ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941

ASIC Superannuation (Repeal) Instrument 2023/942

Extends the exemption granted to superannuation trustees from disclosure and reporting consistency obligations under subsection 29QC(1) of the Superannuation Industry (Supervision) Act 1993 until 1 January 2026, replacing Class Order [CO 14/541].

RG 78 Breach reporting by AFS licensees and credit licensees (reissued)

INFO 229 Limited AFS licensees: Complying with your licensing obligations (updated)

INFO 259 Complying with the notify, investigate and remediate obligations (updated)

Updated to account for registration of the ASIC Corporations and Credit (Amendment) Instrument 2023/589 which amended the ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716 to include new sections that modify the reportable situations regime so that licensees have not had to submit notifications about certain reportable situations from 20 October 2023.

INFO 277 Registration of relevant providers: Guidance on making declarations (updated)

Minor technical amendments made to Questions 5 and 7 related to self-declarations made as part of the experienced provider pathway.

ASIC Superannuation (Notice of disqualification–Stephen Bray) Instrument 2023/926

ASIC Superannuation (Notice of disqualification—Terence Murphy) Instrument 2023/936

SMSF auditor disqualification notices under section 130F(2) of the Superannuation Industry (Supervision) Act 1993

ASIC industry funding: Annual dashboard and summary of variances

Outlines regulatory costs by sector and subsector under the industry funding model.

The dashboard includes details about the variance between its estimated and actual costs by subsector.

Invoices for 2022-23 levies will be issued to entities between January and March 2024.

ASIC–APRA joint letter on premium increases in life insurance (PDF 205 KB)

Outlines ASIC and APRA’s observations from a joint review of life companies’ past practices, following concerns raised by ASIC and APRA in December 2022. The letter identifies regulatory expectations and areas for further industry focus in relation to future life insurance premium increases, disclosure and marketing materials, and product design.

ASIC Market Integrity Rules (Securities Markets) Determination 2023/903

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2023/904

Maintains ASIC's policy of determining the allocation of Equity Market Products to tiers.

Replaces ASIC Market Integrity Rules (Securities Markets) Determination 2023/707 (repealed 10 January 2024).

REP 778 Review of online trading providers 

Highlights ASIC’s observations from its surveillance of online trading providers in 2022-23, clarifies ASIC’s regulatory expectations and identifies a range of regulatory interventions ASIC has made.

ASIC Corporations (Amendment) Instrument 2023/876

Makes minor technical amendments to ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668 and ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2023/833

Repeals ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/303 and ASIC Market Integrity Rules (Securities Markets) Class Waiver Instrument 2020/870.

INFO 276 Registration for relevant providers (new)

INFO 277 Registration of relevant providers: Guidance on making declarations (new)

INFO 268 FAQs: Relevant providers who provide tax (financial) advice services (reissued)

Provides guidance to financial advisers and AFS licensees about the new requirement for financial advisers who provide personal advice to retail clients on relevant financial products to be registered with ASIC following the commencement of the Treasury Laws Amendment (2023 Measures No. 1) Act 2023.

CP 374 Remaking ASIC class order on exchange traded funds: [CO 13/721]

Sets out ASIC’s proposals to remake Class Order [CO 13/721] Relief to facilitate quotation of exchange traded funds on the AQUA Market, which is due to expire (‘sunset’) on 1 April 2024 if not remade.

CP 373 Proposed changes to the Banking Code of Practice

Seeks stakeholder views on proposed changes to the Australian Banking Association’s Banking Code of Practice in response to an independent review of the Code in 2021.

Consultation: Extending parent entity financial reporting and auditor independence relief

Proposes extending the operation of two legislative instruments:

• ASIC Corporations (Auditor Independence) Instrument 2021/75 and
• ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195,

which are due to expire in April 2024, for a further five years.

Submissions close 8 December 2023.

A consultation paper was not issued for this consultation.

REP 777 ASIC enforcement and regulatory update: July to September 2023

Provides an overview of ASIC’s work and key matters between 1 July and 30 September 2023, delivering against ASIC's strategic and enforcement priorities.

CP 361a Follow-on consultation on changes to data elements and other minor amendments

Sets out proposals to amend the ASIC Derivative Transaction Rules (Reporting) 2024 made under s901A of the Corporations Act 2001 for certain data elements, consequential rule changes, and other minor changes. This consultation paper follows our first round of consultation in Consultation Paper 334 Proposed changes to simplify the ASIC Derivative Transaction Rules (Reporting): First consultation (CP 334) and our second round of consultation in Consultation Paper 361 Proposed changes to simplify the ASIC Derivative Transaction Rules (Reporting): Second consultation (CP 361).

REP 776 Spotlight on cyber: Findings and insights from the cyber pulse survey 2023

Outlines key findings from the ASIC cyber pulse survey 2023. It summarises important trends, identifies areas for improvement and highlights better practices with practical examples.

