INFO 165 Claims of legal professional privilege (updated)

Minor technical update to note proceedings in ASIC v Noumi Ltd.

REP 785 Better banking for Indigenous consumers

Provides findings into ASIC’s Better banking for Indigenous consumers project addressing fee harm experienced by low-income customers, including First Nations customers.

24-153MR Big banks to refund millions in fees to low-income customers following ASIC report

INFO 276 FAQs: Registration for relevant providers  (updated)

INFO 281 FAQs: Relevant providers – Accessing the experienced provider pathway (updated)

Minor updates including link to Quick reference guide: Applying the financial adviser professional standards.

RG 279 Financial Accountability Regime: Information for accountable entities (reissued)

Information paper published jointly with the Australian Prudential Regulation Authority (APRA) to support the financial services industry in implementing the Financial Accountability Regime (FAR).

Updated to include new information to help insurers and superannuation trustees prepare for the commencement of the FAR.

For ASIC purposes this APRA information paper is Regulatory Guide 279 (RG 279).

24-152MR ASIC and APRA issue final rules and information for the Financial Accountability Regime

Financial Accountability Regime Regulator Rules Amendment Instrument No. 1 of 2024

Joint letter to insurance and superannuation entities on key functions consultation (July 2024) (PDF 193 KB)

ASIC Corporations (Amendment) Instrument 2024/554

INFO 256 FAQs: Ongoing fee arrangements (updated)

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

Makes consequential amendments to the following ASIC legislative instruments to reflect changes to Financial Services Guide (FSG) requirements introduced by the Treasury Laws Amendments (Delivering Better Financial Outcomes and Other Measures) Act 2024 (DBFO Act):

• ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125
• ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716, and
• ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.

ASIC acknowledges royal assent of the DBFO Act (news item)

Pro Forma 209 Australian financial services licence conditions (PF 209)

INFO 284 Public companies to include a consolidated entity disclosure statement in their annual financial report (new)

Provides guidance for preparers of financial reports to ensure that consolidated entity disclosure statements (CEDS) comply with the requirements of the Corporations Act and are consistent with the policy intent of the legislation.

Cost recovery implementation statement 2023-24

Provides information on how ASIC implements the industry funding model and recover:

• the costs of our regulatory activities for each industry subsector in 2023–24, and
• our user-initiated and transaction-based regulatory costs via fees for service in 2023-24.

CS 8 Proposed expiry date for primary production scheme legislative instrument

ASIC is proposing that ASIC Corporations (Land Holding for Primary Production Schemes) Instrument 2024/15 be allowed to expire ('sunset') on 1 October 2024.

Submissions close 9 August 2024.

A consultation paper was not issued for this consultation.

CS 7 Proposed update to superannuation forecasts relief instrument

Proposes update to the rate of nominal wage inflation in ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022/603, and Regulatory Guide 276 Superannuation forecasts: Calculators and retirement estimates (RG 276) in view of Treasury’s revised long-term wage growth forecasts.

Submissions close 2 August 2024.

A consultation paper was not issued for this consultation.

REP 784 Industry update: Pulse check on retirement income covenant implementation

Industry update which summarises the responses to a voluntary survey issued by ASIC and APRA in November 2023.

INFO 30 Fees for commonly lodged documents (reissued)

Updated to account for indexation of fees and charges for FY 2024-25.

ASIC Corporations (Revocation of Approval of March 2020 Banking Code of Practice) Instrument 2024/522

ASIC Corporations (Approval of February 2025 Banking Code of Practice) Instrument 2024/523

The purpose of the New Revocation Instrument is to revoke approval of the March 2020 Code and revoke the March 2020 Approval Instrument, such that the March 2020 Code as varied is no longer approved by ASIC.

The purpose of the New Approval Instrument is to provide ASIC’s approval of the February 2025 Code as given to ASIC by the ABA on 24 June 2024.

ASIC Corporations (Amendment) Instrument 2024/276

Amends ASIC Class Order [CO 14/1262] to extend date to 31 March 2025.

INFO 283 Supervising your representatives’ business communications (new)

Provides practical guidance to market intermediaries (investment banks, participants of exchange and over-the-counter markets, securities dealers and corporate advisers) about managing these risks, embedding supervisory arrangements for business communications and reviewing their effectiveness in compliance with their obligations under the Corporations Act and ASIC market integrity rules.

