operators of investor directed portfolio services, and
  • [CO 13/761] Financial requirements for custodial or depository service providers.

See 21-088MR.

 

26/4/2021 ASIC Corporations (Auditor Independence) Instrument 2021/75 Provides relief to the lead auditor from reporting in the auditor's independence declaration, minor financial interests in an entity audited by an audit firm where the interest is held by any other partner of the firm or their close family members.
26/4/2021 ASIC Corporations (Amendment) Instrument 2021/315 Extends temporary measures aimed at facilitating financial reporting by unlisted and listed entities whose reporting processes take additional time due to current remote work arrangements, travel restrictions and other impacts of COVID-19. The temporary measures are intended to allow listed and unlisted entities up to one additional month to complete financial reports and have those reports audited in compliance with the financial reporting and audit requirements of the Corporations Act 2001: see 21-082MR

Amended:

Week beginning 19 April 2021

Date Regulatory document Description
23/4/2021 ASIC Corporations (Amendment) Instrument 2021/292 Amends the ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 to provide conditional relief from dollar disclosure requirements that apply in relation to the PDSs of registered litigation funding schemes, and amends the ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787 to add a note.
22/4/2021 CP 340 
Breach reporting and related obligations

 

Seeks stakeholder feedback on proposed updates to its draft guidance on upcoming breach reporting reforms: Draft regulatory guide (PDF 613 KB), Draft information sheet (PDF 217 KB) and 21-080MR.

Week beginning 12 April 2021

Date Regulatory document Description
16/4/2021 REP 688 
ASIC enforcement update July to December 2020
Provides an update on ASIC’s enforcement work undertaken between 1 July and 31 December 2020, a period in which ASIC continued to take action to support its enforcement priorities and pursue a fair, strong and efficient financial system for all Australians: see 21-074MR and podcast
13/4/2020 ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268 Extends until 15 October 2021 the relief measure that allows financial advisers to provide a record of advice rather than a statement of advice to existing clients requiring financial advice due to the impact of the COVID-19 pandemic: see 21-072MR and FAQs
13/4/2021 RG 96 Debt collection guideline: For collectors and creditors (reissued) Legislation references specific to field agents in Queensland updated.

Week beginning 5 April 2021

Date Regulatory document Description
8/4/2021 INFO 253 
Claims handling and settling: How to comply with your AFS licence obligations (new)
Assists firms who provide insurance claims handling and settling services to prepare and submit their AFS licence applications as soon as possible after 1 January 2021, and by no later than 7 May 2021: see 21-067MR

Week beginning 29 March 2021 

Date Regulatory document Description
1/4/2021 ASIC Corporations (Product Intervention Order—Binary Options) Instrument 2021/240 Product intervention order banning the sale of binary options to retail clients: see 21-060MR, 21-064MR and public intervention order notice (PDF 673 KB)

Week beginning 22 March 2021

Date Regulatory document Description
24/3/2021
ASIC Corporations (Margin Lending Relief for Exchange-Traded Instalment Warrants) Instrument 2021/194
Declares that certain types of instalment warrants admitted to quotation on a licensed market operated by an Australian domestic market licensee, are not margin lending facilities.
24/3/2021
ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195

ASIC Corporations (Amendment and Repeal) Instrument 2021/196
Allows a parent entity which is required to include consolidated financial statements in its financial report to also include its single entity financial statements in that report.

Amended:

Repealed:

24/3/2021
ASIC Corporations (Short Term Trading Market) Instrument 2021/218
Provides relief from the requirement to hold an AFS licence for AEMO and participants of AEMO in relation to ex ante rights on AEMO's short term trading market.
23/3/2021
ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124

ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125

ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126

REP 687
Response to submissions on CP 329 on advice fee consents and independence disclosure 
Sets out the requirements for:
  • written consent that a fee recipient must obtain from a client before deducting, or arranging to deduct, advice fees from a client account as part of an ongoing fee arrangement
  • the disclosure of lack of independence that an AFS licensee or authorised representative must give clients where they would breach s923A of the Corporations Act if they used words such as 'independence', 'impartial', or 'unbiased', and
  • the written consent that a superannuation trustee must obtain from a member before deducting advice fees from a superannuation account under a non-ongoing fee arrangement, 

following Royal Assent of the Financial Sector Reform (Hayne Royal Commission Response No.2) Act 2021 earlier in March 2021.

See 21-058MRsample form (ongoing fees - PDF 137 KB), sample form (non-ongoing fees - PDF 88 KB) and FAQs

22/3/2021 INFO 250 
Giving AFS and credit licensees information about their representatives (new)
Outlines ASIC's approach to giving AFS and credit licensees information about their representatives including: ASIC's powers and when ASIC may exercise them; the kind of information ASIC may give licensees; and ASIC’s procedural fairness obligations and processes: see news item

Week beginning 15 March 2021

Date Regulatory document Description
15/3/2021 INFO 245 Board oversight of executive variable pay decisions (updated - new title) Content and title updated to reflect a broader context beyond that of the COVID-19 pandemic.

Week beginning 8 March 2021

Date Regulatory document Description
11/3/2021 CP 339 
Implementing the Royal Commission recommendations: The deferred sales model for add-on insurance

Draft Regulatory Guide Deferred sales model for add-on insurance (PDF 770 KB) 

Data template for applications for exemption from the deferred sales model for add-on insurance (Excel 89 KB)

Seeks feedback on ASIC’s proposed approach to implementation of the deferred sales model for add-on insurance: see 21-043MR
11/3/2021 ASIC (Amendment) Instrument 2021/0139 Amends the ASIC (Senior Staff Members—Determination) Instrument 2019/117 to facilitate the delegation of various powers to the Chief Operating Officer, a newly created senior position within ASIC’s management structure.