ASIC Superannuation (Notice of disqualification–Johann Heinrich Preller) Instrument 2023/819

SMSF auditor disqualification notice under section 130F(2) of the Superannuation Industry (Supervision) Act 1993

INFO 105 FAQs: Dealing with consumers and credit (updated)

INFO 210 Unfair contract term protections for consumers (updated)

INFO 211 Unfair contract term protections for small businesses (updated)

RG 220 Early termination fees for residential loans: Unconscionable fees and unfair contract terms (reissued)

Updated guidance to reflect Unfair Contract Terms (UCT) reforms that commence on 9 November 2023.

INFO 268 FAQs: Relevant providers who provide tax (financial) advice services (reissued)

RG 175 Licensing: Financial product advisers—Conduct and disclosure (updated)

Updated to account for the commencement of the Treasury Laws Amendment (2023 Measures No. 3) Act 2023 which now allows financial advisers who are registered tax agents to satisfy the definition of a ‘qualified tax relevant provider’ without having to meet the requirements of Division 3 of Part 3 of the Corporations (Relevant Providers—Education and Training Standards) Determination 2021.

ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2023/777

ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2023/778

Specifies:

• ASIC’s regulatory costs and their attribution to each industry sub-sector, and
• certain matters about size and composition of ASIC’s regulated population and of the metrics that apply to each industry sub-sector within that regulated population,

under ASIC's industry funding model for the 2022-23 financial year.

ASIC Corporations (Amendment) Instrument 2023/825

Amends notional subsection 641(1) in ASIC Corporations (Takeover Bids) Instrument 2023/683 so that it is consistent with the Modernising Business Communications Act and corrects a typographical error in section 9.

ASIC Corporations (OVHcloud Employee Share Scheme Disclosure) Instrument 2023/826

Modifies Division 1A of Part 7.12 of the Corporations Act to apply in relation to OVH Groupe SA and subsidiaries of OVH Groupe SA.

Consultation: Extension of relief from disclosure and reporting consistency obligations for super trustees

Proposes extending the exemption in Class Order [CO 14/541] RSE licensee s29QC SIS Act disclosure exemption for a period of two years until 1 January 2026.

Submissions close 4 December 2023.

A consultation paper was not issued for this consultation.

INFO 224 ASIC financial reporting and audit surveillances (reissued - changed title)

Reissued to incorporate information about the introduction of ASIC's integrated financial reporting and audit surveillance program.

REP 775 Insights from the reportable situations regime: July 2022 to June 2023

ASIC’s second publication of the information provided under the reportable situations regime. It provides high-level insights into the trends observed in reports lodged by licensees under the regime between 1 July 2022 and 30 June 2023.

INFO 278 Inventory of superannuation trustee transparency and disclosure obligations (reissued)

Technical updates to reflect changes to transparency and disclosure obligations brought about by the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 and the Treasury Laws Amendment (Financial Reporting and Auditing of Registrable Superannuation Entities) Regulations 2023 and include some transparency and disclosure obligations in APRA standards and guidance.

RG 134 Funds Management: Constitutions (reissued)

Technical update to reflect the release of the new legislative instruments that replace relief that was due to sunset.

ASIC Superannuation (Notice of disqualification – David Sidhu) Instrument 2023/794

SMSF auditor disqualification notice under section 130F(2) of the Superannuation Industry (Supervision) Act 1993

Document production guidelines (PDF 452 KB - updated)

Minor technical amendments as a result of the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023:

• reference to s5A of the ASIC Act removed from the note at paragraph 12, and
• definition of ‘document’ in the key terms amended to incorporate all forms of recorded information.

INFO 29 External administration, controller appointments and schemes of arrangement: Most commonly lodged forms (reissued)

Flowchart 7 amended by swapping Steps 1 and 2 to encourage registered liquidators to lodge the 505 Form prior to the 509D thus preventing possible double-up of appointments.

ASIC Corporations and Credit (Amendment) Instrument 2023/589

Modifies the reportable situations regime so that licensees do not have to submit notifications about certain reportable situations from 20 October 2023.

Amended: ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716

REP 774 Annual financial reporting and audit surveillance report 2022–23

Summarises findings from ASIC's reviews of both financial reports and audit files for the period 1 July 2022 to 30 June 2023. Highlights areas where the quality of financial reporting and audits can be improved.

ASIC Corporations (Amendment) Instrument 2023/774

Amends ASIC Corporations (Takeover Bids) Instrument 2023/683 and ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684 to give effect to the original intent of the instruments.

ASIC Annual Report 2022–23

Outlines ASIC’s key regulatory and enforcement outcomes for 2022–23.

ASIC Corporations (SPIE SA Employee Share Scheme Disclosure) Instrument 2023/761

Modifies Division 1A of Part 7.12 of the Corporations Act to apply in relation to SPIE SA and subsidiaries of SPIE SA.

RG 278 ADIs: Transitioning to the Financial Accountability Regime (new)

Information paper published jointly with the Australian Prudential Regulation Authority (APRA) to help the financial services industry transition from the Banking Executive Accountability Regime (BEAR) to the Financial Accountability Regime (FAR), including information they must provide to the regulators. 

For ASIC purposes this APRA information paper is Regulatory Guide 278 (RG 278).