INFO 276 FAQs: Registration for relevant providers (updated)

Removed references to the $50 registration application fee.

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

Incorporate amendments to the QTRP transitional provisions following the registration of the Corporations (Relevant Providers—Education and Training Standards) Amendment (2024 Measures No. 2) Determination 2024.

ASIC Corporations (Card Facility Transfer) Instrument 2024/486

Latitude Finance does not have to comply with Part 7.8A of Corporations Act 2001 in relation to offering or entering into a New Card (Pre DDO).

ASIC Superannuation (Notice of disqualification—John Giannicos) Instrument 2024/471

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

ASIC Superannuation (Notice of disqualification—Kylie Ai Wui Wee) Instrument 2024/470

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

ASIC Market Integrity Rules (Securities Markets) Determination 2024/459

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2024/460

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

Replaces ASIC Market Integrity Rules (Securities Markets) Determination 2024/154 (repealed 5 July 2024).

Provides new guidance to financial advisers and AFS licensees about the experienced provider pathway following changes to the law made by the Treasury Laws Amendment (2023 Measures No. 3) Act 2023.

Minor and consequential updates following changes to the law made by the Treasury Laws Amendment (2023 Measures No. 3) Act 2023 and for consistency INFO 281 FAQs: Relevant providers – Accessing the experienced provider pathway.

Minor update to update legislative instrument references

In late 2023, ASIC reviewed 10 large home lenders to understand how they are supporting customers experiencing financial hardship. This report outlines the key findings from that review.

This report is for all lenders that provide credit regulated under the National Credit Code, particularly for staff within compliance and hardship functions.

ASIC Superannuation (Notice of disqualification—Mark John Gynther) Instrument 2024/384

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

RG 172 Financial markets: Domestic and overseas operators

RG 265 Guidance on ASIC market integrity rules for participants of securities markets

RG 266 Guidance on ASIC market integrity rules for participants of futures markets

Updated to correct minor drafting errors about the identification of critical business systems, and to clarify what we mean by ‘immediately’ when notifying ASIC of a major event.

INFO 282 Unsolicited contact leading to financial advice (new)

Outlines how financial services laws apply to unlicenced entities referring consumers to a third party for the provision of financial advice.

It is also relevant to Australian financial services (AFS) licensees and financial advisers that receive consumer details obtained through unsolicited contact.

ASIC Corporations (Amendment and Repeal) Instrument 2024/229

Repealed:

• ASIC Corporations (Derivative Clearing Exemption) Instrument 2018/209
• ASIC Corporations (Extended Reporting and Lodgment Deadlines—Unlisted Entities) Instrument 2020/395
• ASIC Corporations (Extended Reporting and Lodgment Deadlines—Listed Entities) Instrument 2020/451

Amended:

• ASIC Corporations (Takeover Bids) Instrument 2023/683
• ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687

ASIC Superannuation (Notice of disqualification—Kristian Convery) Instrument 2024/370

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

ASIC Superannuation (Notice of disqualification—Lin Chou) Instrument 2024/357

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

REP 781 Review of superannuation trustee practices: Protecting members from harmful advice charges

This report provides insights into the extent to which superannuation trustees are acting to protect members’ superannuation balances from erosion by inappropriate advice charges. It summarises the findings of ASIC’s review of trustee progress in this area following earlier guidance from ASIC and the Australian Prudential Regulation Authority (APRA).

RG 204 Applying for and varying a credit licence

Updated RG 204.305–RG 204.309 to reflect the process for submitting core proof documents via the ASIC MOVEit portal.

RG 78 Breach reporting by AFS licensees and credit licensees

Updated to mention Ch7 of the Corporations Act in RG 78.148(b) and an amended link to the ASIC Regulatory Portal in RG 78.155

CP 378 Safeguard mechanism reforms: Updates to RG 236

ASIC is proposing to update RG 236 Do I need an AFS licence to participate in carbon markets? to address the safeguard mechanism reforms.

The draft update to RG 236 is attached to this paper.

Submissions close 3 June 2024.