Week beginning 1 March 2021

Date Regulatory document Description
4/3/2021 2019–20 Cost Recovery Implementation Statement (for feedback)

Annual dashboard report: 2019–20 (PDF 158 KB)

Summary of 2019–20 actual levies (PDF 30 KB)

Provides regulated entities with details of ASIC’s forecast regulatory costs and activities by industry and subsector in 2019–20, a summary of ASIC's actual regulatory costs and a summary of actual levies in 2019–20: see 21-036MR
2/3/2021 ASIC Market Integrity Rules (Securities Markets) Determination 2021/135

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2021/136

Maintains ASIC's policy of determining allocation of Tier 1 and Tier 2 Equity Market Products.

Repealed: Instrument 2020/1102

Week beginning 22 February 2021

Date Regulatory document Description
24/2/2021 ASIC Immunity Policy

INFO 172 Cooperating with ASIC (updated)

ASIC’s new policy for individuals seeking immunity from civil and criminal proceedings for a contravention of a provision in Pt 7.10 of the Corporations Act: see 21-030MR, FAQs and request for marker form

Week beginning 15 February 2021

Date Regulatory document Description
19/2/2021 ASIC Corporations (Amendment) Instrument 2021/116 Amends the ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787 to provide for a sunset date of 22 August 2025: see 21-028MR

Week beginning 8 February 2021

Date Regulatory document Description
11/2/2021 ASIC Derivative Transaction Rules (ADI Foreign Subsidiaries) Class Exemption 2021/51 Exemptive relief under the ASIC Derivative Transaction Rules (Reporting) 2013 allowing ADI foreign subsidiaries to apply an alternative test for reportable transactions and reportable positions 'entered into by the reporting entity in this jurisdiction'.
9/2/2021 CP 338 Remaking ASIC class order on parent entity financial statements

Attachment to CP 338: Draft instrument (PDF 117 KB)

Sets out ASIC's proposals to remake Class Order [CO 10/654] Inclusion of parent entity financial statements in financial reports, due to sunset on 1 April 2021.

Week beginning 25 Januray 2021

Date Regulatory document Description
28/1/2021 CP 337 Externally administered companies: Extending financial reporting and AGM relief Outlines ASIC's proposal to expand the relief in ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 to companies where a voluntary administrator, controller or provisional liquidator (relevant external administrator) is first appointed, reducing the time and cost incurred by companies in obtaining individual relief: see 21-009MR

Week beginning 18 January 2021

Date Regulatory document Description
21/1/2021 INFO 240 AFS licence applications: Providing information for fit and proper people and certain authorisations (reissued)

INFO 244 Credit licence applications: Providing information for fit and proper people (reissued)

Updated to include a new section on when ASIC may accept alternative evidence that a fit and proper person is subject to another fit and proper requirement for some controllers and officers of controllers in lieu of criminal history checks, bankruptcy checks and statements of personal information.
21/1/2021 RG 216 Markets Disciplinary Panel (reissued) Updated to clarify that the MDP has an obligation to offer the market participant an in-person hearing. However, the market participant is not obliged to take up the opportunity to have an in-person hearing and, if they do not wish to take up the opportunity, it is open to the MDP to offer a conference instead (e.g. a video conference).
20/1/2021 REP 685 ASIC’s regtech initiatives
2019–20
This report is for representatives, service providers, and professionals across the regulatory technology (regtech) and supervisory technology (suptech) industries.

It summarises the regtech initiatives ASIC undertook and the regtech events we held during the 2019–20 financial year.

Week beginning 11 January 2021

Date Regulatory document Description
15/1/2021 RG 1 AFS Licensing Kit: Part 1 – Applying for and varying an AFS licence (reissued)

RG 2 Licensing Kit: Part 2 – Preparing your AFS licence application (reissued)

Technical updates to add ‘providing a claims handling and settling service’ as a financial service for the purposes of applying for an AFS licence (in line with the addition of the C12 proof, Insurance Claims Handling and Settling Service Statement to RG 3 on 24 December 2020).

The updated regulatory guides will help applicants prepare an application for an AFS licence (or variation to an existing AFS licence) authorising them to provide an insurance claims handling and settling service. Applicants can apply for an AFS licence or variation with this authorisation from 1 January 2021.

15/1/2020 Letter to Insurance Council of Australia regarding no-action position (PDF 134 KB)  ASIC has issued a no-action position in relation to breaches of certain provisions of the Corporations Act 2001 and Corporations Regulations 2001: see news item

Week beginning 4 January 2021

Date Regulatory document Description
7/1/2021 ASIC Corporations (Approval of Variation March 2020 Banking Code of Practice) Instrument 2021/11 Approves variations of the March 2020 Banking Code of Practice: see 20-003MR
5/1/2021 ASIC Corporations (AFCA Regulatory Requirement) Instrument 2021/0002 Requires the Australian Financial Complaints Authority to amend the Australian Financial Complaints Authority (AFCA) Complaint Resolution Scheme Rules without consultation by inserting a new definition and amending an existing definition.
Last updated: 10/05/2021 02:10