RG 249 Derivative trade repositories (reissued)

Reissued to account for the making of ASIC Derivative Trade Repository Rules 2023, replacing ASIC Derivative Trade Repository Rules (Reporting) 2013 which were due to sunset on 1 October 2023. Minor administrative updates have also been made regarding the related Reporting Rules and the Ministerial Determination.

ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681

ASIC Corporations (Takeover Bids) Instrument 2023/683

ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684

ASIC Corporations (Bidder Giving Substantial Holding Notice) Instrument 2023/685

ASIC Corporations (On-Sale Disclosure Relief for Scrip Bids and Schemes of Arrangement) Instrument 2023/686

ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687

ASIC Corporations (Replacement Bidder’s and Target’s Statements) Instrument 2023/688

ASIC Corporations, Credit and Superannuation (Amendment and Repeal) Instrument 2023/699

REP 773 Response to submissions on CP 365 Remaking ASIC class orders on takeovers, compulsory acquisitions and relevant interests

Seven remade legislative instruments relating to takeovers, compulsory acquisitions and relevant interests replacing existing relief that was due to sunset on 1 October 2023.

REP 773 details the submissions received in response to Consultation Paper 365 Remaking ASIC class orders on takeovers, compulsory acquisitions and relevant interests (CP 365).

Amended:

• ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968
• ASIC Corporations (Relevant interests, ASIC and ASIC Chairperson) Instrument 2023/194

Repealed:

• Class Order [CO 13/519] Changing the responsible entity
• Class Order [CO 13/520] Relevant interests, voting power and exceptions to the general prohibition
• Class Order [CO 13/521] Takeover bids
• Class Order [CO 13/522] Compulsory acquisitions and buyouts
• Class Order [CO 13/524] Bidder giving substantial holding notice
• Class Order [CO 13/525] On-sale disclosure relief for scrip bids and schemes of arrangement
• Class Order [CO 13/526] Warrants: Relevant interests and associations
• Class Order [CO 13/528] Changes to a bidder's statement between lodgement and dispatch
• Class Order [CO 13/898] Representative proceedings and proof of debt arrangements funded by conditional costs agreements
• Class Order [CO 14/1252] Technical modifications to Schedule 10 of the Corporations Regulations
• ASIC Credit (Repeal) Instrument 2016/1087
• ASIC Superannuation (RSE Websites) Instrument 2017/570
• ASIC Corporations (Repeal and Transitional—Relief for Providers of Retirement Estimates) Instrument 2022/204

Withdrawn: Regulatory Guide 252 Keeping superannuation websites up to date (RG 252).

ASIC Derivative Trade Repository Rules 2023

ASIC Corporations (Derivative Trade Repository Rules—DDRS) Instrument 2023/725

Remakes the ASIC Derivative Trade Repository Rules (Reporting) 2013 in substantially the same form to continue the operation of Australia’s over-the-counter derivatives trade reporting regime under Part 7.5A of the Corporations Act 2001.

Instrument 2023/725 provides DTCC Data Repository (Singapore) Pte Ltd with relief from certain provisions of the ASIC Derivative Trade Repository Rules 2023.

Repealed: ASIC Exemption Instrument [14/0913] (See ASIC Gazette A43/14)

ASIC Corporations (Financial Reporting by Stapled Entities) Instrument 2023/673

ASIC Corporations (Repeal) Instrument 2023/674

Allows stapled entities which are disclosing entities to present combined financial statements or consolidated financial statements of the stapled group where they have prepared combined financial statements or consolidated financial statements for a previous reporting period, notwithstanding that the entities may not meet the requirement to prepare consolidated financial statements under Accounting Standard AASB 10 Consolidated Financial Statements. Also allows stapled entities to continue presenting their respective financial statements together in a single financial report.

Replaces [SCO 13/1050] Financial reporting by stapled entities which was due to sunset on 1 October 2023.

ASIC remakes financial reporting legislative instrument (news item)

ASIC proposes to remake financial reporting legislative instrument (news item only)

ASIC Credit (Amendment) Instrument 2023/675

Amends ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 to extend its operation for a further 12 months pending incorporation of its relief into regulations through the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023.

ASIC extends electronic precontractual disclosure legislative instrument (news item)

ASIC proposes to extend electronic precontractual disclosure legislative instrument (news item only)

REP 772 Licensing and professional registration activities: 2023 update

Outlines ASIC’s licensing and professional registration activities, discusses new and proposed changes to processes, and notes other ASIC work that affects licensees. It also provides information and data on licensing and registration applications from the 2022–23 financial year.

ASIC Derivative Transaction Rules (Clearing) Amendment Instrument 2023/726

REP 771 Response to submissions on CP 366 Proposed amendments to the ASIC Derivative Transaction Rules (Clearing) 2015: Second consultation

Instrument 2023/726 amends ASIC Derivative Transaction Rules (Clearing) 2015 to remove products that reference the US dollar London Interbank Offered Rate (LIBOR) and to add a new item in the Overnight Index Swaps class. It also removes Australian dollar denominated contracts from the Forward Rate Agreement class.