ASIC Corporations (L’Oréal SA Employee Share Scheme Disclosure) Instrument 2024/296

Modifies Division 1A of Part 7.12 of the Corporations Act to apply in relation to L’Oréal SA.

ASIC Superannuation (Notice of Administrative Appeals Tribunal Decision—John Gilliland) Instrument 2024/309

Administrative Appeals Tribunal decision notice under subsection 130F(7) of the Superannuation Industry (Supervision) Act 1993.

ASIC Corporations (IPH Limited Employee Share Scheme Disclosure) Instrument 2024/293

Modifies Division 1A of Part 7.12 of the Corporations Act to apply in relation to IPH.

ASIC Superannuation (Notice of disqualification—Tak Bo Cheng) Instrument 2024/285

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

INFO 207 Disputes about commercial loans (updated)

INFO 97 Guidance for small credit businesses (updated)

Minor updates to clarify the role of the Australian Financial Complaints Authority (AFCA), including AFCA’s ability to resolve complaints from small businesses about commercial lending.

INFO 204 Recovery of investigation expenses and costs (updated)

Amendments to reflect the position that ASIC’s policies regarding investigation costs recovery, which were introduced in 2015, are no longer new, and to clarify expectations around the timing of notification of a possible investigation costs order.

CP 377 Guidance for reporting by external administrators and controllers: Updates to RG 16

Seeks feedback on proposals to update Regulatory Guide 16 External administrators and controllers: Reporting of possible offences and misconduct (RG 16).

The draft update to RG 16 is attached to this paper.

Submissions close 6 June 2024.

ASIC Superannuation (Notice of disqualification—John William Hamilton) Instrument 2024/252

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

RG 38 The hawking prohibition (updated)

RG 169 Hawking and disclosure: Discretionary powers (updated)

RG 263 Financial Services and Credit Panel (reissued)

Minor updates including updates to reflect names of sunset class orders to their new legislative instrument titles.

ASIC Corporations (Amendment) Instrument 2024/187

Extends the relief of ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 and ASIC Corporations (Auditor Independence) Instrument 2021/75 for an additional five years.

ASIC proposes to extend parent entity financial reporting and auditor independence legislative instruments (news item)

ASIC extends and amends parent entity financial statement and auditor independence instruments (news item)

ASIC Corporations (Periodic Statement Relief for Quoted Securities) Instrument 2024/14

ASIC Corporations (Land Holding for Primary Production Schemes) Instrument 2024/15

ASIC Corporations (Asset Holding Standards for Responsible Entities) Instrument 2024/16

ASIC Corporations (Custody Standards for Providers of Custodial and Depository Services) Instrument 2024/17

ASIC Corporations (mFund) Instrument 2024/18

ASIC Corporations (Repeal) Instrument 2024/19

ASIC has remade five class orders for managed funds that are due to expire (‘sunset’) on 1 April 2024:

• [CO 13/1200] Periodic statements relief for AQUA quoted and listed managed investment scheme managed investment scheme issuer;
• [CO 13/1406] Land holding for primary production schemes;
• [CO 13/1409] Holding assets: Standards for responsible entities;
• [CO 13/1410] Holding assets: Standards for providers of custodial and depository services; and
• [CO 13/1621] Exemption and declaration for the operation of mFund.

ASIC proposes to remake managed investment scheme legislative instruments (news item)

ASIC remakes five ‘sunsetting’ class orders for managed funds (news item)

RG 6 Takeovers: Exceptions to the general prohibition (reissued)

RG 55 Statements in disclosure documents and PDSs: Consent to quote (updated)

RG 60 Schemes of arrangement (updated)

RG 161 Share and interest sale facilities (updated)

Minor updates to update the names of sunset class orders to their new legislative instrument titles that commenced in 2023.

RG 5 Relevant interests and substantial holding notices (reissued)

Updated to reflect Schedule 5 of the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (Treasury Laws Amendment Act) which commenced and moved into the Corporations Act relief previously contained in ASIC Class Order [CO 13/520] Relevant interests, voting power and exceptions to the general prohibition.

RG 10 Compulsory acquisitions and buyouts (reissued)

Contains new guidance on ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684, explaining that securities acquired on-market by the bidder in reliance on the exemption provided in item 2 of section 611 are included for the purposes of the 75% acquisition test in subparagraph 661A(1)(b)(ii) of the Corporations Act. 