REP 771 highlights the key issues that arose out of the submissions received on Consultation Paper 366 Proposed amendments to the ASIC Derivative Transaction Rules (Clearing) 2015: Second consultation (CP 366) and details ASIC's responses to those issues.

ASIC Corporations (Amendment) Instrument 2023/730

Amends ASIC Corporations (Registration of Relevant Providers) Instrument 2023/490 to extend the date by which relevant providers – financial advisers who provide personal advice to retail clients on relevant financial products (including time share advisers) – must be registered. Relevant providers will now need to be registered by 1 February 2024.

ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693

ASIC Corporations (Amendment and Repeal) Instrument 2023/694

ASIC Corporations (Equality of Treatment Impacting on the Acquisition of Scheme Interests and CCIV Shares) Instrument 2023/697

ASIC Corporations (Repeal) Instrument 2023/698

Three remade class orders relating to:

• equal treatment relief granted to responsible entities of registered managed investment schemes and corporate directors of retail corporate collective investment vehicles (CCIVs) in various situations
• relief in relation to responsible entities setting the issue price of forfeited interests in registered schemes, and
• unit pricing discretions for registered schemes.

The remade instruments replace existing relief that was due to sunset on 1 October 2023.

Repealed:

• [SCO 13/655] Provisions about the amount of consideration to acquire interests and withdrawal amounts not covered by ASIC Corporations (Managed investment product consideration) Instrument 2015/847
• [SCO 13/656] Equality of treatment impacting on the acquisition of interests 
• [SCO 13/657] Discretions affecting the amount of consideration to acquire interests and withdrawal amounts

Amended:

• ASIC Corporations (Managed investment product consideration) Instrument 2015/847
• ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669

ASIC remakes three ‘sunsetting’ class orders for managed funds (23-254MR)

ASIC consults on remaking ‘sunsetting’ class orders on unit pricing discretions for managed investment schemes (23-154MR)

CP 368 Remaking ASIC class orders: [CO 13/519] and [CO 13/656]

CP 372 Guidance on insolvent trading safe harbour provisions: Update to RG 217

Sets out ASIC's proposals to update its guidance in Regulatory Guide 217 Duty to prevent insolvent
trading: Guide for directors (RG 217) to help directors understand and comply with their duty to prevent insolvent trading, including guidance on the operation of the safe harbour provisions.

Submissions close 26 October 2023.

RG 166 AFS licensing: Financial requirements (reissued)

ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647

ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648

ASIC Corporations (Amendment and Repeal) Instrument 2023/649

ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668

ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669

ASIC Corporations (Amendment and Repeal) Instrument 2023/670

REP 769 Response to submissions on CP 367 Remaking ASIC class orders on financial requirements

Four remade legislative instruments and updated guidance regarding the financial resource requirements that apply to some categories of Australian financial services licensees and platforms. The remade instruments replace existing relief that was due to sunset.

Repealed:

• [SCO 13/760] Financial requirements for responsible entities and operators of investor directed portfolio services
• [SCO 13/761] Financial requirements for custodial or depository service providers
• [SCO 13/762] Investor directed portfolio services provided through a registered managed investment scheme
• [SCO 13/763] Investor directed portfolio services
• ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449

Amended: 

• ASIC Corporations (IDPS—Relevant Interests) Instrument 2015/1067
• ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968
• ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156
• ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339
• ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669
• ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849
• ASIC (Fees—Complexity Criteria) Instrument 2018/578
• ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547
• ASIC Corporations (Foreign Financial Services Providers—Foreign AFS Licensees) Instrument 2020/198
• ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778
• ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497
• ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705

ASIC issues new legislative instruments for financial resource requirements and platforms (23-247MR)

ASIC consults on ‘sunsetting’ class orders about financial requirements (23-048MR)

CP 367 Remaking ASIC class orders on financial requirements: [CO 13/760], [CO 13/761] and ASIC Instrument 2022/449

ASIC consults on remaking ‘sunsetting’ class orders on IDPS and IDPS-like schemes (23-082MR)

CP 369 Remaking ASIC class orders on platforms: [CO 13/762] and [CO 13/763]

REP 770 Design and distribution obligations: Retail OTC derivatives 

RG 227 Over-the-counter contracts for difference: Improving disclosure for retail investors (Note added only)

Outlines how issuers of retail OTC derivatives have responded to the introduction of design and distribution obligations and highlights areas for improvement.

ASIC Market Integrity Rules (Securities Markets) Determination 2023/707

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2023/708

Maintains ASIC's policy of determining the allocation of Equity Market Products to tiers.

Replaces ASIC Market Integrity Rules (Securities Markets) Determination 2023/450 (repealed 6 October 2023).

ASIC Corporations (Amendment) Instrument 2023/706

Amends ASIC Corporations (Design and Distribution Obligations Interim Measures) Instrument 2021/784 so that it repeals on 5 October 2028 and no longer applies an exemption to cashless welfare arrangements.

Consultation: Sunsetting stapled entities relief 

Seeks industry feedback on ASIC's proposal to remake Class Order [CO 13/1050] Financial reporting by stapled entities which is due to sunset on 1 October 2023.

Submissions close 13 September 2023.

A consultation paper was not issued for this consultation.

ASIC proposes to remake financial reporting legislative instrument (news item only)

ASIC remakes financial reporting legislative instrument (news item)

Consultation: Extending electronic precontractual disclosure relief

Seeks industry feedback on ASIC's proposal to extend the operation of ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 for a temporary period of 12 months, pending law reform.

Submissions close 13 September 2023.

A consultation paper was not issued for this consultation.

ASIC proposes to extend electronic precontractual disclosure legislative instrument (news item only)

ASIC extends electronic precontractual disclosure legislative instrument (news item)

ASIC Corporations (Amendment) Instrument 2023/504

Introduces conditional time-limited exemptive relief in new section 13B (Exemption 11) of the ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844. Broadly, Exemption 11 exempts reporting entities from reporting certain items of derivative trade data under the ASIC Derivative Transaction Rules (Reporting) 2022 that will not be required to be reported from the commencement of the ASIC Derivative Transaction Rules (Reporting) 2024.

ASIC-RBA joint letter to ASX Clear and ASX Settlement CS Advisory Group (PDF 91 KB) 

Requires ASX Clear and ASX Settlement to resource, consult and engage with the newly established ASX Cash Equities Clearing and Settlement Advisory Group in good faith and in the public interest.

ASIC Regulated Foreign Markets Determination 2023/346

ASIC Derivative Transaction Rules (Reporting) Determination 2023/679

Determines the financial markets that are Regulated Foreign Markets for the purposes of subrule 1.2.4(3) of the ASIC Derivative Transaction Rules (Reporting) 2022 and the ASIC Derivative Transaction Rules (Reporting) 2024 and other rules relating to derivative transaction reporting.

ASIC Corporate Plan 2023-27 (Focus 2023-24)

Outlines ASIC's strategic priorities for the next four years and its plan of action for the year ahead.

ASIC focuses on protecting vulnerable consumers and small businesses in 23-24 (23-230MR)

REP 768 Navigating the storm: ASIC's review of home insurance claims

Outlines ASIC’s work to better understand the consumer experience in home insurance claims since 1 January 2022, when claims handling and settling became a regulated financial service.

ASIC review finds insurers can and should improve claims handling (23-221MR)

Consultation: Design and distribution obligations

Seeks industry feedback on a proposal to extend the operation of ASIC Corporations (Design and Distribution Obligations Interim Measures) 2021/784 for a further five years.

Submissions close 25 August 2023.

A consultation paper was not issued for this consultation.

ASIC proposes to extend design and distribution obligations instrument (23-220MR only)

CP 371 Product intervention orders: Short term credit facilities and continuing credit contracts

Sets out ASIC’s proposals to extend the product intervention orders relating to short term credit facilities and continuing credit contracts which came into effect on Friday 15 July 2022, so that they remain in force until they are revoked or sunset. 

Submissions close 31 August 2023.

ASIC consults on proposals to extend its short term credit and continuing credit contracts product intervention orders (23-214MR)

ASIC Corporations (Amendment) Instrument 2023/588

Extends for a further 12 months the transitional relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence when providing financial services to Australian wholesale clients.

Amended:

• ASIC Corporations (Repeal and Transitional) Instrument 2016/396
• ASIC Corporations (CSSF-Regulated Financial Services Providers) Instrument 2016/1109
• ASIC Corporations (Foreign Financial Services Providers—Limited Connection) Instrument 2017/182
• ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199

ASIC extends transitional relief for foreign financial services providers (23-211MR)

REP 767 ASIC enforcement and regulatory update: April to June 2023

Provides an overview of ASIC’s work and key matters between 1 April and 30 June 2023, delivering against ASIC's strategic and enforcement priorities.

ASIC warns of further action against market misconduct (23-202MR)

Summary of enforcement outcomes: 1 January 2023 to 30 June 2023

INFO 151 ASIC’s approach to enforcement (reissued)

Technical amendments relating to how ASIC interacts with those whose conduct we are investigating.

RG 26 Resignation, removal and replacement of auditors (updated)

RG 81 External administration: Early destruction of books (reissued)

RG 129 Business introduction or matching services (updated)

INFO 29 External administration, controller appointments and schemes of arrangement: Most commonly lodged forms (reissued)

INFO 30 Fees for commonly lodged documents (reissued)

INFO 62 Removal of an auditor of a company (reissued)

INFO 65 Resignation of an auditor of a public company (reissued)

Technical updates to reflect new transactions that can be submitted via the ASIC Regulatory Portal.

RG 175 Licensing: Financial product advisers—Conduct and disclosure (updated)

Information relating to to the provision of tax (financial) advice services updated at RG 175.389-RG 175.395.

Letter to Insurance Council of Australia (PDF 260 KB)

Letter to Council of Australian Life Insurers (PDF 260 KB)

Letter to Financial Services Council (PDF 260 KB)

Outlines ASIC’s findings from its review of over 100 Target Market Determinations (TMDs) for general and life insurance products, and how insurers could make improvements to their TMDs.