RG 9 Takeover bids (reissued)

Contains new guidance on ASIC Corporations (Takeover Bids) Instrument 2023/683 and ASIC Corporations (Replacement Bidder’s and Target’s Statements) Instrument 2023/688, in relation to: 

• the operation of subsection 617(2) of the Corporations Act 2001 (Corporations Act) over derivatives 
• accelerated payment of bid consideration 
• replacement bidder’s and target’s statements. 

ASIC Corporations (Amendment) Instrument 2024/146

This instrument amends ASIC Corporations (Design and Distribution Obligations Interim Measures) Instrument 2021/784 to ensure the Principal Instrument operates as intended in providing an exemption for certain non-cash payment facilities from the design and distribution obligations.

INFO 159 Frozen funds and hardship withdrawals

INFO 249 Frozen funds – Information for responsible entities

INFO 266 FAQs: Records of Advice (ROAs)

Technical amendments to omit COVID-19 pandemic related information and make other minor changes to ensure currency.

ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147

ASIC Corporations (Repeal) Instrument 2024/148

Replaces [CO 13/721] Relief to facilitate quotation of exchange traded funds on the AQUA Market which was due to sunset.

ASIC issues new legislative instrument for exchange traded funds (news item)

RG 279 Financial Accountability Regime: Information for accountable entities

Information paper published jointly with the Australian Prudential Regulation Authority (APRA) to support the financial services industry in implementing the Financial Accountability Regime (FAR).

For ASIC purposes this APRA information paper is Regulatory Guide 279 (RG 279).

24-044MR ASIC and APRA release a cross-industry information package on the Financial Accountability Regime

Financial Accountability Regime Act (Information for register) Regulator Rules 2024

Financial Accountability Regime (Consequential Amendments) Transitional Rules 2024

Final rules and further guidance to support the financial services industry in implementing the Financial Accountability Regime (FAR).

20-040MR APRA and ASIC issue final rules and further guidance for the Financial Accountability Regime 

CP 376 Registered liquidators: Registration, ongoing obligations, disciplinary actions and insurance—Updates to RG 258 and supporting documents and templates

Seeks feedback on proposed changes to the existing Regulatory Guide 258 Registered Liquidators: Registration, disciplinary action and insurance requirements (RG 258), issued on 1 March 2017.

We have also updated the title of RG 258 to reflect the revised content. The draft update to RG 258 is attached to this paper.

Submissions close 2 May 2024

ASIC consults on registered liquidator registration guidance (news item)

INFO 174 Disputes with financial firms

INFO 176 What to do if you are dissatisfied with a decision by the Australian Financial Complaints Authority

Minor updates to omit references to RG 139 Approval and oversight of external dispute resolution schemes, which has been withdrawn, and other minor changes to ensure currency

ASIC Letter to general insurers regarding insurance claims and severe weather events 6 March 2024 (PDF)

Letter reminding general insurers of their obligations as AFS licensees when handling insurance claims, especially in response to severe weather events.

ASIC letter calls on insurers to improve claims handling practices (news item)

ASIC Market Integrity Rules (Securities Markets) Determination 2024/154

ASIC Market Integrity Rules (Securities Markets) Repeal Instrument 2024/155

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

Replaces ASIC Market Integrity Rules (Securities Markets) Determination 2023/903 (repealed 9 April 2024).

REP 780 ASIC enforcement and regulatory update: October to December 2023

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

24-037MR ASIC shuts down nearly 3,500 scam websites, steps up surveillances in push to protect consumers 

Summary of enforcement outcomes: July to December 2023

Regulatory developments timetable

ASIC Market Integrity Rules (Futures Markets) Class Waiver Amendment Instrument 2024/131

Extends the operation of ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/313 to 22 March 2027.

ASIC Corporations (AFCA Regulatory Requirement) Instrument 2024/60

Requires the Australian Financial Complaints Authority (AFCA) operator to ensure it complies with section 9A of the AFCA Scheme Authorisation 2018 by amending the scheme rules, without consultation, to include provisions consistent with section 9A of the AFCA Authorisation.

REP 779 Superannuation choice products: What focus is there on performance?