ASIC review of insurance target market determinations (news item)

ASIC issues first stop order for a life insurance product (23-192MR)

REP 766 Implementation of the retirement income covenant: Findings from the APRA and ASIC thematic review

Sets out the findings of a recent thematic review of the implementation of the retirement income covenant by a sample of Registrable Superannuation Entity (RSE) licensees undertaken jointly by the Australian Prudential Regulation Authority (APRA) and ASIC.

RG 73 Continuous disclosure obligations: Infringement notices (updated)

Information on maximum pecuniary penalties in RG 73.32(a) updated.

ASIC (Amendment) Instrument 2023/0558

Amends ASIC (Senior Staff Members—Determination) Instrument 2019/117 to amend the definition of ‘senior staff members’ to reflect an organisational restructure at ASIC.

INFO 9 ASIC decisions: Your rights (reissued)

INFO 107 Guidelines for managing complaints about ASIC officers (reissued)

INFO 153 How ASIC deals with reports of misconduct (reissued)

INFO 207 Disputes about commercial loans (reissued)

INFO 238 Whistleblower rights and protections (reissued)

INFO 239 How ASIC handles whistleblower reports (reissued)

Reissued to explain how new automated responses will provide a more consistent and transparent experience for members of the public making reports of misconduct, while enabling ASIC to focus its resources on matters of greatest public interest.

Minor technical updates have also been made to INFO 45, INFO 46, INFO 54, INFO 55, INFO 74, INFO 75, INFO 84, INFO 85, INFO 151 and INFO 152 to reflect these changes.

ASIC Corporations and Superannuation (Amendment) Instrument 2023/512

INFO 256 FAQs: Ongoing fee arrangements (updated)

INFO 280 FAQs: Non-ongoing fee consents (new)

ASIC Instrument 2023/512 modifies the operation of ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124 and ASIC Superannuation (Consent to Pass on Costs of Providing Advice) Instrument 2021/126 to clarify the requirements for giving consent to ongoing and non-ongoing fee arrangements.

INFO 256: Updated with some minor and technical amendments related to change in client name or change of fee recipient flowing from ASIC Corporations and Superannuation (Amendment) Instrument 2023/512.

INFO 280: Answers frequently asked questions for financial product advice providers who need to get a superannuation fund member’s consent to charge non-ongoing fees to their superannuation account. Also addresses some minor and technical amendments related to change in member name or change of adviser flowing from ASIC Corporations and Superannuation (Amendment) Instrument 2023/512. Replaces and updates the web page on ‘FAQs: Non-ongoing fee consents’ that was previously published on ASIC’s website.

ASIC (Amendment) Instrument 2023/0470

Amends the ASIC (Senior Staff Members—Determination) Instrument 2019/117 to amend the definition of ‘senior staff members’ to reflect an organisational restructure at ASIC.

2022-23 Cost Recovery Implementation Statement

Details ASIC’s estimated levies by industry sector and subsector for 2022-23 as required under the industry funding model.

REP 765 When the price is not right: Making good on insurance pricing promises

Explains how failures by general insurers to manage non-financial risk have led to significant consumer harm. It also flags significant conduct issues being addressed by ASIC. The report outlines pricing failures identified by general insurers after an ASIC-initiated review of their pricing practices, and the improvements required to fix them. It confirms the standards general insurers need to meet in designing and promoting pricing promises to ensure consumers get the full benefit of any discounts promised.

Indigenous Super Summit - 22 June 2023 | Summary Document

Summary document of discussions about the unique and often complex challenges First Nations peoples can experience with access to and engagement with their superannuation.

ASIC Corporations (Registration of Relevant Providers) Instrument 2023/490

Delays the requirement for relevant providers to be registered with ASIC as a precondition for providing personal advice to retail clients until 1 October 2023.

CP 370 Proposed remake of the ASIC Derivative Trade Repository Rules 2013

Sets out ASIC's proposals to remake ASIC Derivative Trade Repository Rules 2013, due to sunset on 1 October 2023, in substantially the same form, under s903A of the Corporations Act.

Submissions close 6 July 2023.

ASIC Corporations (Confirming Transactions—Deceased Life Insurance Policyholder) Instrument 2023/437

ASIC Corporations (Confirming Transactions—Recurring Insurance Benefit Payments) 2023/438

Modifies the application of section 1017F of the Corporations Act to provide that confirmation of transactions is not required to be given to the life insurance policyholder if the policyholder is deceased.

Exempts certain responsible persons from having to comply with subsection 1017F(5) of the Corporations Act for a transaction that is a payment under a recurring benefit claim.

INFO 80 How to interpret ASIC's corporate insolvency statistics (reissued)

Updated to account for the introduction of new statistical Series 5 - Members voluntary liquidation (winding up of solvent companies).

ASIC Market Integrity Rules (Securities Markets) Determination 2023/450

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2023/451

Maintains ASIC's policy of determining the allocation of Equity Market Products to Tier 1 and Tier 2, commencing 10 July 2023.

Replaces ASIC Market Integrity Rules (Securities Markets) Determination 2023/157 (repealed 10 July 2023).

ASIC’s Financial Services Industry Workshop - 29 May 2023 | Summary Document

Summary document on Understanding and Responding to Identification Challenges for First Nations Consumers under our Indigenous Financial Services Framework

ASIC Corporations (Amendment) Instrument 2023/368

Amends the Corporations (CS Facility Exemption) Instrument 2023/18 to extend its operation until 1 August 2023.

ASIC Corporations (CG HoldCo Pty Ltd Employee Share Scheme Disclosure) Instrument 2023/354

Notionally modifies s1100X of the Corporations Act to permit a new holding company, CG HoldCo Pty Ltd, to provide a subsidiary's balance sheet and P&L for the most recent financial year together with pro-forma information that explains the effect of CG HoldCo Pty Ltd's acquisition of the subsidiary.

INFO 279 Serving legal documents on ASIC (new)

Explains how to serve legal documents on ASIC providing guidance on how to serve legal documents electronically, what to do if you can’t serve documents electronically and what kinds of documents should not be served electronically.

Replaces RG 18 Serving legal documents on the ASC which has been withdrawn.

REP 764 ASIC enforcement and regulatory update: January to March 2023

Provides an overview of ASIC’s work and key matters between 1 January and 31 March 2023.

ASIC sharpens focus on credit and debt management (23-122MR)

REP 763 ASIC’s recent greenwashing interventions

Outlines ASIC regulatory interventions made between 1 July 2022 and 31 March 2023 in relation to greenwashing concerns.

Update on ASIC’s recent greenwashing actions (23-121MR)

ASIC and greenwashing antidotes (speech)

IDR data reporting handbook (PDF 1.4 MB - reissued)

ASIC Corporations (Amendment) Instrument 2023/282

Updates the implementation timeframe for the new internal dispute resolution (IDR) reporting framework.

Amended: ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205

ASIC updates the implementation timeframe for the internal dispute resolution data reporting framework (23-117MR)

IDR data reporting handbook: Overview of changes between March 2022 and April 2023 (PDF 336 KB)

Updates to ensure currency.

Summarises ASIC's key observations from an initial, risk-based review on how issuers of investment products are meeting their design and distribution obligations (DDOs) and highlights areas for improvement.

ASIC calls on investment product issuers to ‘lift their game’ on design and distribution obligations (23-115MR)

Updated to clarify existing guidance and provide new guidance in response to operational issues that have arisen since the implementation of the reportable situations regime on 1 October 2021 (formerly breach reporting).

ASIC releases updated guidance for licensees on reportable situations (23-106MR)

Provides an analysis of ASIC's review of the current scam related activities of the four major Australian banks.

ASIC calls for improved approaches to scams as major bank customers report over $550 million in scam losses (23-101MR)

Amends ASIC exemption instruments to refer to the 2022 Transaction Reporting Rules (TRRs), extends time-limited exemptive relief, broadens the jurisdictional scope of exemptive relief for reporting of trade identifiers and repeals exemptive relief that has either expired or will be included in the 2024 TRRs.

Amended:

• ASIC Derivative Transaction Rules (Nexus Derivatives) Class Exemption 2015
• ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844
• ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2016/0688
• ASIC Derivative Transaction Rules (ADI Foreign Subsidiaries) Class Exemption 2021/51

Repealed:

• Instrument [14/0234]
• Instrument [14/0633]
• ASIC Derivative Transaction Rules (ADI Foreign Subsidiaries) Class Exemption 2021/51 (21/10/2024)
• ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2016/0688 (21/10/2024)

Repeals ASIC Class Order [CO 12/1687] Competency standards for approved SMSF auditors.

Repeals three legislative instruments because the relief has been incorporated into the Corporations Regulations 2001:

Repealed:

• ASIC Corporations (Financial Counselling Agencies) Instrument 2017/792
• ASIC Credit (Financial Counselling Agencies) Instrument 2017/793
• ASIC Corporations (Commonwealth Financial Counselling—Financial Capability Services) Instrument 2022/221

Technical amendments to include guidance about 'provisional relevant providers'.

Provides an exemption from the design and distribution obligations (DDOs) in Part 7.8A of the Corporations Act for a non-cash payment facility issued as part of the Australian Central Bank Digital Currency Pilot Project.

Consolidates superannuation trustee transparency and disclosure obligations into one webpage with links.

Guidance reissued to refer to all legislation that enables ASIC to issue Infringement Notices, to explain more about the circumstances in which ASIC is more likely to issue Infringement Notices and otherwise align with other ASIC guidance such as INFO 151 ASIC’s approach to enforcement (INFO 151).

Replaces INFO 128 Credit infringement notices: Your rights and INFO 139 ASIC Act infringement notices: Your rights which have been withdrawn.

Updates to outdated references in guidance on directors' solvency statements.