Examines the role of superannuation trustees, financial advisers and Australian financial services licensees in influencing the investment options that make up member superannuation portfolios as part of a choice superannuation product. ASIC’s review considered the focus on performance, as investment in persistently underperforming choice products adversely impacts member retirement outcomes.

RG 148 Platforms that are managed investment schemes and nominee and custody services (reissued)

Updated to account for recently remade legislative instruments and to clarify when investors must be given information electronically.

CP 375 Proposed changes to the ASIC Derivative Transaction Rules (Reporting): Third consultation

Proposes further amendments to the ASIC Derivative Transaction Rules (Reporting) 2024 in relation to outstanding matters from our prior consultations released in November 2020 and May 2022, and minor and related proposed changes to the ASIC Derivative Transaction Rules (Clearing) 2015.

ASIC consults on changes to OTC derivative transaction rules (news item)

ASIC Superannuation (Notice of disqualification—Md Nazrul Islam) Instrument 2024/87

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

Class no-action letter for sophisticated investors under the UCT regime (PDF)

Grants limited no-action relief for sophisticated investors from the Unfair Contract Terms (UCT) regime.

ASIC grants class no-action position regarding Unfair Contract Terms for institutional markets (news item)

APRA-ASIC Letter on FAR commencement and implementation (PDF)

Joint APRA–ASIC letter to all authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs) about their Financial Accountability Regime (FAR) obligations.

ASIC and APRA issue joint letter on Financial Accountability Regime commencement and implementation (news item)

Letter to CEOs – ASIC’s guidance for market intermediaries on pre-hedging (PDF)

Letter to market intermediary CEOs setting out ASIC's guidance regarding pre-hedging practices in Australia.

ASIC’s guidance for market intermediaries on pre-hedging (news item)

ASIC’s Financial Services Industry Workshop - 30 November 2023 | Summary Document

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

ASIC releases summary document for Indigenous Financial Services Framework Workshop (news item)

ASIC Corporations (Amendment) Instrument 2024/23 

Extends the due date for registration of financial advisers who provide personal advice to retail clients on relevant products (known as relevant providers) by two weeks until 16 February 2024.

ASIC urges AFS licensees to register their financial advisers and provides a short extension to facilitate compliance (news item)

ASIC Credit (Amendment) Instrument 2024/20

Repeals ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 from 1 April 2024 in line with the commencement of the Treasury Laws Amendment (Precontractual Disclosure and Other Measures) Regulations 2023.

CS 6 Remaking managed investment scheme legislative instruments

Seeks feedback on ASIC's proposal to remake the following class orders relating to managed investment schemes that are scheduled to sunset on 1 April 2024:

• [CO 13/1200] Periodic statements relief for AQUA quoted and listed managed investment scheme manager
• [CO 13/1406] Land holding for primary production schemes
• [CO 13/1409] Holding assets: Standards for responsible entities
• [CO 13/1410] Holding assets: Standards for providers of custodial and depository services
• [CO 13/1621] Exemption and declaration for the operation of mFund

Submissions close 16 February 2024.

A consultation paper was not issued for this consultation.

ASIC proposes to remake managed investment scheme legislative instruments (news item)

ASIC Corporations (Product Intervention Order Extension—Short Term Credit) Instrument 2023/956

ASIC Corporations (Product Intervention Order Extension—Continuing Credit Contracts) Instrument 2023/957

Extension of ASIC's product intervention orders in relation to short term credit and continuing credit contracts so that the orders remain in force until they are revoked or they sunset on 1 October 2032.

24-001MR ASIC extends product intervention orders for short term credit and continuing credit contracts

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

INFO 157 Foreign financial services providers: Licensing relief (reissued - title changed)

Information about transitional arrangements for foreign financial service providers (FFSPs) updated to explain that an FFSP that relied on the previous class order relief as at 31 March 2020 will generally be able to continue to do so until 31 March 2025, noting the Australian Government’s proposed legislative regime for FFSPs, which is planned to commence on 1 April 2025.

ASIC Corporations (Amendment) Instrument 2023/142

Makes minor and technical amendments to the following financial reporting relief instruments:

• ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842
• ASIC Corporations (Disclosing Entities) Instrument 2016/190
• ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191