Seeks feedback from the investment management sector on ASIC's proposals to remake, without significant changes, the following ASIC class orders, which are due to expire on 1 October 2023:

• [CO 13/762] Investor directed portfolio services provided through a registered managed investment scheme
• [CO 13/763] Investor directed portfolio services.

Submissions close 28 April 2023.

ASIC consults on remaking ‘sunsetting’ class orders on IDPS and IDPS-like schemes (23-082MR)

ASIC issues new legislative instruments for financial resource requirements and platforms (23-247MR)

Examines progress by superannuation trustees to improve their arrangements for life insurance in superannuation.

Superannuation trustees urged to improve insurance outcomes for members (22-076MR)

REP 759 Response to submissions on CP 364 Modifications to the ESS regime

ASIC Corporations (Amendment) Instrument 2023/160

Highlights the key issues that arose out of the submissions received on Consultation Paper 364 Modifications to the ESS regime (CP 364) and explains ASIC’s response to those issues.

Amended:

• ASIC Class Order [CO 13/761] Financial requirements for custodial or depository service providers
• ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339 
• ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669

CP 368 Remaking ASIC class orders: [CO 13/519] and [CO 13/656] 

Seeks feedback from responsible entities of managed investment schemes and corporate directors of corporate collective investment vehicles (CCIVs) on proposals to remake the following ‘sunsetting’ ASIC class orders: 

• [CO 13/519] Changing the responsible entity
• [CO 13/656] Equality of treatment impacting on the acquisition of interests

Submissions close 11 April 2023.

ASIC consults on ‘sunsetting’ class orders on changing responsible entities and equal treatment (23-072MR)

ASIC remakes three ‘sunsetting’ class orders for managed funds (23-254MR)

ASIC Corporations (Relevant interests, ASIC and ASIC Chairperson) Instrument 2023/194

ASIC Corporations (Repeal) Instrument 2023/195

Limits the circumstances in which ASIC will have a relevant interest in securities to circumstances where the securities are vested in, or held by, ASIC or the Commonwealth.

Repealed: Class Order [CO 12/1209] Relevant interests, ASIC and ASIC Chairperson

ASIC Corporations (Design and Distribution Obligations—Reissued Life Policies Class Exemption) Instrument 2023/183

Provides relief from the Design and Distribution Obligations (DDOs) for reissued life policies in situations where they were not intended to apply, correct administrative errors or reinstate policies that have lapsed for non-payment of premiums

INFO 29 External administration, controller appointments and schemes of arrangement: Most commonly lodged forms (reissued)

Minor technical updates to Flowcharts 1, 3, 8, 9-11 and 15 to ensure currency. 

ASIC Market Integrity Rules (Securities Markets) Determination 2023/157

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2023/158

Maintains ASIC's policy of determining the allocation of Equity Market Products to tiers, commencing 11 April 2023.

Replaces ASIC Market Integrity Rules (Securities Markets) Determination 2022/994 (repealed 11 April 2023).

CP 367 Remaking ASIC class orders on financial requirements: [CO 13/760], [CO 13/761] and ASIC Instrument 2022/449

Sets out ASIC’s proposals to remake the following ASIC legislative instruments on financial resource requirements for some categories of Australian financial services licensees which are due expire (‘sunset’) if not remade:

• [CO 13/760] Financial requirements for responsible entities and operators of investor directed portfolio services 
• [CO 13/761] Financial requirements for custodial or depository service providers
• ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449

Submissions close 31 March 2023.

ASIC consults on ‘sunsetting’ class orders about financial requirements (23-048MR)

ASIC issues new legislative instruments for financial resource requirements and platforms (23-247MR)

REP 758 Good practices for handling whistleblower disclosures

ASIC Stapling Relief (Stara Venu CCIV) Instrument 2023/124

INFO 155 Complying with requirements for superannuation products, simple managed investment schemes and simple sub-fund products (reissued)

Corporations (CS Facility Exemption) Instrument 2023/18

Notices to ASX Licensees under sections 794B and 823B of the Corporations Act (PDF)

Further ASIC regulatory response on CHESS Replacement and ASX’s program capabilities (23-035MR)

REP 757 ASIC enforcement and regulatory update: October to December 2022

ASIC to expand enforcement focus areas in the coming year (23-026MR)

Summary of enforcement outcomes: July to December 2022

CP 366 Proposed amendments to the ASIC Derivative Transaction Rules (Clearing) 2015: Second consultation

Sets out our proposals to modify the contract types that are subject to the ASIC Derivative Transaction Rules (Clearing) 2015 made under s901A of the Corporations Act.

Submissions close 29 March 2023.

REP 771 Response to submissions on CP 366 Proposed amendments to the ASIC Derivative Transaction Rules (Clearing) 2015: Second consultation

ASIC Derivative Transaction Rules (Clearing) Amendment Instrument 2023/726

ASIC’s Indigenous Financial Services Framework

RG 249 Derivative trade repositories (reissued)

RG 251 Derivative transaction reporting (reissued)

Issued 25/1/2023

Registered 30/1/2023

Effective 31/1/2023 (day after registration)

ASIC Corporations (Amendment) Instrument 2023/24